The Ontario Broker - June 2018 - 35

ECONOMICAL LEANS
INTO CHANGE
A CONVERSATION WITH ROWAN SAUNDERS, ECONOMICAL PRESIDENT & CEO

ECONOMICAL HAS BEEN GOING THROUGH
A LOT OF CHANGES. WHAT'S DRIVING IT?
In my career I've never experienced the pace
and commitment that I've seen at Economical
Insurance. We're responding to disruption across
the industry, continuing to support our broker
partners and finding unique ways to address
the evolving needs of consumers. We're taking
strategic steps across all lines of business to
become a leading P&C insurer in Canada. Ours
is an industry of relationships and trust. In
everything we do, well-managed and respectful
relationships are at the core. Feedback from our
broker partners and customers, industry data and
advanced analytics help us consistently refocus
our business, which has led to our innovative
initiatives like Sonnet, Vyne, and our progress
on the path to demutualization. We've set an
ambitious agenda that reflects an innovative,
multi-channel, customer-centric approach - this
will be increasingly important as we move closer
to becoming a public company.
WHAT ARE YOU DOING TO MANAGE
THESE CHANGES THROUGHOUT YOUR
ORGANIZATION?
It starts with having a clear strategy, assembling a
talented and proven leadership team and taking
advantage of excess capital to invest in modernizing
the platform and developing best in class
capabilities. Maintaining rigorous underwriting
standards and managing costs will lay a solid
foundation for our future as an independent, public
company with market-leading aspirations. As we
continue to pursue the plans and milestones that the
journey to demutualization requires, I'm confident
we'll unlock our full potential as a public company.
As well, our strategic investments position us
to take advantage of growth opportunities. One
recent example is our acquisition and integration

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of Petline, which not only added a great product to
our line-up and a great team to our family, but it's
also helped us develop the experience we'll need for
future acquisitions.
HOW DOES COMMERCIAL BUSINESS FACTOR
INTO YOUR FUTURE MARKET STRATEGY?
With our strong segment experience in small
business, specialty lines, agriculture, and
transportation, we're creating tailored commercial
solutions for our brokers and their clients. We've
challenged ourselves to become a major player in
commercial insurance, to match our strength in
personal lines. We're sharpening our commercial
strategy and differentiating our business in this
area by expanding our capabilities in middle market
and specialty lines through three regional teams
focused on the needs of local broker partners.

WE'VE CHALLENGED
OURSELVES TO BECOME
A MAJOR PLAYER IN
COMMERCIAL INSURANCE,
TO MATCH OUR STRENGTH
IN PERSONAL LINES.
ECONOMICAL HAS ALSO BEEN FOCUSING
ON DEVELOPING TECHNOLOGY. HOW WILL
THAT INNOVATION BENEFIT THE BROKER
CHANNEL?
Business and technology modernization is key to
our success in our industry and helps accelerate
our speed to market. We're on the verge of
introducing a whole new underwriting approach
with the rollout of our Vyne broker offering

35

this year. Leveraging the technology powering
Sonnet, as well as automated underwriting, Vyne
simplifies workflows, streamlines administration
and billing, and provides our broker partners with
more efficiency and control. Built with feedback
from brokers, Vyne is redefining how our broker
partners do business with us, and positioning them
to be brokers of the future.
WHAT HAS THE RESPONSE FROM BROKERS
BEEN SO FAR TO THE VYNE LAUNCH?
Brokers have been engaged from the outset on the
design and features of Vyne and, as such, the support
from our broker partners is outstanding. In fact, their
ongoing feedback and commitment to partnering
with us is critical as we build out the necessary
improvements to our portfolio and maintain our
standing as a key player in our industry. With our
broker and customer-focused strategies in place and
our investment in innovation, we see this moment as
a once-in-a-lifetime opportunity.
WHAT ARE YOU DOING TO SET YOUR
ORGANIZATION UP FOR SUCCESS INTO THE
FUTURE?
As we look at the full spectrum of strategies
and initiatives, it's clear that it won't be a single
action that ensures our success. Our success will
come from executing flawlessly on all of these
opportunities to maximize our effectiveness, and
to prepare ourselves for the future. We have built
an exceptionally strong leadership team, with
incredible talent across our organization. In fact,
with the momentum we're building, we're attracting
top talent who recognize the unique opportunities
ahead. I believe Economical is on the verge of
an amazing transformation into an innovative,
disciplined and responsive P&C leader.

JUNE 2018


http://WWW.IBAO.ORG

Table of Contents for the Digital Edition of The Ontario Broker - June 2018

In This Issue
The Ontario Broker - June 2018 - Cover1
The Ontario Broker - June 2018 - Cover2
The Ontario Broker - June 2018 - 3
The Ontario Broker - June 2018 - 4
The Ontario Broker - June 2018 - In This Issue
The Ontario Broker - June 2018 - 6
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The Ontario Broker - June 2018 - Cover3
The Ontario Broker - June 2018 - Cover4
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