2017 ICTA Nomination.
At its core, LowestRates.ca is a technology company. More specifically, we are one of Canada’s emerging financial technology (FinTech) companies; disrupting the Canadian financial landscape through technological innovation since launching in January 2012. Our proprietary quoting technology allows Canadian consumers to readily compare offers on car insurance, mortgage, credit cards, and loans from Canada’s leading financial institutions all in one place, for free. The quoting technology on the site is not only effective in its simple presentation to consumers, but also expansive as it varies by product and province.
Although Canadians commonly use price comparison sites for products like flights and hotels, personal finance rate comparison is still in its infancy, especially when compared to mature comparison markets such as the UK and the US. This is because many Canadians default to their bank of choice. That blind loyalty is what LowestRates.ca seeks to change with its technology – and it’s working. Proof that our technology is resonating with Canadian consumers came in the form of being named one of ‘Canada’s Top New Growth Companies’ by PROFIT and Canadian Business magazines in September 2016. We were officially recognized as the 4th fastest-growing startup in the country, with a 2-year revenue growth of 1,754% and annual revenue of over $5M. Furthermore, LowestRates.ca’s revenue is cash-flow positive, coming without the aid of seed funding, but rather through a ‘bootstrapping’ philosophy that has resulted in a profitable customer acquisition model – a notable feat in the tech startup world.
Further evidence of the positive impact of LowestRates.ca’s technology can be seen in site usage. Since 2012, over 1.5 million unique visitors have used the free online service to compare personal finance products. This site traffic is driven largely by strategic search optimization and inbound marketing. Because LowestRates.ca ranks highly in search engines across a number of popular personal finance terms, the site sees traffic that is of both high quality and quantity. This ability to attract users who have the intention to act is also advantageous for our insurance, mortgage, credit card, and loan partners, who, as a result, receive the highest quality leads possible.
In summary, LowestRates.ca’s proprietary technology has positioned the company as a leader in the growing financial rate comparison space. As Canadians become increasingly comfortable shopping for personal finance products online, we are uniquely positioned to service their needs through free, easy-to-use technology.
Business Impact
LowestRates.ca’s proprietary quoting technology has impacted virtually every part of the company’s growth. Starting with only $150,000, and declining additional seed funding, has meant that the company has relied on technological innovation as a key driver of growth. Beginning with only a handful of industry partners, LowestRates.ca now works with over 100 companies across a variety of personal finance verticals – Canada’s leading financial institutions, brokerages, and lenders. These respected partners trust LowestRates.ca’s technology and depend upon the high quality leads that it generates.
Thanks to traffic quality and site usability, the proprietary quoting technology that powers LowestRates.ca results in strong user conversion. Our most popular category – auto insurance – sees a conversion rate above 50%, meaning that over half of the users who begin getting a quote complete the process. Therefore, our technology enable us to both find and help consumers who actually want our service. We consider this a win for both Canadian consumers looking to save time and money, and for our industry partners looking to connect with them.
About LowestRates.ca
Founded in Toronto in 2012, LowestRates.ca is a free, independent rate comparison site that allows Canadians to compare personal finance products from the country’s leading financial institutions. Products include insurance, mortgage, credit cards, and loans. For more information, visit www.lowestrates.ca.
Source: LowestRates.ca
Tags: ICTA nomination, LowestRates.ca
