(Waterloo, Ontario, home of Economical Insurance. Photo credit: Giligone.)
Economical Insurance ($1.9 billion in annual premium volume), a Waterloo, Ontario-based P&C carrier, has selected Guidewire Software’s PolicyCenter as its new policy administration system. Deloitte Inc., a Guidewire certified implementation partner, will lead the implementation project, working with both Economical and Guidewire.
Economical Insurance is replacing its policy administration system as part of an ongoing transformation program that has already improved product and service delivery and general productivity, according to a Guidewire statement.
“We are looking forward to the enhanced efficiency and productivity that Guidewire PolicyCenter can bring,” comments Michael Gagnier, SVP and CIO, Economical Insurance. “We are excited to move toward a comprehensive policy administration system as part of our plan to streamline the many existing systems Economical currently has in place across the country.”
Founded in 1871, Economical Insurance is one of Canada’s lager property and casualty insurers, with and $5.0 billion in assets as at March 31, 2014. The Canadian-owned and operated group services the insurance needs of more than one million customers across the country. In 2010, Economical announced its decision to become the first federally-regulated mutual property and casualty insurance company to pursue demutualization. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Family Insurance Solutions, Federation Insurance and Economical Financial.
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