Economical Insurance announced last week it was restructuring its commercial lines strategy, with a reported benefit to brokers.
The new structure, slated to take effect on December 01, will reportedly feature “three empowered market-facing regions” – namely Western, Ontario, and Eastern – tasked with achieving the new business objectives of capturing more “market share in small business, and expand capabilities in middle market and specialties.”
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In an announcement, Economical EVP of commercial insurance, Fabian Richenberger, said: “For our broker partners, these changes create a more responsive way of working together for our mutual benefit.”
But what practical impact will these corporate changes have for Economical’s broker partners nationwide?
Insurance Business asked the insurer to explain.
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“Our goal is to work closely with our commercial lines broker partners to increase our market share in small business and gain scale through the creation of a highly automated underwriting solution,” said Matthew Buchalter, VP of regional product pricing and underwriting.
In addition, Buchalter said, as part of the new structure, three new business segments have been introduced – for small business, agriculture and transportation, and specialty lines.
“Our broker partners wanted us to clearly articulate our appetite and become competitive in specific areas,” he said. “So, to strategically position commercial business, we’re introducing three key segments to create solutions and services that meet the needs of unique customer groups and provide the most value to our broker partners and their clients.
“Our business development team, under the leadership of Tom Reikman, chief distribution officer, is closely aligned to regional initiatives and will support the commercial strategy to ensure we deliver the greatest value to our broker partners.”
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