At the inaugural
Insurance Business awards in Toronto last week, where the industry’s finest gathered to celebrate its successes,
Economical Insurance was named P&C Insurer of the Year.
We caught up with two of the insurer’s senior executives, to find out more about what Economical has been doing to reach the top of its game.
Learn more about Economical Insurance (Company) here.
“The launch of Sonnet, our innovative digital direct channel, is acknowledged as an industry game-changer,” Rowan Saunders, president & CEO of Economical Insurance, said.
Sonnet, the insurer’s direct business, was launched in May offering a ‘digital insurance experience’ on home and auto policies.
“We recently won an international innovation award for our sophisticated integration of data, analytics and best-in-class insurance technology using the Guidewire platform,” Saunders said, adding that the insurer has now begun reinventing its systems “to bring the same speed, convenience, and competitive edge to our broker partners.”
And when it comes to its brokers, Economical is investing more than $125 million in a new policy administration and billing system, which it says will “revolutionize” the way its broker partners can do business with the insurer.
“We want to enable brokers to process business with us with the greatest of ease,” Tom Reikman, SVP and chief operating officer at Economical, said. “Once fully in place, our new system will introduce a level of ease and efficiency that you have never seen from us before, including a simplified quoting and binding workflow.”
The insurer is also diversifying its business by acquiring Petsecure, Canada’s market leader in the pet insurance industry.
Reikman said the insurer is committed to growing the company “by leveraging our broker channel and providing their customers with a broader product offering.”
Meanwhile, Economical is well on its way to becoming the first P&C insurer in Canada to demutualize, CEO Saunders said.
The move, which will transform the insurer’s corporate structure from a mutual to a share company, will allow “more access to the capital that will allow us to make strategic acquisitions and invest in the business,” he explained.
“Greater access to capital will also improve our financial stability and flexibility.”
As well as a number of strategic moves, Economical’s culture keeps coming out on top too – just last week the insurer was named one of Waterloo’s top employers for the second year in a row.
“We are creating an inclusive environment where our workforce is reflective of the customers we serve,” Reikman said.
“Economical is a diverse company. We believe diversity is a source of strength, particularly diversity of thought.”
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