Economical Insurance Group

www.economicalinsurance.com
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Economical Insurance Group Reviews

Updated May 27, 2015
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2.4
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Karen Gavan
13 Ratings

38 Employee Reviews

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  1. Helpful (4)

    Avoid

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Vancouver, BC (Canada)
    Former Employee - Anonymous Employee in Vancouver, BC (Canada)

    I worked at Economical Insurance Group

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    The people are the best asset of this company.

    Cons

    The company doesn't seem to have any direction at all. Bad management seems to be rewarded here and people who work hard are not recognized. Very badly organised and some management should not be managers. Avoid the Administration department here the Manager is incompetent and has the people skills of a robot.

    Advice to Management

    Start finding some direction and give bad managers the boot. You should care about and listen to your employees more as they are the ones who build your company and keep the customers happy.


  2. Helpful (4)

    Average or negative experience overall, but maybe good for new graduate to learn

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Pricing Analyst in Waterloo, ON (Canada)
    Current Employee - Pricing Analyst in Waterloo, ON (Canada)

    I have been working at Economical Insurance Group

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Pros

    Managers will throw new hires into big projects without much training, so you will develop all kinds of skills during short period because you don't have a choice (plus they fire people easily and some of them treat people like slaves)

    Very few of managers are very nice in person but their organizational skills are questionable. You get lucky if you work for a nice leader.

    Usually very small chance of work overtime.

    Good exam salary increase and pay in general.

    Senior management seems to like new technology a lot.

    Cons

    Management doesn't care about their own performance and blame everything to their employees so if anything goes wrong analysts would be fired but managers are safe and sound.

    One of managers I've worked with is micro-managing all the time. He keeps an eye on his employees all the time. If you talk to a co-worker who's about to leave on its last day for 15+ mins, he will stare at you and make you very uncomfortable(we have open work environment to people can see each other). He once asked me to give him suggestions and said it's not my business after i told him my opinion. No respect and rude all the time.

    Terrible culture and environment to make happy birds become sad slaves. You need to be a yesman and suck up to get your job secured and performance reviewed fairly.

    Honesty is not appreciated. You need to shut your month up and keep your hands busy.

    Advice to Management

    Always talk about productivity and efficiency but didn't instead create a structure to make people work in a efficient way. Plus people disappear(get fired) every now and then without any announcements. No vision of senior management esp. CEO, only knows to cut department and fire people.


  3. Helpful (3)

    Worst Disorganized Company

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Economical Insurance Group full-time

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Nice people to work with

    Cons

    Management and Team Leaders are terrible at their jobs! No leadership skills, a lot of all talk no action.

    Advice to Management

    Hire the correct people to do the job! No communication at all.


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  5. Helpful (2)

    Mostly good in the early years.

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Economical Insurance Group

    Pros

    Decent salary and benefits. I had great co-workers and managers most of the time. Work-life balance was good most of the time I worked there.

    Cons

    In the last few years, work-life balance suffered greatly, it became a place where you had to work vast amounts of overtime on short notice. Limited opportunities for career growth.

    Advice to Management

    Some managers would have done well to listen to their employees' legitimate concerns. Encourage management to reduce paperwork and bureaucracy instead of encouraging people to create more of it that doesn't really help productivity.


  6. Helpful (4)

    nobody cares you.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Technical Analyst in Kitchener, ON (Canada)
    Current Employee - Technical Analyst in Kitchener, ON (Canada)

    I have been working at Economical Insurance Group

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    just for a non competitive paycheck

    Cons

    maybe you thought you are important to the company, but nobody cares you. no career path.

    Advice to Management

    tell emloyees what you are doing. set scaled salary range depending on technical levels in team. respect people. provide fair oppotunaties.


  7. Helpful (3)

    The job your hired for

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Mississauga, ON (Canada)
    Former Employee - Anonymous Employee in Mississauga, ON (Canada)

    I worked at Economical Insurance Group

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    The job your hired for you are treated very well

    Cons

    They want you to stay in the position your hired for. They don't like to promote you as it costs money for them to train you. They pay for your cips but don't recognize them as being important when you apply for other jobs in the company. A lot of the auto adjusters they hire have connections to the team leads. One adjuster is best friends with managers wife another one is girl friend of regional directors son. Lots of politics

    Advice to Management

    Hire based upon qualifications as your interview process questions are being told to the people you interview by your employes


  8. Helpful (1)

    Moderate experience overall, must be able to handle stress well

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Technical Analyst in Waterloo, ON (Canada)
    Former Employee - Technical Analyst in Waterloo, ON (Canada)

    I worked at Economical Insurance Group full-time (Less than a year)

    Recommends
    Positive Outlook
    No opinion of CEO
    Recommends
    Positive Outlook
    No opinion of CEO

    Pros

    Good managers and team mates, solid pay, employee benefits were good

    Cons

    very high stress due to company restructuring


  9. Helpful (6)

    Avoid. Just Avoid.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Economical Insurance Group

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Was a great place to work up until 2010.

    Cons

    Fearful, paranoid, stifling of ideas, upper management egos and foolish pride getting in the way of sound business decisions.

    Advice to Management

    Since I left Economical, myself, management at my present company, brokers and competitors have all been watching your decline like a reality show. I have spoken with many brokers that I frequently dealt with at Eco and they have all told me they no longer send quote submissions anymore like they did in the past. This new "Processing Centre" has taken tasks that once took 3 hours now has "progressed" to 3 WEEKS. ( By the way, most people would not call this an improvement.) I noticed your last quarter underwriting losses have increased. Perhaps the reason is that your competition has taken away your profitable segments, leaving you with the less profitable residential realty and hospitality and, yes, most of the many people you let go have either been hired by your competition or hired by your brokerages who will certainly be in no mood to listen to your excuses and will advise their new bosses of same. Sorry they did not crawl into a hole and conveniently disappear.

    There is a way out though....and it will involve making another very difficult decision.... admitting that the current processing centre model is just not working and is in dire need of change. You don't have to say you were wrong and, no, I am not suggesting "turning back the clock" to the old set-up. Just realize that brokers outside of Southern Ontario like to deal with people from the area and that there are some regional differences that could best be left to the respective branches and underwriters who actually live there (not ones that took an "occasional" vacation there, as I have heard from brokers in my area.). The Processing Centre can still keep some duties. Of course, this will involve more realignment and restructuring but, hey, you should be good at this by now right?

    This could restore faith in Eco again by brokers, more, good submissions would start trickling in again and employees and the public in general just might have faith in you again. FAITH is what you will want if and when you demutualize and put your new shares out to market. FAITH is what will determine the price of these new shares and faith is what you need to rebuild again ASAP.


  10. Helpful (4)

    Mature project management environment

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Project Manager in Waterloo, ON (Canada)
    Former Employee - Project Manager in Waterloo, ON (Canada)

    I worked at Economical Insurance Group full-time (More than 3 years)

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    Training was provided immediately when I started with the company and they treat employees very well with good benefits and continuous learning opportunities

    Cons

    The uncertainty evident during the very long demutualization process

    Advice to Management

    Sad to see so many great employees let go to support the goal of a low expense ratio. It will take years to get the company back to what it was before


  11. Helpful (1)

    Downward turn

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Economical Insurance Group

    Doesn't Recommend
    Doesn't Recommend

    Pros

    Local location, different product lines handled

    Cons

    Parking, hours of work, culture



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