How a Top Principal Executive Sees Insurtech: Idea File
November 27, 2019 by Allison Bell
Principal Financial Group Inc. is the kind of technology prospect that could make an insurtech startup founder’s heart sing.
It’s big, it has operations all over the world, and it’s based in Des Moines, Iowa. It’s one of the companies that supports Des Moines’ Global Insurance Accelerator program.
Sri Reddy, a senior vice president at Principal’s retirement and income solutions unit, is in charge of the unit’s annuity and pension risk transfer businesses. The company recently developed a new sales support system for term life insurance.
Reddy himself helps Principal evaluate insurtech purchases.
How life insurance company executives see technology ideas may be getting more attention now than it was a few years ago, because life insurers have moved beyond the stage of wanting to try some insurtech, to wanting to find some insurtech that will actually pay for itself.