Economical Insurance has introduced Vyne Commercial, a new digital platform and an expanded product offering, which is designed to simplify the process of insuring small businesses.
Broker partners will be able to instantly quote and bind new property/casualty policies for small and medium enterprises using the new SME Pathway technology powered by Acturis, said Economical, which is headquartered in Waterloo, Ontario.
“We’re committed to making it easier for brokers to do business with us, so they can spend less time on administrative tasks and more time providing guidance and valuable advice to their customers,” said Obaid Rahman, VP, Commercial Underwriting and Specialty Lines at Economical. “The introduction of Vyne Commercial will mark an important step in achieving this goal and we will continue to innovate to further improve the broker experience.”
Vyne was launched in 2018 for Personal Lines and Individually Rated Commercial Auto (IRCA), but the platform has now been expanded as Vyne Commercial.to include Small and Medium Enterprise (SME) Property/Casualty.
Economical said Vyne Commercial will offer brokers the following advantages:
- customer-centric products and pricing, providing market-leading coverage and greater flexibility for small and medium enterprises
- faster service with fewer redundant touchpoints and less time waiting for answers
- a streamlined workflow to give brokers an easier way of quoting and binding new SME business across a wide range of segments
Vyne Commercial marks the introduction of SME Pathway technology, which allows brokers to quote and bind new business for SME P/C more easily. The platform was built in partnership with Acturis Group, a software-as-a-service (SaaS) provider to the insurance industry.
“We are an established leader in Europe, providing real-time quote, bind and change capabilities across an extensive range of commercial classes of business, and we are delighted to collaborate with an innovative partner like Economical to bring this technology to the Canadian market,” Gregory Toothe, CEO of Acturis Canada explained. “We really believe in technology solutions improving the broker experience and we are excited to work with Economical to further expand their digital distribution.”
Vyne Commercial will roll out in phases during the coming months. Economical said it is working closely with broker partners throughout the rollout to ensure a smooth transition and to maximize the use of the new capabilities.
Source: Economical Insurance
Was this article valuable?
Here are more articles you may enjoy.
Zurich to Buy AIG’s Travel Insurance Business for $600 Million 
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P 
Home Insurance at $10,000 a Year Shows California Buyers’ Pain 
Let Good Adjusters, Not Expensive Lawyers, Make the Difference on Claims, CEO Says 
