Economical rolls out Vyne for brokers in select areas

Economical Insurance launched its new broker technology, Vyne, in New Brunswick and Prince Edward Island Monday.

For use in personal lines and individually rated commercial auto (IRCA), Vyne is a Guidewire-based computer system aimed at streamlining workflows for brokers. The platform, touted as a way to administer insurance policies with less manual intervention, will launch for the same lines in Ontario, Nova Scotia, Quebec and Alberta in the “coming months,” according to the Waterloo, Ont.-based insurer.

Highlights of the platform include:

• Increased quoting accuracy (i.e. the quoted price is what the customer pays)
• Updated documents written with consumer understanding in mind
• Consistent service across the country, with clear coverage options
• Improvements to base coverage and optional event coverage like hail or flood, as well as to key endorsements (including rental packages based on days, not dollars)

Rowan Saunders, CEO of Economical, said last month the company would be rolling out full training to 22,000 brokers across the country.

Originally announced Feb. 22, Economical developed Vyne using Guidewire software to replace its existing personal lines policy administration system for brokers. It is using the same technology the company used earlier to develop Sonnet.

Saunders told Canadian Underwriter earlier that with Vyne, the software can now perform functions that underwriters currently have to do manually. “There is definitely less underwriter intervention required, as software and analytics and rating engines are much more sophisticated than they used to be,” he said at the time.