The family of brands provides flexibility and digital operations for
customers, brokers, and employees while giving back to communities in need
WATERLOO, ON, Apr. 8, 2020 – Economical Insurance is responding to the hardships COVID-19 creates for individuals, communities, and businesses across the country with a mix of consumer relief and community impact efforts to provide support for Canadians as we work together to find a way forward. This includes exploring flexible payment options for personal insurance customers, solutions for brokers and business owners, a safe work environment for employees, and funding for community organizations that support the front lines of this unprecedented crisis.
“Our business has supported customers through world wars, the depression, and other more recent crises, and our commitment remains focused on the customer first through the challenges we are faced with today,” said Rowan Saunders, President and CEO of Economical. “We are working collaboratively with our dedicated employees and valued broker partners to bring solutions to customers during a situation that none of us have ever experienced. This is the first time we, and the entire industry, have supported customers through this type of global pandemic and I’m proud to see how everyone is adapting together.”
Options for customers in need
Economical has proactively taken the following steps for the next 90 days, or as otherwise deemed appropriate based on ongoing assessment.
Personal insurance customers with Economical, Family Insurance, and Sonnet who are impacted financially by COVID-19 are advised to connect with their broker, visit the website, or contact a customer service representative to review support currently available to offer relief, which may include the following:
- Flexible payment options, including payment deferrals and waived NSF fees
- Payment plans adjustments to update the method or frequency of payments
- Reduction of auto insurance premiums by limiting coverage or reducing the number of kilometres driven to support those with significantly changed vehicle use
- No impact to premiums if customers temporarily use their cars or homes differently, such as efforts to support community goodwill or migrate to remote work
To support its commercial insurance customers:
- Economical has made appropriate changes to the rating approach for commercial insurance customers to acknowledge the challenging circumstances many of them are facing
- For small and mid-sized businesses that have been directly impacted by COVID-19 and are experiencing temporary closures and significant decreases in revenues, and changes in operations, Economical is working with its broker partners to adjust premiums
- Economical will also provide flexible underwriting solutions for businesses that have made changes to their operations to adapt and support the current crisis
Petline, a subsidiary of Economical, is equally committed to supporting pet owners with pet insurance options through its affordable, simplified Peppermint offering. Additionally, customers have been provided with information on how to safely care for a pet during this pandemic, including managing visits to the vet and adjusting to a new routine.
Investment in technology and digitization during the past few years enabled Economical to launch Sonnet, Canada’s original digital direct home and auto insurance offering, and Vyne, a dynamic broker offering for Economical, in addition to digital pet insurance offerings. These innovations are helping customers and brokers navigate insurance more easily, from anywhere at any time, during a truly disruptive period.
Giving back to communities
For almost 150 years, Economical and its workforce have maintained a strong tradition of giving back to communities across Canada through corporate giving and volunteerism.
Economical has adjusted its social responsibility efforts to focus its impact on the national needs of pandemic response in alignment with its existing community giving pillars:
- Health & Wellness: Acknowledging the brave and necessary work of health care workers on the front lines of this pandemic, Economical is investing $200,000 to provide front-line support in cities across Canada
- Safety & Security: Economical will extend its long-standing partnership with Canadian Red Cross by providing an additional $100,000 donation for COVID-19 support measures, particularly at a time when flood and fire risks emerge, and response teams are operating under new physical distancing measures
- Youth & Education: To support vulnerable populations in our communities, Economical employees will be given remote volunteer opportunities through organizations in need of assistance such as Kids Help Phone and Junior Achievement
From the onset of the COVID-19 pandemic, Economical employees quickly rallied to support urgent needs through a corporate matching campaign totaling more than $50,000 in donations to-date for Food Banks Canada.
Supporting employees
Economical and its subsidiaries have a resilient workforce that mobilized early in the COVID-19 pandemic to adopt new working practices designed to ensure business continuity. As nearly 95 per cent of the Economical workforce is now working remotely, Economical has provided flexible work options to help employees manage the needs of work and the personal impacts of this pandemic, as well as maintaining a safe work environment for those who are required in the office.
Economical will continue to evaluate the situation and assess these measures to ensure customers, brokers, employees, and communities are provided with the best help and advice we can offer.
About Economical Insurance
Economical Mutual Insurance Company (“Economical” or “Economical Insurance”, which includes its subsidiaries where the context so requires) is a leading property and casualty insurer in Canada, with $2.5 billion in gross written premiums and approximately $6.0 billion in assets as at December 31, 2019. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers.
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