Economical encourages policyholders to activate online account

By The IJ Staff | July 01 2020 02:00PM

Photo: Unsplash

Waterloo, Ont.-based Economical Insurance is reaching out to more than 630,000 eligible policyholders across Canada to ensure participation in the property and casualty insurer’s demutualization process.

While the date of Economical's planned demutualization has yet to be determined, the company is making progress on its plans to convert from a mutual company to a publicly traded share company. Policyholders who are eligible to participate but have not registered online are likely unaware of their potential financial benefits.

Encouraging policyholders to sign up

The insurer is encouraging its former and current policyholders to visit to determine whether they are eligible, and if so, to activate an online account and register for future demutualization updates. For customers who held a policy for the 12-month period ending November 3, 2015, eligibility may apply for one-time financial benefits in the form of cash or shares once Economical becomes a publicly traded company. The confirmation process requires customers to input their policy number and postal code from 2015.

"At a time when many Canadians are under financial pressure, this campaign is timed to ensure as many eligible policyholders as possible are aware of their potential financial benefits," said David Bradfield, vice-president, Marketing and Communication at Economical Insurance.

"Encouraging more policyholders to register will also facilitate the process associated with our future Special Meeting, where more than 630,000 Canadians will have an opportunity to vote to approve our demutualization."

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