Here we are, the midpoint of 2020. How would you characterize the first six months? Extraordinary? Disruptive? I know as I reflected on this for our business, those descriptions certainly came to mind. But beyond the obvious challenges, one word really summarizes the first half of the year for me—appreciation. I have great appreciation for the following:
- This noble profession we’re part of that helps individuals, families, and businesses get the financial security they need—when they need it the most
- Each of you—for the perseverance you’ve shown during difficult times and the trust you place in Principal® to allow us to provide protection solutions to your valuable clients
- Our New Business and Underwriting operations teams who have worked tirelessly under extraordinary conditions to help deliver those solutions to you and your clients
- Our suite of innovative application submission, underwriting, and policy delivery tools that have allowed you to do business effectively—even during times of social distancing
Historic new business volume. Application counts were 21% higher for the first half of 2020 compared to the first half of 2019—the highest six-month total we’ve ever experienced.
Greater levels of business processed. With increased volumes, we’ve made several operational adjustments, including hiring more staff, working more hours, and sharing work in creative ways. As a result, the average number of policies issued monthly increased 12% in the second quarter.
Stress on time service levels. I’ve highlighted in recent newsletters that our time service hasn’t been meeting yours or our standards. View our June time service results. While service levels for the month continued to trend below our targeted times, we’re committed to continuing to aggressively work toward getting levels back where they belong.
Digital solutions benefits. Using our digital submission solutions can help get your policies issued quicker.
- Term cases that use Principal® Life Online are issued an average of three weeks quicker than policies using the traditional paper method. In fact, some are approved within 24 hours.
- Online Part B provides a more timely alternative to Part B phone interviews for any life or disability insurance product. You initiate the process at your convenience using Request Part B and your client gets notified immediately to complete Part B. This option eliminates waiting on the availability of the TeleApp contact center.
What’s ahead? There will undoubtedly be challenges (as well as opportunities). Together, we’ll continue to overcome them. So, as we head into the second half of 2020, I say thank you for your commitment, your business, and your continued confidence in us. And be safe.
New Accelerated Underwriting team
Principal Accelerated UnderwritingSM (AU) offers a quick and efficient process to get qualifying cases issued. To further expand the efficiencies, we’ve created a dedicated team to focus exclusively on underwriting AU cases. Starting July 13, you’ll see the following changes on some of your AU cases:
- Emails you receive will show as coming from the Principal Accelerated Underwriting Team rather than a specific underwriter. If you have follow-up questions, reply to the email and it will be directed to the underwriter working the case, or call 800-654-4278, ext. 43899.
- Pending case status will reflect the Life AU Team.
By taking this approach, we’ll be better able to get your cases issued as expediently as possible.
Email for select TeleApp requests
TeleAppSupport@principal.com is a new email inbox that can be used for the following select actions:
- Cancelling TeleApp requests
- Updating case contact information (email and phone)
- Requests to re-send online Part B links
This email should only be used for the listed actions. It’s not available for requests to check the status of an interview/ signatures—or to request specific times to contact a client. Information regarding the status of interviews and/or signatures is provided in emails to the Field Office Contact as well as on the Pending Business Report.
NY Reg 187 forms update
Forms required for NY Reg 187 have been updated. The new form numbers are DD9349-2, DD9349A-02, and DD9365-1. Please start using these new forms immediately.