Skip to ContentSkip to Footer

Code of Business Conduct

Introduction

The Code of Business Conduct describes expected business conduct grounded in our belief that trust and integrity are the foundation of our business.

Economical is committed to the highest level of legal and ethical standards in business conduct. Economical must be known as a company that deals equitably with its brokers, policyholders, employees and members of the public. The Code and the resources referenced in this document will provide you with guidance on expectations of acceptable business conduct at Economical.

Overview

Application and scope

The Code applies to all of us who are employees, officers and directors of Economical (which term also includes our controlled and wholly-owned subsidiaries). The Code’s standards of integrity also apply to contractors, subcontractors and suppliers in relation to their business dealings with or on behalf of Economical.

It is impossible for The Code to cover all activities. Economical relies on each of us to use our judgment to maintain high standards. We must follow the terms and spirit of The Code under all circumstances.

Roles and responsibilities

The corporate governance committee of the Board of Directors of Economical Mutual Insurance Company is the owner of The Code, and is responsible for reviewing it at least every two years. The corporate governance committee and management are responsible for ensuring that The Code is implemented effectively. The audit committee of the board of directors of Economical Mutual Insurance Company is the owner of the ethics reporting program and is responsible for reviewing it at least every two years.

Directors, officers, employees, and covered contractors, subcontractors and suppliers of Economical are responsible for communicating any identified whistleblower incidents in relation to Economical via the ethics reporting program as soon as they become aware of such situations.

Disclosure of conflicts

The Code of Business Conduct disclosure form must be signed annually. If a conflict of interest is disclosed, your leader will provide you with direction regarding the conflict. You are also required to disclose, throughout the year, any known or potential conflicts with The Code that may arise.

Contractors, subcontractors and/or suppliers of Economical are required to abide by the applicable terms and conditions of The Code to the extent included in their contracts and letters of agreement. They are not required to complete disclosure forms.

Ethics reporting program

Purpose

The purpose of Economical’s ethics reporting program is to establish procedures for the receipt, retention and treatment of complaints regarding wrongdoing, questionable accounting, internal controls, disclosure controls or auditing matters, contraventions of the integrity provisions of The Code, workplace safety, environmental issues and human resources issues; and the confidential submission by employees of concerns regarding such stated matters.

Breach of the code

Bona fide breaches of The Code will be dealt with promptly after an investigation has been undertaken. In the event that, after an investigation, it has been determined that a breach of The Code has occurred, a decision will be made as to the appropriate corrective and/or disciplinary action that will be taken. Such action may include a warning or letter of reprimand, demotion, loss of salary increase or bonus, suspension without pay, termination of employment for cause and/or civil or criminal prosecution. In the case of contractors, subcontractors and suppliers doing business with or on behalf of Economical, breaches may be addressed through caution letters, cessation of business relationships and/or other appropriate means as circumstances may warrant.

What is a whistleblower incident?

A whistleblower incident is a good-faith concern related to wrongdoing, questionable accounting, internal controls, disclosure controls or auditing matters, contraventions of the integrity provisions of The Code, workplace health and safety, and human resources matters occurring at Economical. For guidance on corporate expectations around acceptable employee conduct, please refer to Economical’s other appropriate policies and procedures and the human resources department.

Whistleblower incidents include violations of the integrity provisions of The Code, Economical’s corporate policies, as well as the following areas of specific concern:

  • “Wrongdoing,” which includes the following examples:
    • Financial fraud
    • Embezzlement of company assets by an individual or group of individuals,
    • Accepting “kickbacks” or conferring benefits
    • Violation of laws and regulations by individuals
    • Deliberately conducting business in direct violation of legal or regulatory requirements by which Economical is bound
    • Workplace health and safety violations
    • Endangerment of public health or safety
    • Sexual harassment or discrimination
    • Falsification of records, contracts and/or reports
    • Inappropriate retrieval, storage or use of customer or third-party information collected by Economical
    • Unethical behaviour or practices
    • Breach of fiduciary duty
  • “Questionable accounting, controls or auditing matters,” which include the following examples:
    • Unethical or improper recording of financial transactions contrary to the generally accepted accounting principles applicable to Economical
    • Unethical, incomplete or improper disclosure of financial information
    • Misrepresentation of non-financial information to support the financial statements
    • Fraud or deliberate error in the preparation, evaluation, review or audit of any financial statement, record, or report of Economical
    • Intentional circumvention of Economical’s internal controls over financial reporting or its disclosure controls and procedures

Whistleblower incident reporting

Economical has partnered with ClearView Strategic Partners Inc., a communications consulting firm that specializes in hosting confidential reporting systems. They have a proven track record of integrity, discretion, and respect.

