TORONTO, ON, SEPTEMBER 5, 2023/insPRESS/ – Sovereign Insurance has a lot to celebrate as it proudly launches new competitive wordings, an industry-focused suite of Sovereign Secure Commercial product offerings, and a modern, state-of-the-art policy administration system. These exciting capabilities enable Sovereign to not only better address the unique and emerging risks to Canadian businesses, but also live their purpose of building a stronger Canada through resilient businesses and the communities they serve.These new Commercial offerings follow the highly anticipated, successful release of Sovereign’s Specialty Lines Management Liability, Professional Liability, and TechPro solutions in 2021, which continue to be available as part of the Sovereign Secure suite of products.
“Our team developed the Sovereign Secure Commercial product offerings with versatility in mind – because no industry or business is exactly alike,” says Colette Taylor, Chief Operating Officer, Sovereign Insurance. “These products offer a wide breadth of competitive coverage that is scalable, flexible, and easily customizable. This extends to our endorsements and extensions, which are unique to the core industry segments we serve, including: Manufacturing, Construction and Contracting, and Wholesale, Warehousing and Transportation.”
This release follows a strategic period that was internally focused, which ended last year, as Sovereign strengthened its business infrastructure, bolstered its talent, and invested in new technology to support its latest offerings. Sovereign’s next four-year strategy is all about deploying their new capabilities into the market. In alignment with the release of these enhanced wordings and products, the organization also introduced digital, interactive policies that are easier to navigate, and delivered via a leading-edge, modern policy administration system.
“Sovereign’s improved wordings are enabled by a best-in-class policy administration system, which supports greater speed of issuance, allowing us to quote and bind policies more quickly and efficiently,” explains Dave McKeen, Vice President, Commercial Solutions, Underwriting and Engineering. “The implementation of PolicyCenter – and the launch of the products it supports – will drive a more sophisticated approach toward achieving our shared partnership objectives and marks a significant milestone in our ‘Partners in Resilience’ journey.”All of these transformative developments have a key goal in mind: to be a stronger partner for Sovereign’s brokers, managing general agent (MGA) partners, and end clients. “The pace of business has sped up for them and there is greater need for an insurance company that brings more than just a piece of paper and a promise to the table,” says McKeen. “They need a partner that brings expertise to help navigate issues and solve problems in the industries and client bases they serve.”
“We are focused on understanding the issues their businesses are facing, so that we are able to effectively navigate their changing insurance needs and be in a true partnership with them along the way,” says Taylor. “By building greater sophistication into our business, we can build a tripartite relationship and work together on the risk-management needs of our end clients.”Sovereign’s new coverages and Sovereign Secure product offerings are available for renewals and new business effective September 1, 2023.
About Sovereign Insurance
The Sovereign General Insurance Company (Sovereign Insurance) is your partner in resilience. We work with our dedicated partners to provide advice, education, ongoing support, and breakthrough risk solutions to address the ever-evolving, unique needs of Canadian businesses. We’re passionate about building a stronger Canada through resilient businesses, and the communities they serve. Canadian owned and operated since 1953, Sovereign is a wholly owned subsidiary of The Co-operators General Insurance Company, a leading Canadian provider of multi-line insurance products with assets of $9 billion. Sovereign operates in six offices across Canada and is proud to carry an AM Best A (Excellent) rating. To learn more, visit www.sovereigninsurance.ca.