Keyword
Economical Insurance
Two-year window to dispute auto claim denial not a ‘hard limitation,’ court rules
November 13, 2019 by Greg MeckbachThe two-year time limit to take auto accident benefits disputes to Ontario’s Licence Appeal Tribunal (LAT) is not a “hard limitation” period, the province’s appeal court has ruled. In Tomec v. Economical Mutual Insurance Company, released Nov. 8, the Court…
How clients can cash in on demutualization
February 5, 2019 by Greg MeckbachEconomical Insurance clients looking forward to cashing in on demutualization might have to hold on to their shares in the company for nearly six months. In Economical’s demutualization proposal, one restriction on common shares (issued as a benefit to demutualization)…
Estimated value of Economical’s demutualization for mutual policyholders
February 1, 2019 by Greg MeckbachMutual policyholders of Economical Insurance could get more than $300,000 each if the Waterloo-based insurer demutualizes. A conversion proposal that Economical submitted to the regulator last year calls for 20% of benefits going first to eligible mutual policyholders, of which…
The trade-off to using artificial intelligence to speed up claims
August 29, 2018 by Greg MeckbachCanadian insurers wanting to handle claims like Lemonade are going to have to accept some trade-offs, a Claims Summit speaker said Tuesday. New York City-based Lemonade Insurance Company uses artificial intelligence and says it can handle some claims in three…
Canadian P&C industry enters “hybrid cloud” phase
July 24, 2018 by David GambrillCanadian P&C insurance companies have entered a transitional technology phase that will see data from their legacy systems get transferred online. “We are in a hybrid-cloud paradigm,” Frank Attaie, vice president of cloud and software at IBM Canada, told Canadian…
Economical makes history by submitting demutualization proposal to Ottawa
June 27, 2018 by Greg MeckbachEconomical Insurance has made history as the first property and casualty insurer in Canada to officially ask the federal government for permission to demutualize. The Waterloo, Ont.-based carrier announced Tuesday it has submitted a proposal to the country’s financial regulator…
‘Many more significant losses’ due to climate change: Economical execs
May 11, 2018 by Greg MeckbachClimate change was top of mind Monday for executives at Economical Insurance, which was hit with 11 weather catastrophes in 2017. “Climate change has resulted in many more significant losses from water and wind events,” said Gerald Hooper, a former…
Economical set to roll out ‘full training’ to brokers on Vyne
May 10, 2018 by Greg MeckbachBrokers will soon be able to learn Vyne, Economical Insurance’s Guidewire-based computer system, touted as a way of administering insurance policies with less manual intervention. “Soon we will roll be rolling out full training to 22,000 brokers across the country,”…
How Economical plans to remain independent after demutualization
May 9, 2018 by Greg MeckbachIf Economical Insurance becomes publicly-traded on the stock exchange, it could eventually be acquired, but company officials have no intention of making Economical an easy acquisition target. “We certainly made a determination a long time ago that we were not…
Economical exposed to Ontario’s auto market cycles
May 9, 2018 by Greg MeckbachExposure to Ontario’s regulated auto market is one factor leading to the “unsatisfactory” financial performance at Economical Insurance, CEO Rowan Saunders suggested to mutual policyholders attending the company’s annual general meeting, held Monday at the Bingemans Centre in Kitchener, Ont.…
Economical’s demutualization fraught with uncertainty
May 8, 2018 by Greg MeckbachIt’s been more than two years since Economical Insurance’s mutual policyholders voted in favour of demutualization and it’s not clear how much longer the process will take – assuming it happens at all. “This process was much more complex and…
Referrals: a lost art for finding new business?
April 3, 2018 by David GambrillBrokers seeking new business shouldn’t be shy about asking clients for referrals, Economical Insurance’s chief distribution officer told Canadian Underwriter Monday. Fine-tuning the referral process is a simple, often overlooked method for brokers to grow their business, Tom Reikman said…