Submitting your report using ClearView’s web-based system or hotline (1-877-432-3584), you will get step-by-step instructions to make reporting easy. ClearView is available to take your report 24 hours a day, seven days a week and you can rely on them to treat your report respectfully and confidentially. To have the ability to follow up on a report that you submit, please submit it using either the web-based system or by speaking with a ClearView hotline agent. Either way, you will be given a secure login and password that you can use to check the status of your report.

Generally, employees should report concerns or complaints through existing channels, starting with a leader or department manager. The ethics reporting program should be used only where no reporting channels exist or where these existing reporting channels are not appropriate, or the employee feels uncomfortable using them. If reporting on something that was heard, but not witnessed personally, please indicate this in the report.

Reports regarding any wrongdoing by anyone, or any other breach of The Code by a member of senior management or the Board of Directors will automatically be sent to the chair of the Board of Directors. Reports regarding questionable accounting, controls or auditing matters will automatically be sent to the chair of the audit committee of the Board of Directors. Reports regarding any other unacceptable conduct or breach of corporate policies will automatically be sent to the senior vice-president and chief human resources officer.

In conducting an investigation, Economical will use reasonable best efforts to protect the confidentiality and anonymity of complainants, subject to the need to conduct a thorough investigation. As it may be necessary to identify the complainant, or it may be possible for third parties to deduce the complainant’s identity, anonymity cannot be guaranteed throughout an investigation.

The ethics reporting program is intended to encourage and enable employees, directors and officers to raise serious concerns within Economical, rather than seeking resolution outside Economical. Accordingly, it is the policy of Economical that it will not permit retaliation or harassment of any kind against individuals for complaints submitted under the ethics reporting program in good faith. Whistleblowers will not be discharged, demoted, suspended, threatened, harassed or otherwise adversely treated strictly as a result of reporting a whistleblower incident in good faith. The same is true of anyone participating in the investigation of a report.

A “good faith” report means that the reporter’s intentions are honest, and there is a reasonable basis for making the report. It does not matter if the specific circumstances reported actually amount to misconduct. However, making knowingly false or dishonest reports is a violation of The Code, and could be subject to disciplinary action, up to and including termination.

Behaving ethically

Economical Insurance is committed to the highest level of legal and ethical standards in business conduct. The company must be known as one that deals ethically with its brokers, policyholders, employees, and members of the public.

We consistently match words and actions — we do what we say we will do and lead by example. We exercise discretion in the use of information and respect confidentiality.

We always endeavour to deal fairly and equitably with policyholders and claimants, as well as with people making claims on policyholders.

Deterring fraud

Fraud is any dishonest act or omission intended to deprive or mislead others for personal or corporate gain. Fraud includes criminal deception, the use of false representations to gain unjust advantage and dishonest schemes or tricks. Examples of fraud include misappropriating customers’ funds, submitting dishonest claims and identity theft.

Our stakeholders expect us to conduct ourselves honestly and fairly. None of us should participate in any type of dishonest or fraudulent behaviour that may affect Economical, our customers, partners or co-workers.

Rejecting corruption and bribery

No funds or assets of Economical shall be paid, loaned or otherwise disbursed as bribes, “kickbacks” or other payments designed to influence or compromise the conduct of the recipient. We shall not accept any funds or other assets for assisting in doing business with Economical.

Canada has specific anti-corruption legislation that prohibits companies from giving or offering anything of value to a government representative to influence a decision or assist that company in doing business. Other than for legally prescribed fees and similar payments, you should obtain advance approval from your leader before you give any business-related gift to a government representative.

