New Principal Program Rewards Insurance Customers for Reaching Goals
July 16, 2018 at 12:40 PM EDT
Principal Financial Group® launched My Principal Lifestyle, a fitness and lifestyle app that rewards insurance customers for activities that contribute to a healthy lifestyle. The program aims to engage with customers by allowing them to set physical and financial goals, and to earn points for reaching those goals. The points can then be redeemed for gift cards.
My Principal Lifestyle was previously only open to policyholders of select life insurance products in three states. Now, anyone in the United States can download and use the app – though only qualifying life insurance policyholders in approved states can redeem points earned in the app for gift cards.
“Financial wellness and physical wellness both play a big role in overall well-being. That’s why Principal decided to reward customers already making positive choices, and help incentivize others to take the plunge,” said Greg Linde, senior vice president of individual life at Principal®. “We just want to help our customers live their best, healthiest lives.”
To participate, individuals can log their activity or sync the app to their existing fitness device app, if applicable. Participants earn points for being active, achieving daily goals, and finishing weekly challenges.
With the goal of helping life insurance customers get physically and financially fit, the app features new and improved challenges. Fifty-four percent of active participants in the program reported weight loss. The group averages roughly 7,000 steps per day (about 2,000 more than the CDC national average).
“Principal is known as an industry innovator in the underwriting space. When we began My Principal Lifestyle, we believed healthy lifestyle behaviors would be indicative of risk that could help with the underwriting process," added Linde. "We still believe that's true, but what we learned was more powerful. We're developing relationships with our customers that provide value in their daily lives by encouraging healthy behaviors. We’re committed to learning more about how this type of program can benefit our customers."
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group®.
Gift card eligibility: Policy is issued in CA, CO, IA, MA, NJ, OH, PA and WI. Includes all currently sold, non-variable Principal life insurance products. Qualifying products include: Principal Term (10-, 15-, 20- and 30-year), Principal Indexed Universal Life FlexSM, Principal Indexed Universal Life Flex IISM, Principal Indexed Universal Life AccumulationSM, Principal Universal Life Protector IVSM, Principal Universal Life AccumulationSM, Principal Universal Life Flex IISM, Principal Universal Life Flex IIISM, Principal Universal Life Provider EdgeSM. Insured is owner and 18 years of age or older. Application received and policy issued during program duration. Policy must be in force before points can be redeemed for gift cards. If you were eligible to receive gift cards in the first pilot (i.e., if you own a Principal Term 14, Principal Term 17, Principal Universal Life Protector IV or Principal Universal Life Flex II product issued in CA, CO, or IA prior to June 2017), you can continue redeeming points for gift cards. Insurance Issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. members of the Principal Financial Group.