Economical Insurance to provide insurance solution for Uber

18/08/2020 06:00

Economical Insurance will provide peace of mind for drivers who use the Uber network and their customers in four Canadian provinces beginning September 1, 2020

WATERLOO, ON, Aug. 18, 2020 /CNW/ - Economical Insurance announced today a new and significant relationship with Uber in Canada, designed to provide insurance coverage for every Uber Rides and Uber Eats trip in Alberta, Ontario, Quebec and Nova Scotia. The relationship is expected to launch September 1, 2020.

"At Economical, we believe in finding innovative solutions to changing customer expectations, which is exactly what Uber has done for transportation globally," said Rowan Saunders, President and CEO, Economical Insurance. "Our initiative with Uber continues our focus on digital transformation. It is another example of how we're blending our insurance industry expertise with technology to support a better customer experience. We are proud that Uber has chosen Economical as their rideshare insurer in Canada going forward."

"Uber has been a leader in the ridesharing industry, making sure every trip is insured. As our business has grown, we recognize the importance of strong partners like Economical Insurance. We are excited to partner with Economical Insurance in Canada to bring their high class service and trusted protection to riders, drivers, and eaters who use the Uber app," said Gus Fuldner, Vice President of Safety and Insurance, Uber.

This announcement follows the innovative solutions for customers and brokers Economical Insurance has developed as it continues to make progress on its plans to convert from a mutual company to a publicly traded share company. The launch of Sonnet in 2016 introduced Canada's first coast-to-coast fully online home and auto insurance experience. More recently, Economical launched Vyne, which uses advanced technology to provide faster service, improved workflows, and sophisticated products and pricing for brokers and their customers.

"Our sophisticated products, broad underwriting capabilities, and dedicated team give us the opportunity to provide coverage for a business as large and successful as Uber," said Fabian Richenberger, EVP, Commercial Insurance, Economical Insurance. "As we look to the future, we know Canadians are changing how they order food, use cars, and get from one point to another, and we are dedicated to being there to protect them."

Insurance coverage for drivers operating on the Uber platform will continue seamlessly. Economical will share more information and further details on the initiative in the coming weeks.

Aon acted as the insurance broker who facilitated the initiative.

About Economical Insurance

Economical Mutual Insurance Company ("Economical" or "Economical Insurance", which includes its subsidiaries where the context so requires) is a leading property and casualty insurer in Canada, with approximately $2.6 billion in annualized gross written premiums and approximately $6.2 billion in assets as at June 30, 2020. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers.

About Uber

Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 15 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.