C-level: Insurance companies are part of the social fabric of our society. Insurance companies should care about those whom they insure. Economical's leadership rarely if ever speaks to customer satisfaction. There is no hiding the fact that it is in business for the money and little else. There is no vision and this company has no soul.
Leadership: Your experience here will be dictated by whom you are under. Most talk the talk, few walk the walk. Very few are sincere and care about those under them. Many lack the knowledge and expertise required for their respective positions. Generally, leadership is not focused on driving growth but rather on doing and saying the things needed for themselves to get ahead.
Layoffs: Brutal, blunt, without remorse. Economical has changed during the 19 years I've worked here. Over the last few years several departments have been hit. Underwriting, IT, Product, etc. C-level has had no remorse when bashing prior leadership during town hall meetings. Recently a small team was integrated into a large ever growing department. Several leaders in that team had been with the company for 20 years plus. I witnessed smiles and laughter during the announcement of their layoffs from leaders and non-leaders alike.
Technology: Past systems are poorly implemented, a reflection of leadership. Current leadership is bold, believing it to be far greater than the past. Guidewire implementation is to be seen. As much outsourcing that can be done is being done. BA/SME concerns are not always taken seriously. Analytic systems are old and slow. Our website represents the sophistication of our technology well.
Employee Development: You will learn what you need to know on your own. Despite the size of the organization it does not invest capital to ensure employees receive the training they need. The Actuarial department offers a training program tied to examinations. The pressure is great as there are time limits and expectations are very high for the youth. The retention in that area is poor as many leave in a couple of years. Overall, the company suffers from poor retention. Good leaders have departed, those in position now are likely here to stay ("yes" attitude, no questions).
Work Processes: Ever changing, unorganized and in many instances counterproductive. Training is limited and not effective. Regional differences not fully taken into consideration. Those at the bottom are blamed, the top is never wrong when things don't work. Top execs paint a bad picture of underwriters to the rest of the company. We have been and are blamed for poor results. Sales in the same boat, as was IT.
Family (10) or Number (1) scale: About 3. General lack of sincerity and kindness. Workload is high. Efficiency is demanding. Management has little insight on your workload and overachievers set themselves up for increased scrutiny. Very little social aspect in daily life. You will feel more like a number than a person. Overall, the atmosphere is that of unhappy people.
Demutualization: Economical is seeking to sell or go public. Canada has put into effect a demutualization framework to allow this to occur. Larger companies such as Aviva and RSA are not for sale. Potential targets are small, and will not significantly increase market share. It is more likely in my opinion that this company is acquired one way or another. Given the ease of which Economical lays off it's people, I'm not confident the best solution will be found for the employees.
