Economical Insurance launched Vyne this week, completely updating the way brokers do business with the insurer. Vyne has been built in collaboration with leading insurance and technology providers to offer an exceptional experience for brokers that includes an updated product offering, streamlined workflow, and a sophisticated data-driven pricing model.
“Vyne has been built to empower our broker partners to deliver the insurance experience that customers expect,” said Tom Reikman, SVP and Chief Distribution Officer, Economical Insurance. “The consistent feedback received from brokers during our development of Vyne helped us align with the right partners to create a truly relevant and differentiated experience that will support this channel for years to come.”
Leading technology providers
To build a state of the art broker platform, Economical worked with Deloitte, global experts in technology and financial services, to support the creation and implementation of Vyne. Working with Deloitte, Economical leveraged products from Guidewire Software Inc., a provider of software products to P&C insurers. The integration of these products provides a strong technology foundation to Vyne, which aims to benefit the broker channel with a completely customized experience and provide a simplified and easy to use workflow for brokers.
Bindable quoting for brokers
Through the Guidewire system, Vyne includes a sophisticated rating engine, hosted quoting service, and broker management system (BMS) integration so that quotes are generated quickly and accurately for brokers and customers. This provides a significant advantage in broker workflow by ensuring that quotes are immediately bindable for customers. This is made possible through partnerships with Applied Rating Services, CSSI’s IntelliQuote, and PowerSoft’s PowerQuote.
The innovative and seamless integration of these providers’ technology with Economical’s automates many transactions that currently require manual intervention. This will improve turnaround time, allowing Economical to deliver a superb experience to broker partners, and in turn for brokers to deliver faster and better service to their customers.
Real time data
Feedback from brokers clearly indicated that their ideal workflow is one that allows them to stay within their BMS in order to optimize brokers’ systems and require less training for their employees. Vyne was built with this priority in mind, developing a real-time data exchange within the BMS to allow for a completely streamlined workflow.
These simplified processes are made possible through the use of Applied Epic and TAM, CSSI’s The Broker’s Workstation (using WebConnect and I-Company), Keal SIG (using BrovadaOne Connectivity), and PowerBroker (using BrovadaOne Connectivity).
“Building a fully integrated experience based on broker preference and priority was a complex undertaking,” said Alice Keung, SVP and Chief Transformation Officer, Economical Insurance. “Our suppliers have been exceptional in helping us launch this truly unique experience for brokers that we expect will improve our combined capabilities and market offering.”
Vyne has integrated with leading technology and insurance providers to ensure that brokers will be equipped to deliver the service that customers expect with efficient workflows, simple processes, and an eye to the future. Vyne launches this week in New Brunswick and Prince Edward Island, and will launch in Ontario, Nova Scotia, Quebec, and Alberta in the coming months.
About Economical Insurance
Founded in 1871, Economical is one of Canada’s leading property and casualty insurers, with more than $2.2 billion in annualized premium volume and over $5.4 billion in assets as at March 31, 2018. Headquartered in Waterloo, ON, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petsecure, Economical Financial, and Family Insurance Solutions.
SOURCE Economical Insurance