WATERLOO, ONTARIO, May 9, 2016 – Today Economical Insurance activates multichannel distribution with the launch of its direct business, Sonnet Insurance Company (Sonnet). Sonnet brings an innovative new insurance experience to a distinct and growing segment of Canadians who prefer to purchase insurance directly1 and online.
"Economical has bold ambitions in the Canadian insurance industry and Sonnet is the first major milestone in our commitment to bring our growth strategy to life," says Karen Gavan, President and Chief Executive Officer, Economical Insurance. "Sonnet will serve customers who want a digital insurance experience self-managed at their convenience, while our successful broker channel will continue to provide service for customers who value the advice of a professional."
Sonnet presents a truly innovative customer experience, using sophisticated technology and real-time analytics. With Sonnet, customers can instantly get a customized quote, purchase a policy and make updates to their account online anytime, on any device. At launch, Sonnet will offer personal home insurance policies including home owner, condo, tenant, and landlord insurance with personal auto to follow in the second half of 2016.
"This is direct insurance reimagined, with a focus on the customer experience," explains Chris Van Kooten, Senior Vice-President and Chief Underwriting Officer, Economical Insurance. "The industry will be surprised by the depth of technology, data and analytics that has gone into creating this truly innovative experience."
Across its portfolio of successful brands, Economical is making significant investments in consumer research, technology and infrastructure to ensure it is the insurance partner Canadians choose to protect what they value most, no matter how they choose to make their purchase.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with $2.0 billion in premiums during 2015 and $5.3 billion in assets as at December 31, 2015. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Family Insurance Solutions, and Economical Financial.
1 PMB Analysis, 2015
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