PRINCIPAL FINANCIAL GROUP: Limelight Health and Principal®announce digital collaboration to transform employee benefit plan quoting, design process
Principal Financial Group issued the following announcement on May 2.
Limelight Health, the most efficient and compelling quoting, underwriting, and proposal platform for the employee benefits industry, today announced a unique integration with global financial services provider, Principal Financial Group® to streamline the quoting, rating, and renewal processes for insurance plan enrollment and other offerings. This integration with Limelight Health will generate quicker turnaround time for brokers and customers of Principal® to ultimately deliver a significantly better user experience. By automating workflows, these repetitive processes that typically take weeks to complete will be cut down to just days.
Bringing innovation to the group insurance space
Just over a quarter of companies in the U.S. have failed to implement a digital transformation, making it increasingly difficult for organizations to provide the seamless, tailored level of customer experience that is now expected in today’s digital age. Limelight Health’s underwriting platform allows for the unique ability to build, visualize, document, test, and release any plan types in real-time. With a shared goal of bringing value to brokers, employers, and employees in the small and medium group insurance market. Limelight Health’s API-enabled technology and combination of underwriting, quoting, and rating solutions into a single application allows carriers to implement and configure products to best fit business’ needs.
“Principal is one of the most respected, customer-centric carriers in the U.S. group market. It is an absolute privilege to have Principal as a client and investor. Principal has a deep understanding of the group insurance market, with an equally strong passion to get the right product to the right groups at the time it is most needed,” said CEO and co-founder, Jason T. Andrew. “In an industry dominated by manual, redundant processes, Limelight Health’s collaboration with Principal will provide a significantly improved end-to-end experience for users in today’s digital world.”
The integration of Limelight Health with Principal will begin with a rollout of a simplified rating capability to select broker firms during the second half of 2019. From there, additional functionality will be built out over the following months, making these features available to internal and external Principal staff and more brokers over time.
“Limelight has an unparalleled platform and a deep understanding of the small-to-mid-size business employee benefits market. Through our collaboration with Limelight Health, Principal aims to take its quoting and rating capabilities to the next level,” said Kara Hoogensen, Vice President, Group Benefits in U.S. Insurance Solutions at Principal. “This technology will help better serve brokers and employers through a more streamlined quoting process while leveraging data to meet the needs of prospects and customers. It will also allow us to reach more employers and employees in the under-insured market.”
For more information, please visit limelighthealth.com.
Original source: https://www.principal.com/about-us/news-room/news-releases/limelight-health-and-principal®-announce-digital-collaboration-transform-employee-benefit-plan-quoting-design-process