By: Luke Jones, Published on November 21, 2017 08:05 AM, Last Update on November 21, 2017 05:06 AM
Economical Insurance says it has responded to broker requests to “clearly articulate [its] appetite and become competitive in specific areas,” by creating new solutions in agriculture, small business, specialty, and transportation lines.
Speaking to Canadian Underwriter, Matthew Buchalter, vice president of regional product pricing and underwriting, said the new products will help to meet the company’s unique customer sections. The Ontario-based insurer wants to “increase market share and gain scale through the creation of a highly automated underwriting solution.”
In various specialty lines, Economical will continue to look to add more specialty solutions in the future.
“We are evolving our commercial lines strategy to improve profitability, capture more market share in small business, and expand our capabilities in mid-market and specialty,” Buchalter said.
He believes the company will continue to lead development of price frameworks and analytics to ensure Economical’s commercial lines don’t impact pricing too much. Buchalter says the company will “intensely evaluate” its pricing model and will “continuously optimize pricing based on market trends, new information and profitability targets.”
Economical Insurance has previously said this month that it is making a concerted effort to “redefine” its commercial insurance output by implementing a new structure and model. These changes to the organization will be made on December 1 and will be across three regions: Western (British Columbia, Alberta and the Prairies), Ontario and Eastern (Quebec, Nova Scotia, New Brunswick and Prince Edward Island).
The company will deploy three core segments: agriculture and transportation; small business; and specialty lines.