Digital offering brings speed and efficiency to small business customers
Waterloo, ON (May 31, 2021) – Economical Insurance has introduced Vyne Commercial, a new digital platform and refreshed offering for brokers that will simplify the process for insuring small businesses. Broker partners can expect intuitive, modernized workflows, and a more customer-centric product solution from Vyne Commercial. As part of the offering, brokers will be able to instantly quote and bind new property and casualty policies for small and medium enterprises using the new SME Pathway technology powered by Acturis.
“We continue to combine our insurance industry expertise with new technologies to exceed customer expectations while building a better broker experience,” said Fabian Richenberger, EVP, Commercial Insurance at Economical Insurance. “Vyne is much more than just its foundational technology platforms — it demonstrates our commitment to improving our offering for brokers and is creating additional value for our customers.”
Vyne was launched in 2018 for Personal Lines and Individually Rated Commercial Auto (IRCA). The addition of Small and Medium Enterprise (SME) Property and Casualty (P&C) as Vyne Commercial will offer brokers the following advantages:
- customer-centric products and pricing, providing market-leading coverage and greater flexibility for small and medium enterprises
- faster service with fewer redundant touchpoints and less time waiting for answers
- a streamlined workflow to give brokers an easier way of quoting and binding new SME business across a wide range of segments
Vyne Commercial marks the introduction of SME Pathway technology, which allows brokers to quote and bind new business for SME P&C more easily. Built in partnership with Acturis Group, an award-winning Software-as-a-Service (SaaS) provider to the insurance industry, the user experience is modern and highly intuitive.
“We are an established leader in Europe, providing real-time quote, bind and change capabilities across an extensive range of Commercial classes of business, and we are delighted to collaborate with an innovative partner like Economical to bring this technology to the Canadian market,” Gregory Toothe, CEO of Acturis Canada explained. “We really believe in technology solutions improving the broker experience and we are excited to work with Economical to further expand their digital distribution.”
“We’re committed to making it easier for brokers to do business with us, so they can spend less time on administrative tasks and more time providing guidance and valuable advice to their customers,” said Obaid Rahman, VP, Commercial Underwriting and Specialty Lines at Economical. “The introduction of Vyne Commercial will mark an important step in achieving this goal and we will continue to innovate to further improve the broker experience.”
Vyne Commercial will roll out in phases during the coming months. Economical is working closely with broker partners throughout the rollout to ensure a smooth transition and to maximize the use of the new capabilities.
About Economical Insurance
Economical Mutual Insurance Company (“Economical” or “Economical Insurance,” which includes its subsidiaries where the context so requires) is a leading property and casualty insurer in Canada, with approximately $2.9 billion in annualized gross written premiums and over $6.5 billion in assets as at March 31, 2021. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers. For more information, visit www.economical.com.
About Acturis Group
Acturis is the leading, award winning Software-as-a-Service provider to the insurance industry. The Acturis SaaS platform is an administration, distribution and underwriting platform used by insurance brokers and underwriters. Acturis operates in the general insurance market, supporting both personal and commercial lines. The company leads the way in real-time integrations with insurers. For more information, visit www.acturisgroup.com.
SOURCE: Economical InsuranceTags: Brokers, commercial lines, Economical Insurance, launch, small business, Vyne