Economical Insurance Reviews | Glassdoor.ca

Economical Insurance Reviews

Updated Mar 4, 2020

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3.1
50%
Recommend to a Friend
42%
Approve of CEO
Economical Insurance President and CEO Rowan Saunders
Rowan Saunders
32 Ratings
Pros
Cons
More Pros and Cons
  1. Featured Review

    "Great workplace"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Executive Administrative Assistant 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Economical Insurance full-time for less than a year

    Pros

    Flex hours, competitive pay, great people, exciting times ahead.

    Cons

    Some of the programs used need to be upgraded to better technology.

    Economical Insurance2019-07-17

    Economical Insurance Response

    September 9, 2019Sr HR communication Specialist

    Thanks for your comments about your experience with us. We’re very happy to hear you’ve had positive experiences in so many areas of your career here! We agree, our people are what sets us apart; that’s why we offer competitive pay and perks to attract, retain, and reward them for their great work. And yes, we certainly do have exciting times ahead as we work toward becoming the first Canadian mutual P&C insurance company to go public. It’s an ambitious goal, and once achieved, it will be a game-changer. We’re sorry the technology hasn’t been meeting your expectations, but we’re sure you’ll find that our long-term business strategy comes with some major improvements in that area. As we upgrade systems and processes, day-to-day business activities will continue to improve for our valued employees.

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  2. "Excellent work culture and personal growth organization"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Team Lead in Toronto, ON
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Economical Insurance full-time for more than 3 years

    Pros

    - The people are fantastic - Pay is competitive with great potential for career growth. - Ample learning and development opportunities - Exciting time period to be a part of the company

    Cons

    - As some parts of the company are relatively fresh, defined processes can be absent. As a result, some things can be a little less structured but that's not necessarily a bad thing. Just depends on the person. - Can take awhile to action some tasks across departments

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    Economical Insurance2020-01-17

    Economical Insurance Response

    March 4, 2020Sr HR communication Specialist

    Thanks for spreading the word about Economical’s great culture, competitive salaries, and excellent growth opportunities. Our fantastic employees are at the heart of everything we do. We couldn’t deliver on our business strategy without dedicated, collaborative, motivated and skilled people like you. That’s why we make every effort to keep employees rewarded, inspired, and engaged. We appreciate you sharing your insights about things that might be improved. We aim to keep getting better, and feedback from our employees is a key component to that goal.

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  3. "Business Analyst - Business Intelligence"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Business Analyst in Waterloo, ON
    No opinion of CEO

    I have been working at Economical Insurance full-time for less than a year

    Pros

    Good environment to work and best co-workers

    Cons

    Rigid and unprofessionalism is there from management side.

    Economical Insurance2020-03-04
  4. "Review"

    StarStarStarStarStar
    Former Employee - Senior Underwriter 

    I worked at Economical Insurance full-time

    Pros

    Great training available to all staff

    Cons

    Two sets of layoffs unexpectedly

    Economical Insurance2020-02-21
  5. "Undervalued strong employees"

    StarStarStarStarStar
    Former Employee - Anonymous Employee 

    I worked at Economical Insurance full-time for more than 3 years

    Pros

    Decent pay and good benefits/RRSP matching

    Cons

    Undervalued strong employees. Leadership was disjointed and not willing to take responsibility for their decisions

    Economical Insurance2020-02-18
  6. "Sonnet Insurance"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Toronto, ON
    Positive Outlook
    No opinion of CEO

    I worked at Economical Insurance full-time for more than 3 years

    Pros

    Very flexible hours and work from home options, supportive managers, competitive pay. Lots of smart people, and ability to get things done fast.

    Cons

    Politics get in the way of getting work done + conflicting priorities and views, direction changes frequently without adequate communication. No HR/shared services support, low employee engagement. No company culture.

