We hope you and your loved ones are safe and well. And we also want you to know we appreciate the efforts you’ve made for your clients under incredibly challenging circumstances.
When you choose Principal® for your business, you’re trusting us to take good care of your valued clients. Getting those cases underwritten and issued in a timely and efficient manner is our highest priority. But frankly, we need to do better in that regard. Over the past several months, as application volumes have reached new heights, our time service has been strained (view August results). And we recognize these longer wait times impact your business and clients.
We want to assure you we’re fully committed to returning service to our normal high levels in a reasonable timeframe. In addition to the many internal actions we’ve taken, at the end of August we introduced the temporary guideline adjustments, previously communicated and shown below, that we’re confident will help lead to improved time service.
- All Principal® Term applications with face amounts of $1 million and less must be submitted via Drop Ticket, except for cases where the insured is a resident of New York or are part of a life/individual disability insurance (IDI) combo.
- All informal application reviews have been suspended until further notice.
Thank you for your patience and for your business. We’ve outlined some additional items below that can help make your new business process smoother and more efficient.
Greg and Nick
Features that can make your new business process more efficient
- This new guide helps you identify which application submission and underwriting processes are available for each of our products.
- Through the first half of 2020, Principal Life Online enabled completion of nearly 6,000 electronic Term applications. View our recent webinar on using Principal Life Online, Drop Ticket, and E-App.
- Last month we announced that applications where the insured and owner are the same, face amounts up to, but not including, $5 million (previously $2 million), can be completed online.
- With the recent introduction of online Part B for IDI, submitting life insurance/IDI combo cases just got easier. Your clients can complete a single Part B online for both applications in all states except California and New York. After submitting a Drop Ticket for a combo app, immediately call our TeleApp Contact Center at 888-835-3277, option 1, and let them know to add the IDI coverage so the client gets Part B questions for both types of insurance.
Temporary eSignature rule for forms in NY is extended
The temporary approval we have to allow eSignatures on replacement documents in New York new business applications during the New York Emergency Order has been extended to October 7. This means we can continue to accept new business application packets eSigned in NY.