Principal Financial Group has announced an agreement with Liazon's Bright Choices as the first private exchange access point for employer-sponsored group benefit plans.
"This creates great opportunity to expand relationships with employers looking for accessible, flexible benefit options," said Amy Friedrich, vice president, of The Principal®.
"Private exchanges can help employers manage costs by setting predictable budgets through a defined contribution funding strategy. In turn, the employee can use the allocated funds to select benefits aligned with their personal priorities."
The Bright Choices Exchange is a private benefits exchange where an employer can choose how much to spend each year on benefits, then each employee determines how to spend their share of the money. Through this exchange, The Principal will offer all ancillary group benefits including, dental, life insurance, disability insurance and critical illness.
"The benefits market is changing rapidly. We want to stay ahead of the curve when it comes to offering affordable group benefits coupled with high-quality service," said Friedrich.
Founded in 2007, Liazon Corporation operates the industry-leading private benefits exchange for businesses. Liazon works with top national and regional insurance providers and supports businesses nationwide through a distribution network of leading broker partners.