Economical to set new broker engagement standard with Vynetm

Brokers to benefit from new suite of competitive products, faster service, improved
workflows, and sophisticated pricing

WATERLOO, ON, Feb. 22, 2018 /CNW/ - Economical today announced it will be rolling out its Vynetm suite for brokers later this year, comprised of a new product offering, sophisticated pricing, and simplified workflow. The new suite is the culmination of strategic investments over the last two years to replace Economical's personal lines policy administration system for brokers and build its foundation for the future.

"Given our strategic focus to drive continued growth within the broker channel, we have been committed to delivering a broker solution that is a game-changer," said Tom Reikman, Chief Distribution Officer, Economical Insurance. "The launch of Vyne will set new standards of engagement and improve the way we work with our brokers in personal lines and individually rated commercial auto."

Vynetm is a new way for brokers to do business with Economical, envisioned in collaboration with broker partners across Canada. "We will continue to evolve our Vyne offering based on broker feedback and response," said Reikman. "We are known for the depth of our relationships with our valued broker partners and being a respectful business partner."

In 2016, Economical Insurance with Deloitte won the Guidewire Innovation Award for its use of the Guidewire platform in the launch of Sonnet. Built on the same Guidewire platform but designed with the specific needs of brokers in mind, Vynetm will improve the ease of business for brokers through faster service, enabling brokers to issue a policy in minutes. Alongside streamlined workflow and customer-centric products and pricing, Vynetm includes clear risk and coverage options, reliable rates, flexible payment options and easily understandable policy wording for customers.

Vynetm will be launched later in 2018 in Ontario, the Atlantic region, Quebec and Alberta.

About Economical Insurance
Founded in 1871, Economical is one of Canada's leading property and casualty insurers, with more than $2.2 billion in annualized premium volume and over $5.6 billion in assets as at December 31, 2017. Headquartered in Waterloo, ON, 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.

SOURCE Economical Insurance