Breeze API provides distributors the ability to offer Principal® individual disability insurance digitally.
Breeze, the Omaha-based insurtech company that’s simplifying how disability and critical illness insurance are distributed, announced today the addition of the individual disability insurance product from Principal Financial Group® to their portfolio.
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This new integration, built onto Breeze’s proprietary API, enables insurance distributors to easily embed the product into their own native, digital platforms and reduce quoting and application time to under 15 minutes.
“We’re thrilled for this partnership with Principal as it’s in lockstep with our mission to be a full-stack provider of digital disability insurance products across a wide spectrum of occupations and income levels,” Colin Nabity, CEO and co-founder at Breeze, said. “This move allows us to better serve Breeze’s current and future distribution partners who want to grow their income protection sales through a seamless online experience.”
From quote to enrollment, Principal® individual disability insurance is fully integrated into Breeze’s streamlined platform; insurance distributors and independent agents partnered with Breeze can offer Principal disability insurance to their clients directly through Breeze’s agent portal or through Breeze’s proprietary API. The product is also available on Breeze’s direct-to-consumer platform.
Breeze’s proprietary technology makes it possible to get quoted for disability insurance in seconds and apply online in minutes without having to cut through the red tape associated with traditional disability insurance sales.
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“Principal focuses on providing the best experience for our customers, and this partnership enables us to create a seamless, fully digital journey,” said Sean McCartney, vice president of specialty benefit sales and account management at Principal. “Principal is dedicated to providing unique, tech-driven solutions that simplify the benefits experience. Building our individual disability insurance product into Breeze’s proprietary API improves the overall access and experience for both customers and distributors.”
Principal has an A.M. Best Company rating of A+, the second highest of 13 rating levels as of March 2022. Principal offers numerous benefit designs, with a variety of percentages, maximums, benefit durations, own occupation and elimination periods.
According to LIMRA, just 14% of Americans owned disability insurance in 2021 despite the U.S. Social Security Administration reporting 25% of Americans will experience a disability in their careers before retiring. A confusing application and underwriting process for both buyers and sellers has contributed to this income protection gap.
Since launching in 2019, Breeze has been on a mission to close the income protection gap by simplifying and digitizing the disability insurance application process for consumers and insurance distributors alike. The addition of the Principal individual disability insurance product to the Breeze platform is a milestone step toward fulfilling the Omaha-based insurtech’s mission.
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