Economical Insurance
Happiness score is 54 out of 100
3.4 out of 5 stars.
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Working at Economical Insurance: Latest Economical Insurance Reviews

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Canada125 reviews

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3.5Work-life balance

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Been good so far

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I started as an auto claims adjuster in January 2022. So far it's been pretty good. There's a lot to learn and I mean a LOT. However my manager is nice and has been pretty supportive. They gradually ease you into it and increase your workload with time. I will say the job can be quite stressful at times and the workload is heavy. But there are also periods where the work load isn't that bad. You learn to manage the workload over time. Apparently they're hiring more adjusters to ease the workload for everyone. Company culture seems pretty solid compared to other insurance companies. Pay and benefits are pretty good in my opinion. I've only been here a for few months but it's been good overall, let's hope things progress well.
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Productive and supportive place to work

Management was great, lots of company functions for team building. I always felt supported and valued. Very team oriented. Always potential to learn and company was very interested in employees continuing education/ courses.
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Insights into Economical Insurance

Based on 21 survey responses
What people like
  • Feeling of personal appreciation
Areas for improvement
  • Energizing work tasks
  • Support from manager
  • Sense of belonging

Productive and fun place to work. Office is nice, sunny and large lunchroom.

I enjoyed working here. Training was good and staff and coworkers were nice. Location is a bit out of the way but accessible via transit. Parking in area is pay, no free parking.

Pros

Sometimes free lunches. Christmas dinner with games and the afternoon off that day, usually held beginning of Dec.

Cons

Not close to c-train. Pay was a bit low.
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Environnement de travail

Merci d'avance car je n'est pas encore reçu le boulot main je suis très heureux de vouloir travailler avec eux
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One of the best companies to work with. Very supportive and helpful.

Excellent company and great training. Culture is the best. Great. Company to work with. I would have never left if my contract wouldn't expired. Good luck .
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Not bad but not too good either

Was an intern as an underwriter for 8 months. Supervisor was nice, work was manageable but there wasn't much interest or excitement regarding the work

Pros

Not too stressful

Cons

Kind of boring
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Official response from Economical Insurance

9 March 2022
Thank you for sharing your experience with us. We appreciate you sharing this feedback and we would like to better understand your experience. We encourage you to reach out to our HR Shared Services team at hrsharedservices@economical.com. We wish you success in your career journey.

Enterprise Risk Management Department

- toxic work culture stemming from leadership- no growth and development opportunities- director will dump all their work on you and pay very little

Pros

free quarterly lunches

Cons

you work the amount of two people for no recognition and zero guidance from the director, everything will get dumped on the new person
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Good place to work, there are good pockets of departments.

Good place to work, there are good pockets of departments. But like any other place back biting and in fighting is present. Most management is full of ego that get in the way of progress.

Pros

Work life flexibly in most departments. Benefits and desk setup.

Cons

Red tape and management egos. Disconnected silos. Raises
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Great Management & Senior Leadership / Forward-Thinking Company Constantly Looking For Positive Growth

Over my 10 year tenure with the company I have witnessed an ongoing eagerness to be a profitable organization through change and innovative ideas. A great culture that looks first from within with succession plans and promoting talent. What I found the most encouraging, and food for thought looking forward, is the way the company has dealt with (and continues to deal with) the pandemic and the move to remote working.

Pros

Celebrations for ongoing & different successes; whether individually or company-wide

Cons

Salary bands are low in comparison to "public" competitors in the industry
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After the bottom line

Absolutely awful experience working for Economical. Work/life balance was non existant and as people were quitting left, right and centre, the company had no back up plan. That left already hard working employees struggling to manage unrealistic claim loads. Since the claim loads were unbearable and unrealistic, it made it nearly impossible to meet stat requirements and to take your time to make sure the claimant was properly taken care of. Pretty awful feeling not being able to assist a claimant properly due to lack of time and the weight of stats on your back.

Pros

When we were in the office prior to covid, we would often go out for lunch.

Cons

Long hours, awful management, unrealistic expectations, burnout
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Management in department is ok but company does not consider staff shortage a problam and only cares about balance sheet

Good to work with until the company becomes demutualized and the management is changed. Workload is getting heavier and no new hire.Ask employee about the department and management before applying any position
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Good place to work

The past year has been very busy and stressful, which has impacted the work life balance. Recently, the workload has been more manageable. Overall, I really do love my job and the people I work with.

Pros

Great people, competitive salary, interesting work

Cons

High volume, stressful at times
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Good Job Stability but Stressful Workload

Management is very good and supportive; very professional work environment. Your colleagues are fun. There is continuous training which is good for you as an Employee. The hardest part is keeping up with the workload, which can be very stressful. The most enjoyable part of the job are the friends you make and good laughs you have.

