Gore Mutual Insurance Company’s bold strategic transformation is almost complete less than two years after it was unveiled.
Canada’s oldest property and casualty insurance provider launched the Next Horizon strategy in early 2020, with the goal of transforming the company from a mid-size, regional carrier to a national scale insurer underpinned by “best-in-class technology and operating models.”
“In less than two years, we’ve remodelled 80% of our business and look forward to completing the transformation in 2022 as we move our commercial insurance business under the same operating model,” said chief executive officer Andy Taylor. “We continue to work towards creating a high-performance, scalable business model centred around innovative broker and customer experiences.”
By implementing a national contact centre, Gore Mutual has already expanded its operating model beyond providing Ontarians with auto insurance to include personal property insurance services for Ontario and British Columbia. The insurer has also extended its personal insurance product suite into Guidewire InsuranceSuite in Guidewire Cloud to include policy, billing, and claims, which meant brokers and customers now have access to more Gore Mutual staff.
As part of the transformation, the company will also be offering a simplified suite of personal property insurance products, providing customers with enhanced coverage for homes, condominiums, tenants, and seasonal homes. The products will benefit from real-time, sophisticated pricing systems, which use advanced data analytics to respond to market dynamics and provide more customized pricing for customers.
“In increasingly competitive markets, these enhancements allow us to be more agile and provide brokers with a simplified workflow that enables transactions that take just minutes to complete,” said chief operating officer Paul Jackson. “At this point, more than 80% of business is flowing through our systems without intervention and more than 90% of brokers tell us they’re happy with our national contact centre.”
“Overall, we’re just faster and easier to deal with than ever before, which unlocks our unique ability to scale our business in partnership with our brokers,” he added.
