Economical Insurance Group

www.economicalinsurance.com
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Economical Insurance Group Reviews

Updated March 16, 2015
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2.4
42 Reviews
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Recommend to a friend
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Karen Gavan
11 Ratings

Employee Reviews

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  1. 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.

  2. nobody cares you.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    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.

  3. Helpful (1)

    The job your hired for

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    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

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  5. Helpful (1)

    Moderate experience overall, must be able to handle stress well

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    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

  6. Helpful (4)

    Avoid. Just Avoid.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    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.

  7. Helpful (3)

    Its unfortunately a Transformation Failure as they try to forge their plan ahead.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - All Underwriting in Branches (France)
    Former Employee - All Underwriting in Branches (France)

    I worked at Economical Insurance Group full-time (More than 5 years)

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

    Pros

    Good if you are just there to collect a pay check.

    Cons

    Very sad as this was one of the best work environment 5 years ago, now it feels like prison.

    Advice to Management

    The underwriting transformation is NOT WORKING. Upper management must take charge now and change course or there will be no company left. Massive centralization failure. The top management consultants 12 years ago said that the company MUST decentralize to survive and win in business because of its size. That was the RIGHT decision. The current re-centralization was the very peril the company was to avoid. You only get ONE chance in business to get it right. Brokers are moving profitable business away to your competitors. Your competitors are miffed by your sducidal actions. Loss of business is a loss of the equity of the company. The transformation will end up reducing mutual policy holder's equity, market share, lost of market position. Kill the Service Now system. Brokers hate it, staff hate it and they end up opening and closing cases on irrelevant things like a "thank you email" How inefficient. Even when your mother wants to call you at work for lunch it goes through a central phone labyrinth. LISTEN to your 1. Customers (brokers) 2. Your employees. If BOTH say it won't work, IT WONT WORK, not for relationship transactions other than commodity.

  8. Helpful (2)

    Mature project management environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    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

  9. Downward turn

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    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

  10. Helpful (3)

    Slow, bloated, organization.

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

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

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

    Pros

    Excellent work-life balance and great camaraderie with other staff.

    Cons

    Long entrenched management structure at many levels who were resistant to change. Slow to adopt new technology. Benefits were average at best.

    Advice to Management

    Karen Gavan was too new in her role to accurately judge when I was there. Since then there has been significant change that was hard on many people, but definitely necessary.

    There is no excuse though for how poorly the whole "demutualization" debacle has been and is being handled.

  11. Helpful (3)

    Very Unhappy

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

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

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

    Pros

    Staff members are great and stick together because everything else is mayhem.

    Cons

    Was lured to job with dishonesty about role and duties. No help whatsoever to new employees, just left to flounder and figure things out on our own. HR is a joke. With constant layoffs and firings, staff members always fearful of their jobs.

    Advice to Management

    Your employees are your biggest asset. Treat them accordingly.

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