Avoiding conflict of interest

As employees of Economical we cannot use our positions in Economical to gain — either directly or indirectly — a personal benefit for ourselves or anyone else. Furthermore, we cannot use, for our benefit, confidential information, which we have gained through corporate business.

Some examples of conflict of interest include, but are not limited to:

  • Using corporate programs but not for the intended purpose; for example, submitting a receipt to your personal wellness account for someone not covered by your benefit plan
  • Using company email to conduct personal business such as selling goods on eBay
  • Passing materials developed at Economical to third parties.

We must avoid situations in which our personal interests conflict, may conflict or might appear to conflict with our duties to Economical or where it may interfere with the ability of other employees to perform their duties. That includes but is not limited to:

  • Our actions that will deprive Economical of the time or attention required to do our jobs properly
  • Directing other employees to undertake actions which could affect our ability to act in the best interests of Economical
  • Any business, financial or other relationship with suppliers, customers, competitors or Economical itself that may impair or even appear to impair the independence of Economical
  • Situations where there appears to be a conflict of interest, even if there is not actual conflict; the appearance of such a conflict is damaging because it can undermine trust among employees and costs us the respect of our customers

All leaders must ensure that any actions taken or decisions made under their supervision do not give rise to a situation of a conflict of interest. Those of us who approve expenses, handle claims, handle assets or who have access to confidential information, must ensure that our decisions or actions do not create a situation which gives rise to a conflict of interest.

Economical does not tolerate fraud, corruption, bribery or conflict of interest or other unethical behaviour. You can help to ensure that we continue to operate ethically by reporting any suspected incidents, whether committed by a co-worker or a third party, to your leader, human resources or through the ethics reporting program.

Managing salvage

After a claim has been settled, Economical may retain some recovered items, or salvage. No person may use or dispose of a salvaged item, except as described below.

Once salvaged items have been properly recorded, Economical may post an invitation for sealed bids from employees. Management, or an appointed employee, will open the bids at a specific time and place. Economical will then sell the salvaged items to the successful bidders, according to the stated terms and conditions of the salvage policy and process.

We are expressly forbidden from obtaining a personal benefit from the salvage process, for example, by influencing the bid or receiving a financial gain from the salvage process.

Reporting gifts and favours

As employees of Economical, we cannot accept gifts, valuable services, opportunities or privileges, for personal gain or pleasure, from anyone doing or discussing business with Economical. The same rule applies to immediate members of our families.

This prohibition does not include normal business practices, such as business meals or entertainment, receptions, mementos or inexpensive gifts. However, we are required to disclose our participation in such events, or the offer of a gift, to our immediate leader at the time it occurs. In the case of officers, this is to be reported to the president and CEO. Economical absolutely forbids us from accepting anything that could be interpreted as a bribe to sway business or be regarded as a payoff or secret reward.

In the event there is an industry function Economical has chosen to sponsor, management will assume the responsibility of selecting the staff to attend the event and the nature of the sponsorship of the event.

Using company assets and funds

Economical assets include cash and other financial assets, as well as other items such as the Economical name and all of Economical individual company names, information and data held or sent on company computers, supplies, equipment, telephones, computer resources, company cars, and company credit cards.

We must comply with Economical expense policies and safeguard all Economical assets from loss, theft, carelessness, misuse or waste.

Economical assets are to be used only for business of Economical. They are not to be used for personal purposes or in support of non-Economical business or activity.

Complying with laws, regulations and policies

Each member company of Economical, and all individuals acting on our behalf, must obey the laws and regulations governing our businesses, as well as the policies and guidelines established by Economical. The insurance industry is subject to complex and changing laws and regulations. Such laws may vary among the provinces in which we do business. In order to avoid inadvertent and unintentional breaches, we should seek clarification with our leaders about the application or meaning of any legal requirement.

This also includes Economical information security policies and the guiding principles for our conduct as articulated further in The Code. Included in this provision is compliance to all computer software copyright laws and corporate procedures relating to the use of software and equipment. The following sections discuss these compliance requirements in greater detail.

