Second consecutive year Economical has won the award
WATERLOO, ON, Dec. 4, 2014 /CNW/ - World Finance magazine has named Economical Insurance as the winner of the "World Finance Best Non-Life (General) Insurance Company 2014, Canada."
After readers of the magazine nominated companies for the 2014 World Finance Awards, Economical emerged as one of four Canadian finalists for this award. A panel of experienced judges at World Finance subsequently selected Economical as the winner after reviewing responses from each of the four finalists to questions on responding to requests for quotes, retention rates, customer satisfaction, training and best practices.
"We are thrilled to be recognized by World Finance for the second consecutive year as the best general insurer in Canada," said Karen Gavan, Economical's president and chief executive officer. "This award validates our commitment to transforming our business operations and IT services, which will significantly improve our productivity and efficiency in delivering top quality products and services that meet our policyholders' needs."
"Through our enhanced use of predictive analytics and sophisticated pricing models, we continue to effectively offer competitive rates in key market segments," said Tom Reikman, Economical's senior vice-president and chief operating officer. "The depth and strength of the relationships we share with our broker partners fosters their trust that we will help them to take care of their clients, who benefit from our leading-class claims service and our excellent product offerings."
Economical's training and development program is world-class. In each of the past five years, Economical Insurance has been recognized globally for its excellence in workforce learning and development. Since 2009, Economical has been named to the prestigious Training magazine Top 125 list, ranking in the top 20 from among hundreds of submissions from around the world.
The annual World Finance Awards celebrate achievement, innovation and brilliance, and are tailored to provide a comprehensive analysis of the very best in various markets. Winners are determined by a panel of judges who rely on readers' insights to provide nominations and on quantitative and qualitative criteria.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with $2.0 billion in annual premium volume and $5.2 billion in assets as at September 30, 2014. Based in Waterloo, this 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.
SOURCE: Economical Insurance
For further information: Doug Maybee, Economical Insurance, (T) 519.570.8249, (C) 519.404.0989, [email protected]