Toronto, ON (Mar. 1, 2014) – Economical Insurance, one of Canada’s leading property and casualty insurers, embarked on a multi-year transformation program in the fall of 2012 aimed at increasing productivity and efficiency, and building a strong foundation for the company’s long-term success.
Economical has announced plans for its new operating model, which is intended to make its underwriting operations more centralized, automated, consistent and agile. Under the new model, Economical will implement new technologies to automate processes, establish a new organization structure and aim to bring consistency to its processes. Economical believes that these changes will enhance the company’s productivity, efficiency and effectiveness.
A new national processing centre will be launched at Economical’s Riverbend facility in Kitchener, ON, in 2014 where Economical will process a large portion of its business. Hiring for this centre has started and demonstrates Economical’s commitment to the Waterloo Region.
“Under our new operating model, we will enhance broker and customer experience, and will produce tangible cost savings that will support our future profitable growth,” said Karen Gavan, Economical’s president and chief executive officer. “I am grateful for the support our employees have shown towards our transformation that is enabling us to compete effectively and deliver excellent service to our policyholders and broker partners.”
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurers, with $1.9 billion in annual premium volume and $5.0 billion in assets as at September 30, 2013. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. In 2010, Economical announced its decision to become the first federally-regulated mutual property and casualty insurance company to demutualize. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Family Insurance Solutions, Federation Insurance and Economical Financial. Visit economicalinsurance.com for more information.