Economical Insurance Group
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- Comp & Benefits
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I worked at Economical Insurance GroupPros
Was a great place to work up until 2010.Cons
Fearful, paranoid, stifling of ideas, upper management egos and foolish pride getting in the way of sound business decisions.Advice to ManagementAdvice
Since I left Economical, myself, management at my present company, brokers and competitors have all been watching your decline like a reality show. I have spoken with many brokers that I frequently dealt with at Eco and they have all told me they no longer send quote submissions anymore like they did in the past. This new "Processing Centre" has taken tasks that once took 3 hours now has "progressed" to 3 WEEKS. ( By the way, most people would not call this an improvement.) I noticed your last quarter underwriting losses have increased. Perhaps the reason is that your competition has taken away your profitable segments, leaving you with the less profitable residential realty and hospitality and, yes, most of the many people you let go have either been hired by your competition or hired by your brokerages who will certainly be in no mood to listen to your excuses and will advise their new bosses of same. Sorry they did not crawl into a hole and conveniently disappear.
There is a way out though....and it will involve making another very difficult decision.... admitting that the current processing centre model is just not working and is in dire need of change. You don't have to say you were wrong and, no, I am not suggesting "turning back the clock" to the old set-up. Just realize that brokers outside of Southern Ontario like to deal with people from the area and that there are some regional differences that could best be left to the respective branches and underwriters who actually live there (not ones that took an "occasional" vacation there, as I have heard from brokers in my area.). The Processing Centre can still keep some duties. Of course, this will involve more realignment and restructuring but, hey, you should be good at this by now right?
This could restore faith in Eco again by brokers, more, good submissions would start trickling in again and employees and the public in general just might have faith in you again. FAITH is what you will want if and when you demutualize and put your new shares out to market. FAITH is what will determine the price of these new shares and faith is what you need to rebuild again ASAP.Doesn't RecommendNegative OutlookDisapproves of CEO