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Issue November 16, 2009 |
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2008 GROSS REVENUE: $143.1 million
EMPLOYEES: 1,362
Principal Financial Group Inc.'s customers are so loyal that more than half of them purchased an additional product from the Des Moines, Iowa-based third-party benefits administrator during 2009, executives said.
“We had just another very good year of delivering on the promises we've made to our customers,” said Renee Schaaf, vp of national accounts. “That's led to an environment where our clients are very willing to be repeat purchasers from us.”
It also led to Principal Financial Group's selection as the best benefits third-party administrator in Business Insurance's 2009 Readers Choice Awards.
Principal Financial Group also provides health improvement programs through its Principal Wellness Co. subsidiary designed to reach every member of an employer plan, regardless of health status.
The TPA also provides extensive reporting and analysis that incorporates clinical results into claims experience to identify cost drivers so programs can be directed to the plan members who need them the most.
“For those who are healthy, we try to keep them well. For those with acute health issues, we have case management and disease management,” Ms. Schaaf said.
Similarly, Principal Financial Group uses a client-centric approach to deliver service to its self-funded employer customers.
“Every client has a dedicated account manager who knows their plan inside out and works directly with the employer or group,” Ms. Schaaf said.
Principal Financial Group, which has been serving the self-funded employer market for more than 30 years, also provides COBRA and flexible spending account administration, retirement plan administration and voluntary benefits.
For reprints of this story, please contact Lauren Melesio at 212-210-0707 or email lmelesio@crain.com
