Economical wins P&C Insurer of the Year at 2016 Insurance Business Awards
Economical Insurance was honored as P&C Insurer of the Year at the 2016 Insurance Business Awards held in Toronto on November 30. The award recognizes the insurer that provides top-tier property & casualty insurance products to consumers and businesses in Canada.
The judges’ key considerations for this award were standout achievements, revenue growth during the year, overall customer service and stakeholder engagement.
“This award recognizes our bold strategy and amazing people. It sets us up well for 2017 and acknowledges that we’re making all the right moves in an industry on the cusp of significant change,” said Rowan Saunders, President and CEO of Economical Insurance.
Investments in innovation, technology, customer service, and operations underpin the future of Economical, a company that is poised to grow, invest, expand, and deliver value to broker partners and customers.
“Economical is an insurer with significant momentum,” added Saunders. “We are recalibrating the company for what customers, brokers and the market demand. Our ambitious strategy supports our vision to be one of Canada’s top property and casualty insurers, recognized for our business innovation and how well we take care of our customers. Following a successful demutualization, we will introduce the market to a strong, independent Canadian insurer in a financial services industry known for stability and consistency of return.”
“The launch of Sonnet, our innovative direct-to-consumer channel, is acknowledged as an industry game-changer,” said Saunders. “We recently won an international innovation award for our sophisticated integration of data, analytics and best-in-class insurance technology using the Guidewire platform. Our next step is to further our digital capabilities to bring the same speed, convenience, and competitive edge to our broker partners. This complex undertaking will revolutionize the way our broker partners do business with us.”
Earlier in November, Economical was recognized for the second year in a row as one of Waterloo Area’s Top Employers for 2017 by Canada’s Top 100 Employers.
About Economical Insurance
Founded in 1871, Economical is one of Canada’s leading property and casualty insurers with more than $2.1 billion in annualized premium volume and $5.5 billion in assets as September 30, 2016. Based in Waterloo, 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, Economical Financial, and Family Insurance Solutions.