- Sonnet is targeting consumers who are tech-savvy, have relatively straightforward insurance needs and who do not believe in dealing with an independent insurance broker.
- Sonnet is a direct digital brand launched by Economical Insurance, who also owns four broker channel brands (i.e. Economical, Perth, Waterloo and Missisquoi)
- Sonnet is a federally regulated Canadian insurer using sophisticated analytics, technology, and robust consumer research to offer a simplified quoting and buying process for home insurance.
- Sonnet relies on data analytics to calculate home insurance premiums by analyzing a set of factors including:
- Location of properties
- Property structure, age, heating equipment, etc.
- Size of properties
- Number of past claims
- Information about property owners (age, etc.)
- Sonnet offers only personal property coverage for the time being and will offer personal automobile coverage at a later date in 2016. The property insurance that Sonnet currently offers include:
- Homeowner insurance
- Condo owner insurance
- Tenant insurance
- Landlord insurance
- Simple and easy process: plain-language policies and helpful tips are provided
- Manage policies online anytime: consumers have the ability to change coverage anytime
- Customized quote and immediate coverage: personalized quotes are offered just seconds after answering a handful of simple questions
- Flexible payment options: policies are available for purchase online, using direct withdrawal, credit card or PayPal
How to use
- Consumers need to answer few simple questions online (i.e. home details, address, personal information, number of home claims in last 5 years, coverage start date, etc.)
- Sonnet will then assemble all the public data and information it can access about consumers’ properties, get consumers a competitive price thus simplifying quotes process
- After receiving a personalized quote, consumers can purchase a policy online at anytime and on any device