Complying with antitrust and competition laws

As employees of Economical, we must avoid all actions that reasonably could be construed as being anti-competitive, monopolistic or otherwise contrary to laws governing competitive practices in the marketplace. The federal government has enacted “antitrust” or “competition” laws designed to ensure that markets for goods and services operate competitively and efficiently. The goal of these laws is to ensure that customers enjoy the benefit of open competition among our suppliers, and that sellers similarly benefit from competition among our purchasers. Violations of these laws can lead to substantial civil and criminal liability for Economical as well as for each of us.

Most competition law regimes generally prohibit agreement or even communications among competitors on any aspect of competitive parameters (e.g., price, product or service).

For instance, when business competitors (actual or potential) agree (even if only tacitly) on the prices that they will charge our customers or prevent or impede other businesses from competing in a market, they may be committing an offence under competition laws.

Some examples of anti-competitive actions include, but are not limited to:

  • Communicating with or sending messages to competitors through any means about future pricing or other competitive activities
  • Exchanging information with competitors that may lead to price fixing.

It is Economical policy to fully comply with all applicable competition and antitrust laws governing competitive practices in the marketplace.

Complying with anti-money laundering and anti-terrorist financing laws

Money laundering is the act of turning “dirty money” into “clean money” through a series of financial transactions so that the criminal origin of the funds becomes difficult to trace. Terrorist financing focuses on the destination and use of funds that may come from legitimate or criminal sources. We all must actively protect Economical’s products and services from being used for money laundering or for financing terrorist or other criminal activity.

Some examples of money laundering behaviours include, but are not limited to:

  • Suspicious premium payments, and
  • Irregular patterns or anomalies in financial transactions.

Detecting money laundering and terrorist financing activity requires us to properly identify and authenticate our customers. You should report any suspicious activities to your leader. If you fail to do so, Economical may be exposed to the risk of legal sanction, financial penalties and reputational damage.

Complying with information disclosure obligations

Economical is or will be required under securities laws to provide the public with timely and periodic disclosure regarding Economical’s business and financial condition (such as quarterly and annual reports and materials for our annual general meeting). Economical provides additional disclosures to the public through quarterly press releases, and may provide additional disclosures through analyst conference calls and other press releases and filings, as events warrant. All of us who participate in the preparation or dissemination of these disclosures, or who provide information that we know may be used in the preparation of these disclosures, have a legal and ethical duty to ensure that the disclosure is full, fair, accurate, timely and understandable. In addition, all of us are subject to the public disclosure policy.

Conducting ourselves with regulators, auditors and others

Our reputation is built on our daily interaction with our stakeholders and the public. We can all build Economical’s value by meeting the highest standards of professional conduct. Specifically, we co-operate with lawful investigations and inquiries by or on behalf of Economical, regulators, law enforcement agencies, external and internal auditors and other investigators. We provide accurate and factual information to them, and do not mislead or attempt to improperly influence them. We do not tamper with any document to obscure the true nature of a transaction in Economical’s records or to impede or influence an audit, regulatory review or investigation.

Upholding diversity

Economical is committed to achieving a fair and equitable work environment. The recruitment and selection process represents the first crucial step in the employment relationship. Economical will base hiring decisions on each individual’s qualifications, regardless of race, colour, ethnic origin, gender, sexual orientation, disability, age, family status or any other factor unrelated to job performance.

Avoiding harassment and discrimination

Human Rights legislation guarantees that every person has the right to be treated equally on the job or while applying for a job. This means everyone should be evaluated on their own merits and treated with respect. A primary concern of Economical is to ensure the dignity, respect and personal safety of all employees. It is the responsibility of Economical to provide a workplace that is free of harassment, including for reasons based on race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, gender, sexual orientation, age, record of offences, marital status, family status, handicap or disability.

All of us, including officers and directors of Economical, have a responsibility to conduct ourselves in a manner that does not at any time constitute harassment in any form. Further, all of us, including officers and directors of Economical, have an additional responsibility to report behaviour that may constitute harassment and to support any appropriate remediation thereof.

Maintaining information security

At Economical, a security framework is in place to define high-level security principles and policies. It is important that all of us understand information security and the related policies. Information security refers to the protection of information from unauthorized access, use, disclosure, disruption, modification or destruction. Information is used daily and can be spoken, printed, faxed, stored or transmitted electronically. All information needs to be protected, however the level of protection depends on the value, sensitivity, and risk associated with the information.

