Business Category: Lead generation for property and auto insurance
Maturity Status: Mature (more than 3 years since product went into production)
Product or Service: LowestRates.ca rate comparison service
Area: Property & Casualty insurance
More Canadians start their search for insurance on LowestRates.ca than on any other website in Canada. LowestRates.ca helps consumers make smart financial decisions by offering industry-leading quoters that compare the insurance market for them. That allows us to generate high quality new business leads for our insurance partners.
What makes us an InsurTech:
LowestRates.ca ranks higher than any other company in Canada for insurance products in Google searches — meaning the consumers who come to our website have a very high intent to buy. We constantly hear from our partners that we are the best in the industry when it comes to high-intent consumer leads. Once consumers visit LowestRates.ca, they find a variety of innovative insurance quoters that quickly and easily compare the market for them. Most of our quoters take only minutes to fill out. This results in very accurate leads — a simple, straight-forward application process leaves little room for consumers to make errors. That means the quotes consumers get are on par with what our partners can offer them — leaving both sides happy.
Major features & technology used:
The goal of our technology is to ensure that we’re providing a stress-free experience for consumers, while creating high quality leads for our partners. We’re striving to be industry leaders in this field and continue to invest heavily in our technology. Our quoters take consumers down a funnel that results in a very accurate price quote for the product they’re looking for. For instance, our home insurance quoter was designed to eliminate notorious pain points in the quoting process. To get an accurate home insurance quote, consumers are typically required to look up detailed information about their home that they might not have immediate access to: such as the replacement cost or square footage of their home. If these are not provided accurately, which is all too common, then their quote can be wildly inaccurate.
Our form ensures that when a consumer begins entering her address, a drop down menu provides choices with accurate addresses and postal codes. The quoter also incorporates a property insurance valuation tool that automatically fills in pertinent information about a home — including details like replacement cost or square footage.
We are active in all provinces in the insurance space and work with a variety of industry partners — from the big direct to consumer companies to small, regional brokers. We’re always looking for new partners to work with.
News & Updates
See the latest LowestRates.ca news.
LowestRates.ca is an award-winning website that allows Canadians to easily compare financial products, including insurance, mortgages and credit cards LowestRates.ca is one of Canada’s fastest growing companies — it was ranked 11th on the Canadian Business Growth 500 in 2018. LowestRates.ca was also ranked 9th on Deloitte’s 2018 Technology Fast 50 due to its exceptional revenue growth. Its CEO, Justin Thouin, was also a finalist for the EY Entrepreneur of the Year award. The company has saved Canadians close to $1 billion on interest and fees.
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