The Economical Insurance Group has been named the winner of the 2011 Technology Innovation Award by the Insurance and Accounting Systems Association and Ward Group.
TEIG was selected for its development of an application called Insurance on Demand, which it supplies to its brokers, such as Calgary-based BlueCircle Insurance Ltd., to help them sell and service insurance policies.
“The judging committee was impressed by both the speed of development and Economical’s innovative way of enabling its independent brokers to compete in the marketplace,” said Jeffrey Rieder, president of Ward Group. “The Insurance on Demand portal is a win-win for brokers and Economical. Brokers can service and sell insurance to their customers with minimal investment, and they view Economical as a strategic partner for their growth. The comprehensive broker sales and service solution is rare in North America.”
The application allows TEIG brokers to provide convenient self-service, online, and personal service, offline.
The approach also helps brokers reduce the cost of transactions.
“Our Insurance on Demand offering demonstrates Economical’s deep and continued commitment to our partners in the independent broker channel,” said Colin Smith, Economical’s CIO. "IoD enables brokers to compete head to head with direct-writer competitors on-line, while maintaining their personal touch as independent brokers.”
On Economical’s decision to enable brokers to make competitor quotes readily available through the broker-branded sales and service tool, Smith said “We understand, appreciate and support the independent broker value proposition – our products stand on their own strength in the market.”
The results of this project were judged by an industry panel as “innovative” and “delivering measurable business impact in the insurance industry.” The panel included individuals from Indiana Farm Bureau, Insurance Networking News, Liberty International Underwriters, Strategy Meets Action, Tech Decisions, and Ward Group.
Two projects received honorable mention. Manitoba Public Insurance received honorable mention for its Personal Injury Protection Plan (PIPP) Transformation Initiative, and the second went to Primerica, Inc. for its development of Primerica Online, an interactive portal that offers insurance representatives a mechanism to access premium and compensation performance information, to help them manage their businesses better.
The Technology Innovation Award was presented to TEIG Tuesday, June 7 during the 2011 IASA Annual Conference & Business Show in Nashville, Tennessee, by Ed Kruger, CIO for IASA and farm/crop/commercial specialist for Indiana Farm Bureau, and Rieder.
