Case Studies

  1. Home
  2. Case Studies

The Principal Financial Group® Deploys Global IQX Sales and Service Automation to Increase Productivity Using New Distribution Channels

To increase general agent (GA) quoting activity and improve agent/broker productivity and loyalty, the Principal Financial Group® determined it needed to implement a technology solution that would make it easier for GAs to do business with The Principal®. Such a solution could provide a way to independently generate real-time, up-to-date and accurate quotes.

Prior to the implementation of the Global IQX solution, some GAs were required to contact a representative from The Principal to run quotes for them – a process that could benefit from greater efficiency. Slow response could possibly mean lost opportunities. This created a requirement to develop a tool that would allow GAs to become self-sufficient; one that would allow speed of initial quote as well as limited plan options and features using industry-standard terminology.

Extended Info

Searching for a solution

To improve its competitive position and strengthen its value proposition with GAs, The Principal began to source a supplier who could address its issues. After assessing four vendors, The Principal selected a rating solution from Global IQX “We were greatly impressed with Global IQX: their expertise, group insurance specialization and with the attitude and skills of their people,” comments Charles Weisbecker, vice president, Relationship Development, the Principal Financial Group. “Global IQX understood our requirements and worked quickly to build the initial data flow, improving and streamlining our process by eliminating redundancies in workflow. The implementation was quick, with completion in less than six months. One aspect of implementation that pleased us most was that the integration of Global IQX technology did not require us to re-architect or re-engineer our existing system. The solution integrated with our existing application components, allowing it to reuse internal business rules, rating algorithms and data layers in real-time.”

‘Quotable’ Results

In the first six months following implementation of the Global IQX rating solution quoting activity increased ten-fold and the company has seen an additional 30 percent increase in quotes in the 12 month period from November 2004 to November 2005.

“We have been extremely pleased with the Global IQX solution and our relationship with their team. They are extremely easy to work with and share our sense of urgency. Things that are time-sensitive – such as benefit and rate changes – are handled with the appropriate speed. Global IQX has shown itself to be a very responsive vendor, time after time.

“Global IQX provides a secure, nimble and easy-to-use quoting solution for GAs,” Mr. Weisbecker adds. “Training typically takes an hour with half of that time used to discuss Principal Financial Group products and how they fit into the tool.

The Principal has received very positive comments from GAs: “Thanks for taking the time and effort to make our Principal quoting clearer and easier. It is apparent to us that you are really going the extra mile to streamline the system for us.” Another GA wrote, “I have found that the more I use your proposal system, the easier it gets: “familiarity breeds content!”

‘Rating’ the Relationship

“We see Global IQX as a strategic partner,” says Mr. Weisbecker. “And the relationship continues to evolve. The platform has made The Principal more effective in working with GAs and results have improved as activity from quoting to closing can be better monitored.” Global IQX creates usage reports for each GA. Shared with the company’s local offices, these reports allow The Principal to monitor usage, volume and to compare results year to year.

“We are pleased with the increased efficiency and improvements for our partners as well as for our own people.”

About the Principal Financial Group

The Principal Financial Group® (1) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $187.8 billion in assets under management(2) and serves some 15.2 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit

Insurance products and services issued by Principal Life Insurance Company.

(1) “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

(2) As of June 30, 2005