Threats to information security can impact all forms of information, and can come from inside an organization as well as from outside. For this reason, employees are expected to have an awareness of information classification (such as “public” or “confidential”) as well as the handling and protection requirements for that information.

Protection of information applies to paper documents — following clean desk practices, removing documents from meeting rooms, ensuring confidential files are appropriately locked in cabinets — as well as electronic information — whether in email, in a document in a LAN folder, on a laptop, tablet, or smartphone or being stored in a business application. The need for protection increases with the sensitivity of the information. Highly sensitive information is not only confidential; access to this information may be restricted to those individuals and groups that have a ”need to know.” Information of this nature should not be distributed to other employees or externally without permission of the information owner. Electronic copies should only be stored on company computers, not on home computers or publicly shared computers (e.g. hotel business centre, Internet kiosks), nor should any information be stored on noncorporate cloud services (e.g. Dropbox, Google Drive, iCloud). When it is necessary to share this information, handling policies should be followed and encrypted removable media should be used instead.

Our individual actions contribute to the overall security of information at Economical because we all have access to corporate information every day. Therefore, we must take care when handling information to avoid information being misdirected or inappropriately protected; never downloading software; only using encrypted removable media; protecting mobile devices (including laptops, tablets, smartphones) from being lost or stolen.

Safeguarding records and reporting

It is important to create, maintain and modify business records in accordance with Economical policies. You are responsible for the integrity of all financial records that you help create or maintain. To preserve our reputation as an organization characterized by its honest and forthright dealings, never include any false or misleading information in any business records.

Examples of financial records include: auditor information, expense accounts, overtime sheets, business marketing plans or documents, claims reports, insurance premiums or policies, and all other business and financial documents that you help to create or maintain.

All assets, debts and business of Economical must be accurately and promptly recorded. We cannot hold funds and must report all expenses properly. Complete, accurate and timely communications with the board of directors, corporate officers, internal and external auditors and all matters relevant to them are essential.

Dispose of confidential documents properly using the secure shredding bins (not in regular trash or recycle boxes). Personal and private information must be handled appropriately. Do not provide information to anyone unless you know they are contracted business partners and it is appropriate for them to have the information.

If you know of any situations regarding records and reporting that could adversely affect Economical, have questions or concerns, advise your leader or human resources or submit your concern through the ethics reporting program.

Maintaining confidential information

All of us during the course of our duties with Economical will learn confidential information about Economical, other employees, suppliers, brokers or policyholders.

Confidential information might include, but not be limited to, trade secrets, strategic information, product literature, new product development information, customer lists, financial documents, operational procedures, business plans, marketing plans and strategies, pricing, and personal information concerning employees (including personal information such as one’s own salary), policyholders and brokers of Economical. We are required to maintain all such information as confidential.

As employees of Economical we cannot, under any circumstances, disclose to anyone confidential information concerning Economical, its businesses, its employees, policyholders, suppliers or brokers, except as required by our employment with Economical. After leaving the employ of Economical, former employees are strictly forbidden from keeping, using or disclosing any such confidential information. All records are the sole property of Economical and must not be removed from company premises, with the following exceptions:

  • During the normal course of business duty, you may have business documents in your possession. You are responsible to keep these documents and the information therein confidential and secure.
  • Records placed in offsite storage in secure locations for archival or backup purposes.

Information handling guidelines are available with information security policies. If you have questions or concerns about maintaining confidential information, raise them with your leader, human resources or through the ethics reporting program.

Passwords and access

Passwords and other access credentials are confidential. Your user ID and password are designed to uniquely identify you and to provide the appropriate level of authorized access to computer resources, business applications and company information. You must not share them with anyone or leave them unsecured.

Use a pattern such as the “vanity plate” approach for passwords (e.g., Luv2Glf,TmB1w2R) so that you can remember them without writing them down, but so they are complex enough that they cannot be guessed. Passwords are easier to remember if you do not change them on a Friday afternoon. Don’t use the same password for company systems and personal use.

Safeguarding privacy

As an insurer, Economical needs to collect, use and disclose personal information. Personal information is any information about an identifiable individual but does not include the name, title, business address or telephone number of an employee of an organization. Personal information will usually come directly from the individual or from his or her representative (i.e. insurance broker).

