CAMBRIDGE, ON, July 5, 2016 /CNW/ - In 2014, Gore Mutual began a wide-ranging transformation of our business, investing more capital than ever before with a focus on talent, technology, products and new capabilities to secure a vibrant future in a fast-changing market. Since then, we have made terrific progress in partnership with brokers.
> TECHNOLOGY, PRODUCTS, BROKER CAPABILITY
All of our auto and commercial business has now migrated onto a new technology platform, Duck Creek, giving us unprecedented flexibility and efficiency, and enabling new capability for brokers. During 2017, we will complete our policy management transformation and begin work on billing and claims. We have also launched the award-winning uBiz small business ecommerce platform and invested in technology startup BrokerLift, underscoring our plan to provide practical real-world digital tools for brokers.
We have introduced a new blend of actuarial sophistication and good old-fashioned underwriting that we call 'Confident Pricing', and our WaterEscape Plus product, introduced in collaboration with brokers, is a leading flood solution. We have recently launched digital products for tenants and small business, available to all brokers through BrokerLift.
This year we have introduced significantly enhanced contingent compensation for all Gore Mutual brokers, making profitable results even more beneficial. Combined with new broker financing and business development capability, we are investing more than ever in brokers.
Building on this momentum, several years of record results, and the strongest balance sheet in our history, Gore Mutual has now taken two further important steps by unveiling a refreshed brand and a new mutual membership system.
> STAY MUTUAL STAY BROKER
In early 2016, Gore Mutual announced our decision to remain a mutual company, ensuring that we continue as a strong, stable, growing, vibrant business well into the future. In addition, we restated our commitment to exclusively distribute our products through brokers.
Underpinning our commitment to mutual status is our modernized membership system, which adopts transparent and objective criteria to recognize policyholders who have demonstrated a longstanding commitment to Gore Mutual, and who are likely to be engaged in our governance.
Those policyholders who have had a personal property policy with Gore Mutual for 10 years or more and, as of May 1, 2016, have a homeowner, condominium or tenant primary residence Qualifying Policy will now automatically become a member.
All existing members will remain members, regardless of the new criteria, as long as they continue to hold a Qualifying Policy. The change to our mutual membership system does not impact or change our policyholders' insurance coverages.
"This is a pivotal moment in our history," said Heidi Sevcik, President & CEO. "Our decision to remain a mutual company provides a stable framework for Gore Mutual to work with our brokers to build an exciting business for the future. Together with a strengthened value proposition and refreshed brand, the modernized mutual membership system is a key component of our exciting vision for the future. "
> GO FORWARD
This month, Gore Mutual introduced the most significant refresh of our brand in decades. The development of a fresh new look, tone of voice, tagline and chevron was done in partnership with brokers, customers and employees. The brand refresh puts people front and centre to capture the pioneering, people-first spirit of our deeply rooted mutual company, rich in history and genuine relationships, yet ambitious, dynamic and innovative in our vision.
"We learned a great deal about the DNA of our company as we worked through the process of redefining our brand," said Heidi Sevcik, President and CEO. "We have an exciting vision for the future and our brand is fundamental in unfolding the story of where we are going."
"We haven't changed our name or logo or who we are as a company, but we have refreshed everything else, "said Paul Jackson, Vice President Sales, Marketing & Distribution. "There's a lot more to come, but we knew that a key foundation of our future was going to be a modern, dynamic brand with a compelling message to brokers and customers."
> FIND OUT MORE
> ABOUT GORE MUTUAL INSURANCE COMPANY
Founded in 1839, Gore Mutual is Canada's oldest property and casualty insurer, with approximately $400M in premiums and $1BN in assets as at December 31, 2015. Based in Cambridge, Ontario and Vancouver, British Columbia, this Canadian mutual company employs over 300 people and is known for its investment in people, technology and innovation. With a long standing commitment to genuine personal service, and with digital solutions such as uBiz and BrokerLift, Gore Mutual is an unwavering supporter of its network of insurance brokers, who offer the highest standards of service, choice and advocacy to Canadian customers. Gore Mutual was voted the #1 insurance company by the Insurance Brokers Association of Ontario (IBAO) in 2014 and certified as a "Great Place to Work" in 2016. The Gore Mutual Foundation strengthens Canadian communities by supporting local initiatives and has donated more than $5M to over 550 charities.
Learn more about Gore Mutual at goremutual.ca.
SOURCE Gore Mutual Insurance Company
Image with caption: "Gore Mutual unveils its fresh new brand and “Go Forward” tagline. The brand refresh puts people front and centre to capture the pioneering, people-first spirit of this deeply rooted mutual company, rich in history and genuine relationships, yet ambitious, dynamic and innovative in its vision. (CNW Group/Gore Mutual Insurance Company)". Image available at: http://photos.newswire.ca/images/download/20160705_C8905_PHOTO_EN_727455.jpg
For further information: MEDIA CONTACT: Dean McNeill, Corporate Communications Manager, 519-623-1600 or 1-800-265-8600, ext. 2299, Email: [email protected]