Economical Insurance of Canada Seeks Efficiency in Guidewire Policy Admin Choice

Economical Insurance is replacing its policy administration system as part of an ongoing transformation program dedicated to greater productivity and improved product and service delivery.

(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.

Michael Gagnier, SVP, CIO, Economical Insurance.

Michael Gagnier, SVP, CIO, Economical Insurance.

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.

( Related Content: Promutuel Selects Guidewire PolicyCenter for Next-Phase Modernization.)

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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