Continuing focus on productivity
WATERLOO, ON, May 29, 2013 /CNW/ - Economical Insurance today announced further changes as a part of its business
transformation program. The company is continuing its measures to
streamline operations to improve productivity and enhance its service
to brokers and customers.
"Since embarking on our business transformation in 2012, we have seen
real progress toward our goal of improving productivity and service
delivery through adoption of industry-leading processes," said Karen
Gavan, president and CEO of Economical. "This progress has positioned
us to continue with business transformation and has identified further
opportunities for efficiency and productivity gains."
The actions announced today will result in the reduction of 143
positions across all offices of the company. The organizational
restructuring of Information Technology (IT) is now complete. Business
and process analysis is ongoing.
"This has been a difficult decision and we are committed to helping the
impacted employees with this transition with fair severance packages
and support through our outplacement partner (including career
transition services and effective job search strategies) as they seek
new employment opportunities. We are appreciative of the contributions
they have made to the company and wish them well as they move forward,"
Ms. Gavan said.
The company will continue to report on the financial impact of the
business transformation program, including restructuring expenses, in
its quarterly earnings releases.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading
property and casualty insurers, with more than $1.8 billion in premiums
and more than $4.7 billion in assets. Based in Waterloo, this
Canadian-owned and operated group services the insurance needs of more
than one million customers through 17 branches and service offices
across the country. In 2010, Economical announced its decision to
become the first federally-regulated mutual property and casualty
insurance company to demutualize. 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.
SOURCE: Economical Insurance
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