Economical Insurance - AVP, Personal Lines Pricing – Ontario and Atlantics

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Founded in 1871, Economical Mutual Insurance Company (“Economical”) is one of Canada’s leading property and casualty insurers, with more than $2.7 billion in annualized premium volume and approximately $6.4 billion in assets as of September 30, 2020. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of over one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Sonnet, Petline, and Family Insurance Solutions. Economical is pursuing demutualization — the process to become a public company. Demutualization is an exciting and historic opportunity for Economical as it will be the first demutualization of a P&C company in Canada.  The demutualization will also provide Economical the ability to gain access to the capital to further invest in business and innovation, acquire other companies, and strengthen the organization’s financial position for long-term success.

 

The AVP, Personal Lines Pricing – Ontario and Atlantics (“AVP Pricing”) is an exceptional opportunity to make a critical contribution to Economical’s transformative growth plan as it pursues the path of becoming a public company. Reporting and providing strategic guidance to the Vice President, Personal Lines Pricing, the AVP, Pricing will have key accountability for leading the pricing function for all of Economical’s personal insurance products through both the direct and broker channels in the Ontario and Atlantic regions. Highly credible, the AVP, Pricing maintains, manages and engages at all levels of the organization, building trust and forming relationships with key stakeholders. Working collaboratively with internal key partners, including among others, the Personal Insurance Product and Underwriting, Operations, Regional, Business Platforms, Sonnet and Corporate Actuarial teams, the incoming AVP, Pricing will identify emerging actuarial issues and will develop, maintain and continuously improve complex personal lines pricing structures. This leader will develop and grow teams responsible for developing and executing rate changes, segmentation and other pricing strategies to meet or exceed Economical’s financial targets. The AVP, Pricing will ensure compliance with provincial legislations by maintaining a thorough knowledge of regulatory requirements and by nurturing and maintaining excellent relationships with regulators.

 

The AVP, Pricing is an inspiring leader who has a track record of successfully developing, implementing and aligning innovative and effective personal insurance pricing strategies with organizational growth and profitability objectives. With 10-15 years of P&C or general insurance team leadership experience, including, more specifically, personal lines insurance pricing, the new AVP, Pricing will ensure the right processes are in place for the effective introduction of new pricing strategies that provide a superior experience for both brokers and customers. The AVP, Pricing will combine advanced actuarial expertise, sound business judgment, data analytics, the vision to imagine solutions and the drive to execute and to create a profitable, best-in-class actuarial function that attracts and retains top industry talent. The successful candidate will have a university degree in actuarial science or a relevant discipline and will have successfully achieved Fellowship with the Casualty Actuarial Society (FCAS) and the Canadian Institute of Actuaries (FCIA). Ideally, the AVP, Pricing has experience working with the broker channel and insurance expertise in the Ontario and Atlantic regions. Public company, mergers and acquisitions, Guidewire, digital experience and bilingualism are also assets. 

 

The successful candidate is a strong communicator who conveys and transforms complex actuarial concepts into simple terms and actionable strategies. The new AVP, Pricing consistently applies logic, sound critical thinking, well-developed strategic thinking and problem-solving skills to all issues, taking ownership of the challenge to come up with possible solutions. In Economical’s environment of continuous growth and change, the AVP, Pricing sets priorities, focuses on what is important, gets buy-in and drives consensus on process, objectives and results. This is an exceptional opportunity for an accomplished P&C personal insurance actuarial leader to significantly contribute to Economical’s transformation in advance of Economical’s upcoming Initial Public Offering (“IPO”) and to make an extraordinary impact within Economical’s personal insurance pricing team for many years to come.  

 

How to Apply

If you are interested in further exploring this exciting AVP, Personal Lines Pricing – Ontario and Atlantics opportunity, please provide your resume and a detailed cover letter that highlights your background and connects the dots between your leadership experience and the key competencies outlined in this Position Profile and lets us know why serving AVP, Personal Lines Pricing – Ontario and Atlantics at Economical Insurance resonates for you. Please address your cover letter to Lisa Heidman, Founder and Chief Executive Officer, Arlington Partners International and the Economical Insurance Selection Committee and send your confidential materials directly to Lisa Heidman at lisaheidman@arlingtonpartnersinc.com.   

We look forward to exploring your candidacy. 


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