Pros

Livable Pay, good Benefits with Company Matching. Very professional and fun work environment.

Cons

The amount of claims pile up very quickly and it's difficult to keep up with your workload.
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Great entry level job

The job itself is easy and their system is not complicated. Great company to work for in regard to work hours, benefits and pay, however there are many angry customers calling in. The adjusters are overworked and often ignored the customer calls or didn’t return them in a timely manner. Great entry level job, if you can tolerate angry customers taking their frustrations with their adjuster out on you.

Pros

Pay, hours and benefits.

Cons

Dealing with angry customers who feel ignored.
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150 Years of Undervaluing staff

Company growth is always an exciting time for many establishments, unfortunately with Economical, this growth has resulted in such a huge disconnect between the people at the top of the corporate ladder and the front of the line staff.Work-Life Balance is virtually non-existent with managers actually encouraging their front of line staff to work unpaid outside of their standard working hours. Overtime is offered for specific departments/regions but not others, yet the company still refuses to acknowledge that the staff is overworked. Over the course of my tenure with the company, a large number of staff have either gone on some type of stress related leave or just walked out of the company due to the amount of out of office work that needs to be done. This also became very apparent during the pandemic when the company seemed to take every opportunity to for lack of a better term, "crush" adjusters on the floor and overwhelm them with work, in a lot of cases before they had even started their shift.Salary/Benefits - Any questions about increase in pay to match the workload is brushed aside as "it's the same role". It's not rocket science that an increase in work load should at least have some consideration for an increase in pay but the company does not seem to agree with that. The benefits are fine, and depending on the options selected, offer a lot through Sun Life. To summarize though, anyone who starts at Economical can go anywhere else with their experience and should not be surprised to make 20% more than what Economical offers. Somehow though, the corporate team believe - 

Pros

Free lunch 2-3 times a year (so like $75)

Cons

Too many to list down, if you're presented with an offer elsewhere, take it
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Official response from Economical Insurance

2 February 2022
Thank you for taking the time to share your experience with us. Your feedback is important and we have shared your comments internally with our leadership team as we are constantly looking at opportunities to improve. The key to our success is having engaged and motivated employees and while we would have liked the opportunity to address your concerns while you were working with our team, we encourage you to reach out to HR Shared Services at hrsharedservices@economical.com to discuss your concerns.

Bad Choice

Joined them to work closer to home. Worst career decision I have made in a 30 year career. Bad culture, poor leadership and overall incompetent persons leading. Company became a revolving door eventually. Always made excuses not to pay bonuses every year. Best avoided unless one is desperate.

Pros

Had a cafeteria on site

Cons

Horrible place to work in every way
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no comment

the work load was heavy and long hours involved to maintain productivity. There was some weeks of a heavy workload due to certain weather related activities. Sometimes there was high volumes under various others territories having a heavy work due to severe storms and or other weather related issues. The people in the work place were friendly, some helpful and others not so helpful. The long hours and the related stress of the job when dealing with difficult people. The most enjoyable part was dealing with the vendors on loss related issues. I did learn that your customer is your top priority and you have to put yourself in their shoes.

Pros

no comment
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Terrible management and awful

What amazes me more than how people still manage to work is here how clients still use this company’s service. Horrible management and just awful business practices. Stay clear.

Pros

Some what decent benefits

Cons

Managers, business practices, toxic environment, no room to grow
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upper management is discriminatory

Not happy at economical. the only reason they have not laid ppl off is because the last time they did they were in the media and it was bad news. theyre trying to go public and working on their public image. theyre focused on profitthey dont listen to employeesif you speak up you are reprimanded everyones pay is so different for doing the same jobdo not recommend eco.
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Excellent training provided

Great company to work. I also worked at Economical from 1999 to 2006 when i moved to Kingsway Financial to work as Snr Transportation Underwriter.My job involved training of brokers and junior underwriters.

Pros

Close to home .

Cons

Very long hours
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Just to make an under average salary it is ok

If you live in the area, and you are comfortable with not advancing in your career it is ok. Forget about Christmas party or other social events, some times they have small events.

Pros

some flex hours

Cons

Bad management
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Overall rating

Based on 127 reviews

Ratings by category

3.5 out of 5 stars for Work/Life Balance
3.7 out of 5 stars for Salary/Benefits
3.1 out of 5 stars for Job security/advancement
3.0 out of 5 stars for Management
3.2 out of 5 stars for Culture

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