Principal's CIO for Individual disability insurance describes the business drivers and technology behind its new IDI platform
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When insurers decide to put customers first and embrace digitalization, stark realities emerge, and new realizations take shape.
Principal, like many insurers, had spent years focused on operational efficiencies and had the massive transactional footprint to prove it. But those legacy systems proved to be a hindrance to offering the fast, friendly, and memorable user experiences that customers now expect and that Principal was determined to offer.
I sat down with Liz Nilsson-Halder, AVP and CIO of individual disability at Principal, to find out how the company undertook a transformation designed to reach new target markets and deliver the customer-centric future of disability insurance.
Nilsson-Halder explains how Principal quickly realized that gaps in their legacy policy administration system would present limitations to their potential for growth. To meet the needs and expectations of their target customers, Principal found that they would need a new insurance platform that was flexible and transparent.
"We knew that we needed to exist in an open ecosystem, and that was not feasible with this monolithic architecture that we had," Nilsson-Halder says.
Watch the full 4-minute interview to hear about Principal's path to a new individual disability insurance platform for underwriting, new business, policy administration, customer management, and billing.
Kevin Haydon is director of marketing and communications at EIS Group. See more blogs by Kevin.