Principal Financial Group leverages Salesforce Data Cloud to revolutionize personalized experiences for their B2C and B2B2B businesses.
Principal’s Diverse Business Models
Principal Financial Group, a Fortune 500 company, has a varied business model with three main units:
- Global Asset Management
- U.S. Retirement Business
- U.S. Benefits and Protection Business
The company serves both B2B and B2C markets. They are the third-largest provider of defined contribution plans, primarily operating in a B2B2B model through advisers and intermediaries. This model extends to group benefits like vision, dental, and disability insurance, which becomes B2C as employees of the client companies also become Principal’s customers.
Deploying Salesforce Data Cloud
Principal Financial has embarked on a transformative journey with Salesforce Data Cloud to enhance their customer experience. The company initially focused on advisers and is now expanding to individual participants and employers.
Ryan Downing, VP and CIO of Enterprise Business Solutions at Principal Financial Group, highlighted the hybrid approach they are taking. They are integrating data into Data Cloud and leveraging zero-copy data integration capabilities, especially with Snowflake, their enterprise data foundation.
Previously, Principal used a mix of internal data platforms and marketing technology tools like Salesforce Marketing Cloud for smaller-scale personalization. Data Cloud now enables more consistent and connected customer experiences across their businesses.
Personalized Customer Experiences
Principal Financial is working on several use cases to showcase the capabilities of Data Cloud:
- For Advisers: Personalized web content based on the adviser’s business and clients’ needs.
- For Individual Participants: Customized advice on 401Ks and overall financial wellness goals, considering their life stages.
The goal is to create seamless digital experiences and smooth transitions to human interactions when necessary, ensuring that humans have all the relevant information to assist customers effectively.
Leveraging Einstein AI
Salesforce’s Einstein AI is integral to Principal’s operations. The company actively governs and tunes these models to ensure they provide accurate responses and advice. As a regulated entity, Principal balances the benefits of AI with the need for explainability and compliance, always keeping a human in the loop to validate AI-driven advice.
“Generative AI doesn’t provide the level of explainability required for financial advice,” said Downing. “You have to be mindful of where you can apply it and where you can’t.”
Future Prospects
Principal Financial Group envisions using Data Cloud to continue evolving customer experiences, aiming for greater personalization and integration across all channels. The company’s strategic use of AI and data integration promises to enhance both their customer service and business operations.
“We think those audiences represent the most value for that,” Downing noted, emphasizing their commitment to driving personalization in customer experiences.
Conclusion
Principal Financial Group’s adoption of Salesforce Data Cloud marks a significant step towards a more personalized, data-driven future. By integrating advanced AI and seamless data capabilities, Principal aims to provide exceptional experiences for advisers, participants, and employers alike.
For more information on Principal Financial Group’s innovative use of Salesforce Data Cloud, visit Principal Financial Group.
