Respect for broker channel was key to launching Sonnet: IBAO 2017

Economical Insurance introduced its digital direct line last year

Economical Insurance CEO Rowan Saunders says respecting the company’s broker partners was top of mind when the insurer launched Sonnet, its digital direct brand.

Related: Sonnet’s capabilities can help brokers: Economical

The insurer made a conscious decision to give its direct arm a different brand name, so brokers wouldn’t feel they were in competition with Economical.

“I think it would be madness to change the brand and directly compete with the broker channel,” Saunders said at the IBAO Convention in Ottawa on Thursday. “There’s absolutely no way we were going to do that.”

Economical is currently in the process of demutualizing and preparing for an initial public offering.

“When you think about what Economical is trying to do post-demutualization, it’s being a leader in Canada,” Saunders said. “Like our competitors in that area, we feel that you do need access to the entire marketplace. So that was behind the decision to have [multiple channels].”

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