In this episode of the Digital Insurance Pint Podcast, Paul Macdonald EVP of personal insurance, former lawyer, Aon Employee, PWC consultant and Tragically Hip fan talks about the Vyne system being Economical’s moonshot that will allow them leapfrog the industry.
Paul and the DIPP crew cover a lot of ground, including:
- Status update on Economical’s historic demutualization process.
- The strategy and implementation of Vynne and what’s coming next.
- Economical’s win over Intact on the Uber account.
- Rowan Saunders’ statement “I don’t want to be an alarmist on this one, but I think it is almost too late for some brokers that have not stepped up”.
- How Economical is applying the learning from Sonnet to their broker channel and taking new business from brokers with Sonnet.
Economical’s Vyne implementation has taken them off the Corduroy road of digital connectivity that many insurers are still driving down. The term 100th meridian refers to attempts to make difficult roads more passable. Planks of wood or full logs would be laid across dirty or muddy roads. This was done to ensure wheels could roll over the wood and avoid being stuck in the mud or slowed by poor road conditions. The incongruous wood resembled corduroy.