Economical Insurance has implemented IBM Cloud solution to provide assistance in streamlining its business processes, developing new efficiencies and speed up the delivery of new digital experiences for brokers and customers.


Image: IBM to provide modernisation for Economical Insurance. Photo: Courteys of Economical Insurance

Economical Insurance is leveraging IBM Cloud and working with IBM Services for aspects of Vyne, its newly launched broker offering, and its digital direct business Sonnet. Economical Insurance is building a hybrid cloud environment that will accelerate speed to market and allow the business to scale quickly in order to meet rapidly changing customer preferences.

Vyne taps into IBM Cloud to help offer an unparalleled experience for brokers that includes updated products, streamlined workflow, and a sophisticated data-driven pricing model.

Economical Insurance senior vice president and chief information officer Kelley Irwin said: “We have an ambitious strategy to put the customer first while driving profitable growth and delivering innovation for Economical and our broker partners.

“We are also focused on ensuring we have a scalable, secure platform. A hybrid cloud environment is the best way to support our business with the speed and flexibility needed for our future success. The IBM Cloud helps us reduce development time, increase agility, and maintain security.”

Economical Insurance selected IBM because it offers choice and flexibility to help the company securely bridge their data to the cloud. IBM is working with Economical to continue the transition to a hybrid cloud model combining public, private and on-premises environments.

Adopting a hybrid cloud strategy will allow the company to maintain its existing IT infrastructure while moving aspects of its policy administration systems on to the IBM Cloud securely. The new cloud environment will provide them with the opportunity to develop innovative insurance offerings through a secure, scalable platform that has the potential to connect to higher value services like AI, blockchain, IoT and more.

IBM Canada Cloud vice president Frank Attaie said: “Economical Insurance is a great example of how cloud is creating new efficiencies in business, transforming operational models in the insurance industry and, ultimately, helping enterprises create an elevated customer experience.

“IBM is combining next generation cloud technology with deep industry expertise to meet the hybrid cloud strategy of our clients.”

Source: Company Press Release