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Spotlight on Kara Hoogensen at Principal Financial Group

May 2025

Q: Can you share the journey that led you to your current position?

I am the senior vice president — head of Workplace Benefits with Principal Financial Group. My current accountabilities include the overall financial performance of the Workplace Benefits business, as well as the strategy, innovation, program management and claims functions for the Benefits & Protection division at the company.

I joined Principal in 1996 and held roles in the Retirement division until 2000, at which time I left to join Merck & Co., Inc. as a professional representative. I rejoined Principal in 2001 as a business development consultant for the Retirement division and then held multiple strategy positions before being named director and then managing director for the Defined Contribution Investment Only (DCIO) business. I was named chairman, president, and CEO of Principal Bank and Principal Trust Company in 2014 and became president and CEO of Principal Securities, Inc., in 2015. I assumed the role of vice president of Group Benefits in August 2017 and was named to my current position in March 2020.

Q: What sets your company apart from others in your industry?

Our focus on and commitment to small and midsize businesses (SMBs) in the U.S. is one way that Principal sets itself apart. We support over 175,000 SMBs — employers with fewer than 1000 employees and the backbone of the U.S. economy — in taking care of their employees, the business owner’s needs, and/or the business itself through our suite of protection, retirement and asset management solutions.

Q: How is your company adapting to address the changing needs of consumers?

Truly listening to what consumers and SMBs need and understanding how what they say and the actions they take align (or don’t) is critical to staying in tune with the changing needs of the marketplace. I’m excited about the enhanced voice-of-customer program that Principal is investing in to help us do this even more effectively as we go forward.

Q: When you look 20 years into the future, how will the industry and customer experience be different?

My crystal ball says that we won’t recognize the industry in 20 years. Technology capabilities that we don’t have today will be foundational to success in two decades, and the talent we have in our businesses will be focused on only those activities that require empathy and human connection, along with critical thinking and problem-solving skills. The one aspect that won’t have changed, however, is the trust our customers place in us and the promises that we make and deliver upon over long periods of time.

Q: How would you describe your leadership style, and how does it influence your team’s/organization’s culture?

I hope my team would describe my leadership style as one of a servant. “Team” is an acronym for “Together Everyone Achieves More.” I believe this to my core and see my role as one of setting our long-term objectives, empowering others to make progress toward those objectives, coaching them along the way, and helping to break down barriers as they are encountered. My favorite question to ask in one-on-one meetings is, “How can I support you?”

Q: How is your company working to better assist underserved populations?

One of our core strategies is to better serve diverse businesses, which historically have had barriers to access financial products and services. In 2021, together with Principal Foundation, Principal committed to double the number of diverse small and midsize businesses (SMBs) we support through product access, capital access programs, community development, and financial education by 2025. At the beginning of 2024, we increased that goal to triple the number of diverse SMBs and entrepreneurs by 2025 from our 2020 baseline. One very specific way we have delivered on this commitment is by becoming a Mission Partner of First Women’s Bank (FWB), helping to close the gender gaps that persist in pay, leadership, benefits and access to capital.

Q: How do you navigate consumer skepticism or misunderstandings about insurance and/or benefits?

One of the most effective ways to navigate skepticism is through storytelling, sharing the real-life experiences (with customers’ permissions, of course!) of those who have benefited from the insurance and benefits that we offer. Compelling story sharing through social media has an impact on the masses. But we can also have an impact through the day-to-day conversations we have with those not in our industry. Think of the power we can have — collectively — if we each do this when the opportunity arises … it’s the proverbial “ripples in a pond” if we each consistently share the powerful stories of the positive impact we have for our customers.

Q: What skills or insights have you gained from your participation on the advisory board?

Having a recurring forum where leaders come together to talk through common challenges and opportunities, network, and discuss the collective impact we can have in the group insurance market is rewarding. My connections across the industry are broader, my understanding of different perspectives on a variety of issues has grown, and my appreciation for the collective work we do to provide “peace of mind” for our customers has grown.

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