Toronto, ON (Jan. 24, 2019) – Economical Insurance, one of Canada’s leading property and casualty insurance companies, is making it easier than ever for brokers to match customers with the right insurance coverage with the launch of Vyne. Rolling out beginning June 2018 through to the end of the year, Vyne leverages existing Guidewire PolicyCenter and BillingCenter platforms that were used to build Sonnet, Economical’s award-winning digital-direct brand. Vyne strengthens Economical’s commitment to the broker channel with streamlined workflows and customer-centric products and pricing.
With assistance from Deloitte, and designed with input from market-leading partners and continuous broker feedback, Vyne was built to empower brokers with increased quoting accuracy, policy documents that are easy for customers to understand, and improvements to its personal lines and individually rated commercial auto (IRCA) coverage.
Business Use of Technology and Essential Features
Economical is recalibrating its business to align with shifting customer expectations, while setting new standards for the P&C insurance industry in Canada. Deepening broker partnerships with Vyne will play an essential role in propelling innovation in the industry, while delivering key benefits:
• Increasing reliability and consistency of information throughout the policy lifecycle
• Facilitating seamless data transfer between brokers’ and Economical’s systems
• Allowing real time integration of data from third party and own system for better analytics and tailoring of risk coverage
• Allowing both the carrier and broker to focus on value-add activities for customers such as risk coverage advice
• New, built-in underwriting rules mean less going back and forth with the insurer and brokers can provide a faster and more accurate insurance experience to customers, while focusing more time on growing their businesses
Vyne was planned and designed in consultation with brokers, and is being regularly updated based on live broker feedback. The entire experience is intended to meet their business needs and workflow preferences. The clear risk and coverage options, reliable rates, wordings customers can understand, and convenient billing options are intended to inspire customer confidence. Customers value the same real-time experience with insurance that they receive from other financial and retail transactions. Vyne aims to enable brokers to deliver on that expectation.
Implementation and Deployment
This implementation is an extension of Economical’s 2016 launch of its digital direct channel, Sonnet. It took Economical less than 18 months to build, test, and deploy the technology platform for Vyne, with rollout being phased-in across the country between July to November 2018.
Using integration between broker quoting, broker management systems (BMS), and Economical’s core insurance platform, Vyne offers an industry-leading, seamless, end-to-end solution. This enables Economical to deliver a sophisticated, data-driven pricing model. In addition, brokers and their customers will receive consistent pricing from quote to issuance, minimizing manual input between systems, and ultimately affording brokers more time to focus on engaging customers at a critical moment in the customer journey. Policy changes and updates to billing information can be done at point-of-sale with little-to-no disruption to their workflow.
One of the key innovations of Vyne is the real-time access to Economical’s Guidewire solution from brokers’ quoting vendors and BMS. An extensive and robust data mapping from CSIO to GX solves many of the data challenges of working with a distribution channel and multiple broker systems. The result is accurate data exchange with minimal to no re-keying of information. This has far-reaching benefits for the broker channel, giving brokers more options, efficiencies, and control to help them thrive as trusted advisors for their customers. This also drives opportunity for brokers to evolve their own models and capabilities to meet quickly-evolving customer expectations.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurers, with more than $2.3 billion in annualized premium volume and approximately $5.7 billion in assets as at September 30, 2018. 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, Petsecure, Economical Financial, and Family Insurance Solutions. For more information, visit www.economical.com.
About Guidewire Software
Guidewire (NYSE: GWRE) delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. We provide the software, services, and partner ecosystem to enable our customers to run, differentiate, and grow their business. We are privileged to serve more than 350 companies in 32 countries. For more information, please visit www.guidewire.com.
Deloitte provides audit & assurance, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights and service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 264,000 professionals—9,400 of whom are based in Canada—make an impact that matters, please connect with us on LinkedIn, Twitter or Facebook.
Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
SOURCE: Economical InsuranceTags: Deloitte, Economical Insurance, Guidewire, ICTA nomination, Vyne