Canada’s Economical Restructures to Strengthen Broker Relationships, Profits

Economical Insurance announced the creation of a new organizational structure, with three market-facing regions.

The restructuring is designed to improve profits, strengthen relationships with broker partners, capture more market share in small business, and expand capabilities in middle market and specialties, the company said in a statement.

“We have evolved our commercial lines strategy so that it better serves our vision to be a top P/C insurer in Canada,” said Fabian Richenberger, executive vice president, Commercial Insurance.

For the company’s broker partners, these structural changes “create a more responsive way of working together for our mutual benefit,” he added.

The new three regional teams and their senior leaders are:

The regional leaders also will support the execution of Economical’s personal lines strategy in close cooperation with the regional business development directors, the company continued.

Commercial Segments

To support its regional operations, Economical also is introducing core commercial segments to meet the needs of customer groups. These segments and their leaders are:

Other announcements were made in the areas of pricing, underwriting and operations, which are:

“We have streamlined and decentralized decision-making authority, enabling quicker decisions in the regions and key underwriting segments,” said Richenberger. “Our knowledgeable front-line underwriters will have the authority to make timely assessments to service brokers better. We anticipate this renewed focus will empower employees to bring their best and help attract top talent from outside of the company.”

This restructuring has been Richenberger’s focus since he joined Economical on May 1.

A highly regarded executive in Canada’s insurance sector, he previously served as president of Northbridge Insurance and most recently as partner and head of Financial Services for CarProof Corp. He also has extensive international experience from a 25-year career in Europe, Chicago and New York.

Source: Economical Insurance