PerfectQuote Collaborates with Principal Financial Group
PerfectQuote, a trailblazing digital platform in group health insurance quoting, has established a significant partnership with Principal Financial Group to enhance the quoting experience for brokers. This collaboration allows brokers to receive underwritten proposals for various benefits such as dental, vision, life, and disability through PerfectQuote's intuitive Request-for-Proposal (RFP) toolset.
Transforming the Quoting Process
With a strong presence in the market, over 14 of the top 20 U.S.-based firms utilize the PerfectQuote platform, enabling access to almost 80,000 employers. This robust network not only offers brokers a frictionless digital distribution experience but also facilitates the delivery of underwritten and bindable quotes. As a result, PerfectQuote supports thousands of brokers across the country and provides essential reporting insights that help insurance carriers optimize their sales and underwriting operations.
Innovative Solutions for Distribution Partners
Kara Hoogensen, Senior Vice President for Benefits and Protection at Principal, emphasizes the company's commitment to innovation that delivers value to its distribution partners. "By utilizing the PerfectQuote RFP toolset, our partners can streamline their operations, ensuring they serve their customers in an efficient and accurate manner," she stated.
Streamlined Processes and Significant Time Savings
Since its launch in 2018, PerfectQuote has revolutionized the quoting processes for brokers working with employer groups of all sizes. By automating numerous manual and error-prone tasks, it has reduced closing times dramatically, saving up to 95% of the time typically required for quoting.
Principal Financial Group's Commitment
Aaron Snyder, President and Co-founder of PerfectQuote, praises the partnership, noting, "We are excited to collaborate with one of the most innovative insurance carriers in the nation. This relationship is pivotal in the digital transformation of an industry that has historically been slow to adopt modern solutions for group health insurance distribution."
About Principal Financial Group
Principal Financial Group, publicly traded on Nasdaq under the ticker symbol PFG, has employed approximately 20,000 individuals dedicated to enhancing both wealth and well-being for its vast client base, which consists of over 68 million customers. With 145 years in business, Principal is recognized for its various accolades, including being named one of the 2024 World's Most Ethical Companies and a member of the Bloomberg Gender Equality Index. The company prides itself on fostering a diverse and inclusive workforce while supporting the communities it serves.
About PerfectQuote
Founded in 2017, PerfectQuote is based in Austin, Texas, and aims to harness technology to deliver operational excellence in the commercial group health insurance sector. The company focuses on providing brokers with a top-tier cloud-based quoting platform that simplifies the sales process for group health insurance across various employer sizes. Many of the top agencies in the country rely on PerfectQuote's platform to enhance their service offerings to employers.
Frequently Asked Questions
1. What is the purpose of the collaboration between PerfectQuote and Principal Financial Group?
The partnership aims to improve the quoting process for brokers, allowing them to receive underwritten proposals for various benefits efficiently.
2. How does PerfectQuote improve the quoting process?
PerfectQuote streamlines the quoting process by automating manual tasks, leading to a significant reduction in close times, sometimes by as much as 95%.
3. What types of benefits can brokers quote through PerfectQuote?
Brokers can quote dental, vision, life, disability, and voluntary benefits using the PerfectQuote platform.
4. What makes Principal Financial Group notable in this partnership?
Principal Financial Group is recognized for offering innovative insurance solutions and is a leading tech-forward provider in the insurance industry.
5. How does PerfectQuote support insurance carriers?
By providing reporting insights and a digital distribution platform, PerfectQuote helps insurance carriers optimize their sales and underwriting operations.