Economical and all of us acting on its behalf (including employees) must not collect, use or disclose personal information except in accordance with Economical’s privacy statement which is available on e.Net and the corporate website.

In particular, the privacy statement provides that Economical, and all people acting on its behalf, will only collect, use and disclose personal information where the individual to whom the personal information pertains:

  • Has been informed of the specific purposes for which the information is to be collected, used and disclosed, and
  • Has consented to the collection, use and disclosure of the personal information for those purposes identified to him or her at or prior to the time of collection.

In summary, Economical, and all of us acting on its behalf may not collect, use or disclose personal information for purposes other than those to which each individual has provided their consent.

Using email, internet, telephone, and computer resources

Use of email

Economical’s email system provides the corporation with an effective way to communicate with both internal and external contacts. Our email system is a key component of the technology supporting business operations of the organization. Email content including attachments requires the same attention to information protection as paper documents. Ensure any information related to privacy, financial information or other business confidential topic is sent only to those who are involved and have a “need to know.” Avoid using reply-all and check for non-Economical recipients before sending email to verify if they should be included. Mark calendar details private if they relate to confidential matters, especially if attachments are included. Don’t forward company email or calendar details to personal email accounts.

Do not open email attachments from unknown sources. Avoid illegal/inappropriate material. Streaming media for business purposes is acceptable. Keep personal use of streaming media to outside of business hours. Posting opinions on blogs and other social media is acceptable as long as such statements are not attributed to Economical or identify you as an employee of Economical.

Our email system uses system resources to process and store the messages and we should use these resources wisely. Management has a right to access any information stored on or transmitted through Economical’s information technology systems and/or through company-provided devices (including but not exclusive to laptops, desktops, tablets [e.g., iPads] and smartphones [e.g., BlackBerry]).

Limited, occasional or incidental use of email and instant messaging for personal, non-business purposes is understandable and acceptable. However, employees must demonstrate a sense of responsibility and may not abuse the privilege. Unacceptable personal messages include:

  • Sending mail or messages that promote personal business
  • Sending material that is inappropriate (i.e. offensive, defamatory, etc.) and may reflect poorly on the organization or yourself
  • Sending mail or messages that are sexual in nature
  • Sending chain letters

Use of internet

Economical supports providing access to the vast array of resources available on the Internet with the understanding that it will help us in our jobs.

This represents a considerable commitment of corporate resources from telecommunications, networking, software, data storage, human resources, etc.

The Internet usage policy is designed to help us understand Economical expectations for the use of the Internet, its services and the internal resources required to help us use those services wisely. This applies to all of us who perform our duties at Economical business sites, or from a remote location. Employees may not download any software from the Internet.

The Internet usage policy prohibits access to certain categories of sites, including:

  • Adult content, nudity and sex
  • Web chat, personals and dating
  • Hacking, gambling, MP3 and other audio/video downloads
  • Racism, hate, militancy, extremism, violence and weapons
  • Religion
  • Drugs, alcohol and tobacco

Use of telephone

Economical telephones are important tools for use in our business operations. We are encouraged to conduct personal business on the telephone during lunch or other breaks. Personal calls are to be kept brief and to a minimum, except in emergency situations. Personal calls should be restricted to local calls, unless charged to your personal (home) number.

When using a mobile phone while travelling, a hands-free speaker device should be used. Hand-held calls require that you pull off the road and bring your automobile to a complete stop.

Use of computer workstations or tablets

Use LAN folders (like O: and P:) to store critical information — local information on computer workstations and laptops is not backed up. Software may not be downloaded or installed without being approved. This applies to free software also — before adding any software to a corporate device including mobile device, a review of legal, financial, and technical considerations is needed. Always lock your workstation and secure any removable media devices. Only approved encrypted removable media devices may be used for company information.

When there is a cause to believe that there have been violations of policies or security, email, Internet usage, instant messages may be monitored. Potential violations might include matters such as safety violations, illegal activity, misuse of corporate resources, discrimination and sexual harassment.

If any employee has a complaint about violations of the email and instant messaging policy, the employee relations specialist should be requested in writing to investigate the violation. Any disciplinary action will be determined by management in consultation with human resources.

