The Principal Leverages Web 2.0 for Retirement Plan Participants

The company has created an iGoogle gadget that allows participants to view key account information directly from iGoogle without accessing The Principal's Web site, as well as given participants the ability opt-in to receive e-mail or text messages.

Principal Financial Group (Des Moines) is giving retirement plan participants the ability to receive certain account information via text messages and their personal iGoogle home pages, according to a press release issued by the company. Both capabilities are available to participants at no additional fee.

The Principal launched the capabilities in mid-May and is reporting that the initiative is exceeding goals. Within a month of launch, nearly 800 participants added a related gadget to their iGoogle page, and nearly 1,500 participants had signed up to receive e-mail or text messages from The Principal, according to the press release.

"We've heard from participants, especially younger ones, that they'd like to be communicated with electronically," said Danelle Kronmiller, assistant director of marketing for The Principal. "We're reaching out to them on their terms, and hoping to cut through the clutter by doing so."

Currently participants can opt-in to receive e-mail or text messages with retirement account information weekly on whichever day they choose. The messages include total account balance and personalized rate or return, according to The Principal. "We're pleased with the results so far, and we'll continue to adapt the way we communicate with participants to align with their preferences," Kronmiller says.

The company has created an iGoogle gadget that allows participants to view key account information directly from iGoogle without accessing The Principal's Web site. Through iGoogle, users can create customized Web pages with quicker access to the information they value the most, The Principal press release claims. The gadget uses the same encryption and security measures that are in place when logging in at www.principal.com, and users must still go to the Web site to perform transactions, according to the company.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio