CENTRO BENEFITS RESEARCH CONTINUES EXPANSION OF INDUSTRY CONNECTIVITY WITH THE ADDITION OF PRINCIPAL® RFP AND QUOTING API

Rhea-AI Summary

Centro Benefits Research has expanded its broker-carrier API platform by integrating RFP and quote functionality with Principal Financial Group. This integration allows for seamless exchange of RFP data, eliminating manual entries and improving data accuracy and turnaround times. Principal was among the first carriers to provide policy-level data through Centro's platform.

The collaboration between Centro and Principal aims to deliver significant business and operational benefits for all stakeholders. Centro's Chief Digital Officer, Beata Rogala, emphasized their commitment to automating manual processes and transforming the industry through technological innovation. Kara Hoogensen from Principal highlighted the integration's role in enhancing the digital experience for customers.

Over the next 12 months, Centro plans to integrate with several additional ancillary benefits carriers, potentially automating over 50% of their clients' employee benefits products.

Positive

• Integration of RFP and quote functionality with Principal Financial Group
• Elimination of manual data entries and multiple email communications
• Improved data accuracy and turnaround times
• Planned integration with additional carriers over the next 12 months
• Potential automation of over 50% of clients' employee benefits products

Negative

• None.

News Market Reaction

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+0.49% News Effect

On the day this news was published, PFG gained 0.49%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

ST. LOUIS, July 30, 2024 /PRNewswire/ -- Centro Benefits Research (Centro), an ancillary benefits consulting and technology firm representing many of the top Brokers in the U.S., announced the continued expansion of its broker-carrier API (Application Programming Interface) platform with the connection of RFP (Request For Proposal) and quote integration with a second ancillary carrier, Principal Financial Group^®.

Principal was among the first connected carriers to provide policy-level data, including benefit details and rates for all in-force business of Centro's Broker partners. This next iteration of API connectivity enables Centro and Principal to seamlessly exchange RFP data allowing both organizations to eliminate most of the manual data entries and multiple email communications. As a result, data accuracy and turnaround times are significantly improved, enabling a faster and more comprehensive service for planholders.

"Our ongoing collaboration with Principal, first through the Policy API, and continuing with the RFP and Quoting API integrations, has poised Centro to yield tremendous business and operational benefits for all stakeholders across the value chain," said Beata Rogala, Chief Digital Officer at Centro. "Our dedication to creating data integrations that automate manual processes delivers a modern experience for our users and clients, advancing our mission to transform the industry through technological innovation."

"Principal is dedicated to providing unique experiences that add value for our distribution partners and customers," said Kara Hoogensen, senior vice president for benefits and protection at Principal. "The integration of the RFP Process API with Centro demonstrates how we're driving meaningful progress to the overall digital experience for our customers."

Over the next 12 months, Centro's connected carrier roadmap includes several additional ancillary benefits carriers. By integrating these carrier connections, over 50 percent of Centro's clients' employee benefits products will be fully automated, positioning Centro at the cutting edge of marketplace innovation.

About Centro Benefits Research 

Centro Benefits Research is an ancillary benefits and technology consulting firm that enables brokers and carriers to deliver the best possible outcomes for their mutual customers through powerful research, deep industry expertise and the creation of digitally focused platform efficiencies that drive business growth. Centro's mission remains squarely focused on bringing modern technology to a legacy insurance process and helping all stakeholders in the system work more effectively. For information, visit centrobenefitsresearch.com. 

About Principal Financial Group^® 
Principal Financial Group^® (Nasdaq: PFG) is a global financial company with 20,000 employees¹ passionate about improving the wealth and well-being of people and businesses. In business for 145 years, we're helping more than 62 million customers¹ plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal^® is proud to be recognized as one of the 2023 World's Most Ethical Companies², a member of the Bloomberg Gender Equality Index, and named as a "Best Places to Work in Money Management³." Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com.

¹ As of March 31, 2024
² Ethisphere, 2024
³ Pensions & Investments, 2023

Media contacts:

Rachel Pennington, Operations and Marketing, Centro, rachel.pennington@centrobenefits.com

Lauren Peed, Public Relations, Principal Financial Group, peed.lauren@principal.com

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SOURCE Centro Benefits Research

FAQ

What new API integration has Centro Benefits Research announced with Principal Financial Group?

Centro Benefits Research has announced the integration of RFP (Request For Proposal) and quote functionality with Principal Financial Group through their broker-carrier API platform.

How does the new API integration between Centro and Principal (PFG) benefit users?

The integration eliminates most manual data entries and email communications, improving data accuracy and turnaround times. This results in faster and more comprehensive service for planholders.

What percentage of Centro's clients' employee benefits products are expected to be automated in the next 12 months?

Centro expects over 50% of their clients' employee benefits products to be fully automated within the next 12 months through integrations with additional ancillary benefits carriers.

Who are the key executives mentioned in the announcement of Centro's API integration with Principal (PFG)?

The key executives mentioned are Beata Rogala, Chief Digital Officer at Centro, and Kara Hoogensen, senior vice president for benefits and protection at Principal.