Economical launches innovative new platform to support broker growth
WATERLOO, ON, June 4, 2018
Economical Insurance is making it easier than ever for brokers to match customers with the right insurance coverage with Vyne, launching today in New Brunswick and Prince Edward Island for personal lines and individually rated commercial auto (IRCA). This new way for brokers to do business with Economical provides faster service, streamlined workflows, and customer-centric products and pricing. Vyne will launch in Ontario, Nova Scotia, Quebec, and Alberta in the coming months.
“Vyne is a key part of our ambitious strategy to focus on the customer first, drive profitable growth, improve operational efficiency, and foster innovation for Economical and our broker partners,” said Rowan Saunders, President and CEO, Economical Insurance. “We are earning our place among the leaders in our industry through our strategic investments that will provide significant benefits to our brokers and customers for a long time to come.”
Vyne has been built with broker feedback throughout, so that the entire experience suits their business needs and workflow preferences, and enables them to meet changing customer expectations. The offering gives brokers more options, efficiencies, and control through refreshed products, pricing, technology and workflows.
“We’re taking our personal insurance business to the next level with Vyne,” said Paul MacDonald, Executive Vice-President, Personal Lines, Economical Insurance. “This is so much more than just a new policy administration system. We are re-launching our entire broker-facing business with this launch, to allow our broker partners to thrive as consultants for their clients today and into the future.”
Vyne has been built with input from market-leading suppliers to provide a best-in-class experience for brokers. Highlights of the new offering include:
– Increased quoting accuracy means the quoted price is what the customer pays
– Updated documents have been written with wordings customers can easily understand, a feature that Economical first launched in 2016 with its digital direct channel, Sonnet
– Consistent service across the country with clear coverage options
– Improvements to base coverage and optional event coverage like hail or flood, and to key endorsements (including rental packages based on days, not dollars)
“Economical continues to recalibrate its business to align with increasing customer expectations, while setting new standards for the P&C insurance industry in Canada,” explained Saunders. “We are proud to set a new agenda and position our company for great things as we deepen our valued broker partnerships and play an essential role in propelling the industry into the 21st century.”
Vyne will be launching for all personal lines and IRCA in Ontario, Alberta, Quebec, and the Atlantic region.
About Economical Insurance
Founded in 1871, Economical is one of Canada’s leading property and casualty insurers, with more than $2.2 billion in annualized premium volume and over $5.4 billion in assets as at March 31, 2018. Headquartered in Waterloo, ON, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petsecure, Economical Financial, and Family Insurance Solutions.