Canada’s Economical Strengthens Executive Team, Realigns Operations

Waterloo, Ontario-based Economical Insurance announced two additions to its executive team. Fabian Richenberger will join the company as executive vice president, Commercial Insurance, and Kelley Irwin will join as senior vice president and chief information officer, effective May 1, 2017.

Existing executive team members Tom Reikman and Alice Keung will take on new roles as chief distribution officer and chief transformation officer, respectively.

“We are improving the alignment of our operations and leadership to facilitate growth, deepen our capabilities, and continue to meet shifting customer expectations,” said Rowan Saunders, president and CEO of Economical. “Fabian and Kelley will fulfill critical roles as we expand our executive team to align for future success.”

Economical said that responsibility for underwriting and operations is being organized across four primary areas: Broker Sales & Distribution, Personal Insurance, Commercial Insurance and Claims.

Tom Reikman, previously SVP and chief operations officer at Economical, will deepen his focus on leading broker distribution strategy across Canada as he takes on the role of chief distribution officer.

“This reflects the company’s strong commitment to continue growing its broker business,” Economical said in a statement.

Richenberger, who joins the company as EVP, Commercial Insurance, is a highly regarded executive in Canada’s insurance sector, having previously served as president of Northbridge Insurance. Most recently, he was partner and head of Financial Services for CarProof Corp. He begin his more than 25-year career in his native Switzerland and spent more than 15 years with Zurich Insurance in underwriting and executive roles in Toronto, Chicago, New York and Zurich.

“Economical has great momentum and the opportunity to help grow the commercial business is incredibly exciting,” said Richenberger. “We will work very closely with our broker partners to make sure that we deliver compelling insurance solutions and outstanding service to achieve our mutual growth aspirations.”

The company also announced the formation of a new Transformation & Technology function. Alice Keung, formerly chief information officer at Economical, has been appointed to lead this function, overseeing the development, delivery and execution of the Economical digital strategy, innovation and technology, as chief transformation officer.

“Transforming key aspects of the business will drive greater efficiency and effectiveness across the enterprise and produce a superior customer, broker, and employee experience,” the company said.

Kelley Irwin will join the company as its new SVP and CIO. Irwin brings extensive experience in technology for financial services, spending more than 25 years with companies such as Sun Life Financial, Symcor, and most recently TD Bank Group, as vice president and CIO, Corporate Technology. She will lead IT strategy and operations as Economical continues to transform its business platforms.

Source: Economical Insurance