Waterloo, ON (May 21, 2019) – Economical Insurance has released its 2018 Public Accountability Statement, which outlines the company’s ongoing commitment to social responsibility initiatives that came to life in 2018, including community involvement, environmental programs, and employee and broker support.
“As one of Canada’s leading insurance providers, we’re in the business of protecting Canadians from coast to coast,” said Rowan Saunders, President and CEO, Economical Insurance. “Giving back to our communities is an important part of our heritage. We are proud to continue supporting the communities in which our employees, customers, and broker partners live and work.”
Through charitable partnerships in 2018, Economical supported worthy causes across the country that directly strengthened communities. This included working with the Canadian Red Cross to support 165 families affected by small-scale disasters, partnering with Crime Stoppers to reach 5,000 students with safety messages, and delivering Parachute’s injury prevention programing to more than 30,000 students across the country.
This corporate support was supplemented by employees’ commitment to their communities. In 2018, Economical employees made personal donations to 109 charities, supporting causes important to them and their families. Employees also gave back to their communities by volunteering their time, collectively logging more than 252 volunteer days in 2018.
Through programs such as paper and print management and measuring year over year CO2 reductions, environmental protection and stewardship remains a priority for the company. Economical practices careful vendor selection, and implements forward thinking facility updates like electric vehicle charging stations at their Kitchener office.
In order to foster a high performing culture, Economical invests in its employees through award-winning health and wellness programs, and boasts an inclusive workplace, with 94% of employees reporting that their work environment embraces individual differences.
Brokers identify and champion causes that have significant impact in their communities and that align with Economical’s community giving priorities. Every year, between 20 and 30% of Economical’s community giving budget is donated to local charities in affiliation with broker partners, who have their fingers on the pulse of their communities.
Giving back to communities has always been and will continue to be part of the Economical story. In January, it was announced that as part of the demutualization policyholder negotiations, a new charitable organization will be established. The Economical Insurance Heritage Foundation, will honour the legacy of Economical’s employees and customers, both past and present, by making a meaningful impact across Canada, continuing the company’s commitment to social responsibility.
The full 2018 Public Accountability Statement is online and available for download.
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.
SOURCE: Economical Insurance
Learn more about the demand for business to deliver meaningful work and social benefit at the 7th annual Insurance-Canada.ca Executive Forum (August 28, 2019, in Toronto):
Tags: Economical Insurance, ParachuteWhy Insurance?: An Industry Whose Time Has Come … At Last
– Chris Houston, CEO, The Change Alliance
Two important and seemingly unrelated trends are converging in the insurance sector to create a particular, rich opportunity for a certain kind of leader.
Over the last 10 years, employees and consumers alike have been demanding that businesses create and deliver greater social benefit. Meaningful work is sought by the best talent. Social benefit, like sustainability, is sought by discerning customers.
Meanwhile, insurance – as a risk transfer industry – only enables the mitigation of a small fraction of the risks faced by many, and it does so at very high cost relative to the benefit. It is ripe for disruption and its digital transformation – a force that has already transformed many sectors – is just such a disrupting force, thereby generating opportunities to develop and reposition businesses that are deeply committed to creating the social benefits that are so very much needed and wanted by today’s employees and customers.
But seizing such an opportunity requires a particular kind of leadership which combines intellectual agility and emotional maturity.
Explore the risks and opportunities of the days ahead with Chris Houston, who in more than 30 years has worked with numerous leaders undergoing fundamental digital disruption, both in the insurance industry and in other sectors.