    Economical Insurance2020-02-07
  7. "Good company heading to growth direction"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Commercial Lines Underwriter 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Economical Insurance full-time

    Pros

    Excellent working environment Looking for improvements

    Cons

    Still needs to improve processes and technology

    Economical Insurance2020-01-22

    Economical Insurance Response

    March 4, 2020Sr HR communication Specialist

    Thanks for recommending Economical and sharing your views. We’re happy that you found this to be a good company offering an excellent working environment. As you mentioned, we’re relentless in trying to innovate and improve to make insurance simpler and better for customers, brokers, and employees. A big part of that journey has been to introduce industry-leading technology and to launch exciting initiatives, like Sonnet, Canada’s first online insurance company. And you’re right — we’re not finished, yet! Thanks for your contributions, and we hope you’ll continue to grow your career with us.

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  8. "Dynamic company undergoing a lot of change"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Senior Group Underwriter in Kitchener, ON
    Doesn't Recommend
    Neutral Outlook

    I worked at Economical Insurance full-time for more than 10 years

    Pros

    The company was fantastic to work for. They valued education and paid for employees to work towards designations.

    Cons

    The company has undergone a massive change over the last few years and is experiencing some growing pains.

    Economical Insurance2020-01-15

    Economical Insurance Response

    March 4, 2020Sr HR communication Specialist

    We appreciate you sharing your insights gained over ten years with Economical. We’re glad you found this to be a fantastic place that invests in employee education and development. We are, indeed, a dynamic company going through significant change as we strive to achieve big goals. We care deeply about the experience of our customers, brokers, and employees as we work to become Canada’s first mutual P&C insurance company to pursue public-company status. We acknowledge that growing pains can be an inevitable side effect of strategic growth, and we continue to look for ways to help our valued employees navigate through these changes.

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  9. Helpful (1)

    "Stay away"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Claims 
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Economical Insurance full-time for more than 3 years

    Pros

    The only good thing left here is the co-workers

    Cons

    -extremely micromanaged -a toxic call centre environment where you are watched and tracked every minute of the day. Even if you are a minute late or a minute or two over your lunch break they will run reports on you and will talk to you about it. If you are not at your desk at any time, you have to track the reason, ( printing, washroom break etc. )This creates so much negativity and stress on everyone. -They are basically telling people indirectly if they don't like the changes the company is brining about, that they should go elsewhere -Any idea to improve employee happiness and the work environment is shut town -Horrible upper management that will not listen to employee feedback and there is no transparency -They ruined a good company where people used to work hard, were happy , engaged and gave their best. Now half of the people are so miserable that they are doing their bare minimum -I have seen several people in tears at their desks and several others quit or go on stress leave in last few months -Has become difficult to move around internally... I know several people who have been trying for a long time and can not get anywhere....I am assuming there are so many unhappy people that everyone is trying to get out and go to a different department I would not recommend anyone leave a good company or a good job to work here. Maybe if you are desperate for a job or will only stay here temporary while you get your CIPs and some experience (which is what a lot of people plan on doing anyway. Once they get their CIPs they plan on leaving the company)

    Economical Insurance2020-02-02

    Economical Insurance Response

    February 24, 2020Sr HR communication Specialist

    Thank you for sharing your feedback so honestly and openly. We care deeply about how our team members are feeling about working here and how leaders are helping teams through the significant amount of change we’ve been going through as an organization. It does take time for teams to adjust to new ways of working, and we don’t want to see good people impacted negatively. Our strong team culture is one of things that we all feel very proud of, and we want to preserve and evolve it to be even more customer-focused. If you haven’t already, we encourage you to raise your concerns with your senior leaders, and you can also reach out to HR Shared Services to discuss your concerns.

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  10. "Has become a horrible employer"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Claims Assistant in Waterloo, ON
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Economical Insurance full-time for more than 10 years

    Pros

    Have taken away good reasons

    Cons

    Micromanaging No longer flexible Becoming a call centre environment No respect management They don’t listen to their employees any more All about analytics and care more about the quantity of work than the quality

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    Economical Insurance2020-02-01
Found 179 reviews