Principal Financial Group Business Analyst Interview Questions + Guide in 2025

Principal Financial Group is a purpose-led firm focused on making financial security accessible to all, leveraging technology and financial services to enhance the lives of its customers.

As a Business Analyst at Principal, you'll play a pivotal role in supporting the Group Benefits Distribution Field Support team. Your key responsibilities will include collaborating with sales representatives and brokers to provide comprehensive quote support for group benefit product sales, while understanding and customizing solutions based on broker relationships and current carrier benefits. A deep knowledge of quoting processes, underwriting, and product guidelines is essential to effectively navigate this role.

To excel in this position, you should possess a bachelor’s degree or equivalent experience, along with at least one year of relevant experience in group benefits services or sales. Proficiency in Microsoft Excel is crucial, as you'll be working extensively with spreadsheets, formulas, and data analysis. Strong problem-solving abilities, analytical decision-making skills, and flexibility to adapt to changing priorities will set you apart. Communication skills, both written and verbal, are vital for building positive relationships and delivering exceptional service to internal and external customers. Additionally, you should demonstrate a proactive approach to your work, with an ability to maintain high efficiency and attention to detail.

This guide aims to prepare you for a successful interview at Principal by equipping you with insights into the role's expectations and the company's culture, enabling you to showcase your skills and fit effectively during the interview process.

The interview process for a Business Analyst position at Principal Financial Group is structured to assess both technical and interpersonal skills, ensuring candidates are well-suited for the dynamic environment of the Group Benefits Distribution Field Support team. The process typically unfolds in several key stages:

1. Initial Screening

The first step involves a preliminary phone interview with a recruiter. This conversation usually lasts about 30 minutes and focuses on your background, work experience, and motivation for applying to Principal. The recruiter will also gauge your fit for the company culture and discuss the role's expectations.

2. Technical Assessment

Following the initial screening, candidates may be required to complete a technical assessment. This could involve a combination of written tests and coding challenges, particularly focusing on analytical skills and problem-solving abilities. Expect questions that assess your understanding of insurance operations, product concepts, and proficiency in tools like Microsoft Excel.

3. Behavioral Interview

Candidates who pass the technical assessment will move on to a behavioral interview. This round typically involves a panel of interviewers, including team members and managers. The focus here is on your past experiences, how you handle challenges, and your ability to work collaboratively. Be prepared to discuss specific examples from your previous roles that demonstrate your problem-solving skills and ability to build relationships.

4. Managerial Interview

In this round, you will meet with a manager or team lead. This interview will delve deeper into your technical knowledge and how it applies to the role. Expect to discuss your previous projects in detail, including your contributions and the outcomes. The interviewer may also explore your understanding of the quoting process and underwriting guidelines relevant to the position.

5. Final HR Discussion

The final step in the interview process is typically an HR discussion. This round will cover logistical details such as salary expectations, work environment preferences (in-office, hybrid, or remote), and any remaining questions you may have about the company or role. This is also an opportunity for you to express your enthusiasm for the position and the company.

Throughout the interview process, candidates should be prepared to articulate their experiences clearly and demonstrate their analytical thinking and problem-solving capabilities.

Next, let's explore the types of questions you might encounter during these interviews.

In this section, we’ll review the various interview questions that might be asked during a Business Analyst interview at Principal Financial Group. The interview process will likely focus on your analytical skills, problem-solving abilities, and understanding of financial services and insurance operations. Be prepared to discuss your past experiences, technical skills, and how you can contribute to the team.

Experience and Background

1. Describe a project where you had to analyze data to make a business decision. What was your approach?

This question assesses your analytical skills and ability to apply data-driven decision-making in a business context.

How to Answer

Discuss a specific project where you utilized data analysis to inform a decision. Highlight the tools you used, the data you analyzed, and the outcome of your decision.

Example

“In my previous role, I analyzed customer feedback data to identify trends in product satisfaction. I used Excel to create pivot tables and visualizations, which helped the team prioritize product improvements. As a result, we implemented changes that increased customer satisfaction scores by 15%.”

2. How do you prioritize tasks when managing multiple projects?

This question evaluates your time management and organizational skills.

How to Answer

Explain your method for prioritizing tasks, such as using a matrix or a specific tool. Provide an example of a time when you successfully managed competing deadlines.

Example

“I use a priority matrix to categorize tasks based on urgency and importance. For instance, during a busy quarter, I had to balance multiple client requests. By focusing on high-impact tasks first and delegating where possible, I was able to meet all deadlines without compromising quality.”

Technical Skills

3. What experience do you have with Microsoft Excel, and how have you used it in your previous roles?

This question gauges your proficiency with Excel, which is crucial for a Business Analyst role.

How to Answer

Detail your experience with Excel, including specific functions or features you’ve used. Mention any complex analyses you’ve performed.

Example

“I have extensive experience with Excel, including using advanced functions like VLOOKUP, pivot tables, and macros. In my last position, I created a financial model that forecasted sales trends, which helped the management team make informed decisions about resource allocation.”

4. Can you explain a time when you had to present complex information to a non-technical audience?

This question tests your communication skills and ability to simplify complex concepts.

How to Answer

Describe a specific instance where you successfully communicated complex information. Focus on how you tailored your message for the audience.

Example

“I once presented a data analysis report to a group of sales representatives who were not familiar with technical jargon. I used simple visuals and analogies to explain the data trends, which helped them understand the implications for their sales strategies.”

Problem Solving

5. Describe a challenging problem you faced in a previous role and how you resolved it.

This question assesses your problem-solving abilities and resilience.

How to Answer

Choose a specific challenge, explain the context, and detail the steps you took to resolve it. Highlight the outcome and any lessons learned.

Example

“In a previous role, we faced a significant drop in customer retention rates. I led a cross-functional team to analyze customer feedback and identify pain points. By implementing targeted improvements based on our findings, we were able to increase retention by 20% over six months.”

6. How do you approach gathering requirements from stakeholders?

This question evaluates your stakeholder management and requirements-gathering skills.

How to Answer

Discuss your approach to engaging stakeholders, including techniques you use to ensure you capture their needs accurately.

Example

“I typically start by conducting one-on-one interviews with stakeholders to understand their needs and expectations. I also use surveys and workshops to gather broader input. This comprehensive approach ensures that I capture all relevant requirements for the project.”

Industry Knowledge

7. What do you know about the insurance industry and its operations?

This question tests your understanding of the industry relevant to the role.

How to Answer

Provide an overview of your knowledge of the insurance industry, including key concepts and trends.

Example

“I understand that the insurance industry is heavily regulated and relies on data analytics for underwriting and risk assessment. I’ve kept up with trends such as the increasing use of technology in claims processing and the growing importance of customer experience in retaining clients.”

8. Why do you want to work at Principal Financial Group?

This question assesses your motivation and alignment with the company’s values.

How to Answer

Express your interest in the company’s mission and how it aligns with your career goals. Mention specific aspects of Principal that attract you.

Example

“I admire Principal’s commitment to making financial security accessible to all. I believe my skills in data analysis and customer service can contribute to this mission, and I’m excited about the opportunity to work in a collaborative environment that values innovation.”