IASA and Ward Group announce The Economical Insurance Group(TEIG) has been named the winner of the 2011 Technology InnovationAward for the development of the Insurance on Demand (IoD)application, which arms TEIG’s brokers with the capability toservice and sell insurance.

The award was presented to TEIG on Tuesday, June 7 during the2011 IASA Annual Conference & Business Show in Nashville,Tennessee, by Ed Kruger, CIO for IASA and Jeffrey Rieder, presidentof Ward Group.

“The judging committee was impressed by both the speed ofdevelopment and Economical’s innovative way of enabling itsindependent brokers to compete in the marketplace,” says Rieder.“The Insurance on Demand portal is a win-win for brokers andEconomical. Brokers can service and sell insurance to theircustomers with minimal investment, and they view Economical as astrategic partner for their growth. The comprehensive brokersales and service solution is rare in North America.”

IoD allows TEIG brokers to effectively compete by meetingconsumer demands for convenience and self-service experiences inall other on-line aspects of the financial services industry. It offers the customer the best of both worlds—online convenienceand personal service by the broker when desired. In today’smarketplace for personal lines, IoD presents a solution to risingcosts by reducing the cost of transactions through offeringself-service capabilities.

The results of this project were judged by an industry panel as“innovative” and “delivering measurable business impact in theinsurance industry.” The distinguished panel of industry expertswho participated in the judging of the award submissions includedindividuals from Indiana Farm Bureau, Insurance NetworkingNews, Liberty International Underwriters, Strategy MeetsAction (SMA), Tech Decisions, and Ward Group.

“Our Insurance on Demand offering demonstrates Economical’s deepand continued commitment to our partners in the independent brokerchannel,” said Colin Smith, Economical’s CIO. “IoD enables brokersto compete head to head with direct-writer competitors on-line,while maintaining their personal touch as independent brokers”

On Economical’s decision to enable brokers to make competitorquotes readily available through the broker-branded sales andservice tool, Smith said “We understand, appreciate and support theindependent broker value proposition – our products stand on theirown strength in the market.”

There were two projects selected for Honorable Mention inaddition to the winner of this year’s award. The firstHonorable Mention went to Manitoba Public Insurance for thecompany’s Personal Injury Protection Plan (PIPP) TransformationInitiative, which includes the development of a Rehabilitation Plantemplate linked to the MDA, and the second Honorable Mention wentto Primerica, Inc. for the development of Primerica Online, aninteractive portal that offers insurance representatives themechanism to access premium and compensation performance to moreeffectively manage their business.