Open Enrollment Made Easier through API Update from Ease and Principal

Rhea-AI Summary

Principal Financial Group and Ease announce a new integration enhancing benefits enrollment for small and midsized businesses. The EaseConnect+ connection utilizes an API that simplifies the Evidence of Insurability (EOI) process, allowing employees to complete enrollment without broker intervention. Findings from the 2022 Open Enrollment Readiness Report highlight access to digital open enrollment as critical for agency competitiveness.

Positive

• Launch of EaseConnect+ improves benefits enrollment efficiency.
• Integration allows for faster completion of EOI, reducing broker workload.
• Access to voluntary benefits cited as a growth driver by 32% of agencies.

Negative

• None.

SAN FRANCISCO, Nov. 3, 2022 /PRNewswire/ -- Ease, a leading HR and benefits software solution for small businesses, insurance brokers, and insurance carriers, today announced a more seamless benefits enrollment process is now possible in collaboration with Principal Financial Group®. Through the EaseConnect+ connection the benefits enrollment integration with Principal® will be faster and less complex as a result of the Application Programming Interface (API), which includes an Evidence of Insurability (EOI) API and Member Benefits API. The update will streamline the process, enabling employees to complete EOI during the enrollment process, eliminating the need for brokers to submit EOI forms on their behalf.

"Benefits enrollment is an often confusing and needlessly complex part of the employee experience, with small and midsized businesses continuously looking for solutions that simplify the process," said David Reid, CEO of Ease. "With the emphasis on adopting digital-first solutions in the hybrid work landscape, our new API update makes enrollment as effortless as possible for brokers, employers, and employees alike."

The update to Ease's carrier connection with Principal® falls on the heels of its 2022 Open Enrollment Readiness Report, which surveyed more than 1,700 employers, brokers, and agencies to uncover how brokers and employers are preparing for open enrollment and how the benefits space has been influenced by the economy. The report found that for agencies winning new business this year, 32% cited access to voluntary benefits, wellness resources, and other perks as a driving factor, while 29% cited promise of a paper-free open enrollment season as a driving factor. These findings indicate how digital open enrollment platforms, in addition to seamless carrier connections, can offer a more simplified and streamlined process for employer groups when it comes to offering benefits to their employees.

"Principal is dedicated to providing unique, tech-driven solutions for employers that simplify the benefits experience and streamline administration of offering benefits," said Kara Hoogensen, senior vice president of specialty benefits at Principal. "This collaboration with Ease enables a modernized approach to benefits enrollment by simplifying the EOI process."

The Principal and EaseConnect+ connection update will save more time, make it easier for employees, and create more seamless benefits enrollment experiences.

About Principal Financial Group®

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with 19,000 employees¹ passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we're helping more than 55 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 America's 100 Most Sustainable Companies², a member of the Bloomberg Gender Equality Index, and a Top 10 "Best Places to Work in Money Management³." Learn more about Principal and our commitment to building a better future at principal.com.

¹ As of September 30, 2022
² Barron's, 2022
³ Pensions & Investments, 2021

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/-dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, Iowa 50392.

About Ease

Ease is the #1 rated benefits administration and HR software for businesses with 2-250 employees, powered by insurance brokers. More than 2,000 agencies trust Ease to help them and their clients grow. Over 75,000 businesses trust Ease to manage benefits & HR for 2.5 million+ employees.

2553299-112022

Media Relations Contact
Alexa Wahl
alexa.wahl@ease.com 

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SOURCE Ease

FAQ

What is the EaseConnect+ update announced by Principal Financial Group on Nov. 3, 2022?

The EaseConnect+ update is an API integration that streamlines the benefits enrollment process for small and midsized businesses.

How does the Ease and Principal Financial Group collaboration benefit employees?

Employees can now complete the Evidence of Insurability (EOI) during the enrollment process, making it easier and faster.

What survey findings support the new EaseConnect+ integration?

The 2022 Open Enrollment Readiness Report found that 32% of agencies believe access to voluntary benefits is crucial for winning new business.

What are the main features of the new API integration?

The integration includes an Evidence of Insurability API and Member Benefits API, simplifying enrollment processes for brokers and employees.

How many customers does Principal Financial Group serve?

Principal Financial Group serves over 55 million customers globally.