August 28, 2019

Principal Financial Group Accelerates Growth Strategy with Accenture Life Insurance & Annuity Platform

NEW YORK; Aug. 28, 2019 – Accenture (NYSE: ACN) today announced that Principal Financial Group® (NASDAQ: PFG) has implemented the Accenture Life Insurance & Annuity Platform (ALIP) to enable its digital growth strategy with enhanced service levels and operating efficiency. Applying ALIP’s automated functionality and seamless connectivity to third-party partners, Principal® can provide its customers with faster service as a result of straight-through processing, while also improving its operations by redirecting valuable IT resources to more strategic initiatives.

“ALIP will help us improve our customer and advisor experience by providing the foundation to enhance our digital capabilities, deliver products to market more quickly, and provide seamless client onboarding and on-going administration,” said Sara Wiener, AVP Product Line Management at Principal. “We believe technology should strengthen employee performance and increase customer service, access, experience, and outcomes. We have a comprehensive, multi-year plan to introduce technological innovation in every area of our business.”

Shay Alon, who leads Accenture’s Life and Annuity Products and Platforms practice, said, “We are delighted to be a part of the transformation and digital journey at Principal. Their agile operations approach and commitment to digital transformation is a great example of how today’s modern carriers can achieve the agility needed to excel in today’s ‘post-digital’ world.”

Used by leading insurers worldwide, ALIP is a robust, configurable and scalable solution that provides life insurance carriers and annuity providers with advanced capabilities for product development, new-business development, underwriting, policy administration, claims and payout. It is available as an on-premise solution and over the cloud as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.

Accenture’s life and annuity software is part of Accenture Life Insurance Services. By applying extensive industry knowledge to continuously enhance its software, Accenture helps insurers reduce operating costs, manage risk and drive growth through improved product development and distribution, enhanced policy administration and distribution, and technology platform consolidation and modernization. The homepage is www.accenture.com/lifeandannuitysoftware.

About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world’s largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 482,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.

About Principal®
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.

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Contacts:

Michael McGinn
Accenture
+1 917 452 9458
m.mcginn@accenture.com