WATERLOO, ON, June 7, 2012 � Insurance brokers can now take advantage of time-saving improvements to Economical’s “Straight Through Processing” and begin and issue new business or make policy changes in real-time using Power Broker, Applied Systems TAM� and and SigXP broker management systems, The Economical Insurance Group announced today.
“These enhancements bring us another step closer to achieving the ultimate goal of full integration with broker management systems,” said Steve Livingstone, Economical’s vice-president of personal insurance. “In real-time, brokers can now upload new business, or make policy changes by simply updating information in our underwriting system and issuing the change immediately. It’s the broker’s choice: Complete new business only, or policy change only, or both.”
Economical’s improved Straight Through Processing gives brokers better efficiency and flexibility in their workflow with real-time transaction processing for new business, policy changes and cancellations. Duplicate entry has been eliminated when a new business application is uploaded through a broker management system, which saves valuable time and provides for a better customer experience.
“Applied Systems is pleased to have partnered with Economical in delivering this new functionality to brokers,” said Doug Johnston, Applied Systems vice president of Partner Relations & Product Innovation. “Providing a real-time bridge to Economical’s portal from TAM, the industry’s most widely used broker management software, has far-reaching benefits for the insurance channel. The enhanced online capability enables brokers to further streamline workflows, optimize carrier relationships and increase productivity.”
“Brovada is pleased that Economical used NexExchange to help improve connectivity with brokers,” states Karl Greenlaw, founder and CEO of Brovada. “NexExchange has many extensible capabilities that solve many of the data challenges of working with a distribution channel. In this implementation it provides data transformation between the broker systems and Economical’s Energie policy administration system.”
About The Economical Insurance Group
Founded in 1871, The Economical Insurance Group is one of Canada’s largest property and casualty insurers, with $1.7 billion in premiums and $4.6 billion in assets. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers through 19 branches and service offices across the country. In 2010, Economical announced its decision to become the first federally-regulated mutual property and casualty insurance company to demutualize. Economical is currently reviewing strategic options and will submit a comprehensive demutualization proposal for mutual policyholder approval after the federal government’s development of regulations and regulatory approval.
The Economical Insurance Group’s member companies include: Economical Mutual Insurance Company (including Western General Farm Division), Waterloo Insurance Company, Perth Insurance Company, The Missisquoi Insurance Company, Federation Insurance Company of Canada, Family Insurance Solutions and The Mattei Companies. www.economicalinsurance.com