Using social media

Social media forums such as Facebook, Twitter, LinkedIn and blogging have changed the nature of communications with colleagues, customers and the world at large. Economical expects everyone who chooses to participate in the various forms of social media to do so in a manner conforming to our guidelines and corporate policies.

Conducting ourselves with key stakeholders

To customers, we represent Economical and so we are expected to demonstrate the highest professional standards. We strive to understand the needs of each customer and to deliver the best solutions without fail.

As employees of Economical we apply knowledge of the company’s internal practices, processes, systems, products, services, structure and relationships. We also apply our knowledge of the external environment within which we operate and interact. This includes knowledge of the financial services industry, the marketplace, customers, business partners, competitors and suppliers.

We use this knowledge and skill for the benefit of our key stakeholders by:

  • Providing superior customer experience and overall value proposition
  • Being a preferred business partner in our distribution channels
  • Demonstrating industry-leading skills in pricing, underwriting, claims and risk management
  • Being a great place to work
  • Maintaining the trust and confidence of all stakeholders

By outlining expectations and procedures with respect to our customers, The Code better equips us to provide exceptional services and in that way fosters an ease of doing business with Economical.

Demonstrating professional appearance and behaving courteously

In keeping with our high corporate standards for providing quality products and service, we are expected to maintain a professional, business-like appearance in both our grooming and attire during business hours and outside of business hours at company or industry functions. Our professional image reinforces our high-performance business culture.

First impressions of our workplace and us can have a significant impact on the success of our business. Economical’s professional image conveys our values, achievements and work ethic. First impressions are often lasting. We are expected to present a professional, business-like image to our business contacts and associates at all times.

Behaving respectfully

As employees of Economical, we influence others to achieve organizational goals. This includes relationship building, facilitation and negotiating skills. We retain composure when faced with difficult situations. We reflect the concerns of others, are easy to talk to and maintain and build productive working relationships. We demonstrate respect and tolerance and balance the needs of people who have different views, perspectives and backgrounds. We encourage and seek to learn from others’ perspectives and experience.

Working together

We work hard to make teamwork work. Building a culture that supports effective teamwork involves breaking down silos across traditional boundaries. This allows us to gather and share information, plan approaches and make decisions together, incorporating varied perspectives. As a result we can respond more rapidly, better meet needs, use resources more efficiently, creatively solve problems, and share responsibility for successes and lessons learned. Teamwork also keeps the overall best interests of the company paramount.

Communicating with the media and public

Economical’s public and media relations team manages all public and media affairs to ensure professionalism and safeguarding of our reputation. If someone from the media asks you about any aspect of our business or the industry in general, you should refrain from commenting. Instead refer them to our public and media relations team, who are responsible for communicating Economical’s position to the media.

Further, only specifically authorized spokespersons can express Economical’s views on local and national issues that affect its operations, or on Economical’s financial results. No other person is authorized to speak on behalf of Economical. Authorized spokespersons are the president and CEO and other persons authorized in writing by the president and CEO.

Please take care not to make personal statements in public that could be interpreted as reflecting the “official” position of Economical.

Enabling a healthy organization

Economical is a socially responsible organization committed to creating and sustaining a supportive, safe and healthy workplace. Economical embraces principles that prevent occupational illness or injury and promote employee wellbeing through the provision of health and lifestyle resources.

Avoiding smoking

Economical’s working environment is smoke-free. This includes all building facilities owned and leased, and company-provided vehicles.

Avoiding alcohol and drugs

Illegal drugs are not permitted on company property. Alcohol is not permitted on company property other than in the instance of planned/controlled business social events for which proper permits have been obtained (e.g., a broker appreciation open house). Employees under the influence of illegal drugs or alcohol while at work are subject to disciplinary measures, up to and including dismissal, subject of course to the duty to accommodate in the event of an established addiction-related disability.

Parting thoughts

The Code cannot possibly cover all aspects of ethical business conduct. Common sense and good judgment must be used to determine what constitutes acceptable behaviour.

Each year Economical employee is required to review The Code and complete the disclosure form. We must also complete the related eLearning assessment with a 100% success rate.