InsurTech Spotlight: LowestRates.ca

LowestRates.ca

Company: LowestRates.ca

Website: www.lowestrates.ca

Business Category: An insurance comparison website

Maturity Status: Mature (more than 3 years since product went into production)

Product or Service: LowestRates.ca comparison service

Area: Both Property & Casualty insurance and Life & Health insurance

LowestRates.ca is a rates comparison website that helps Canadians quickly and easily find the right financial product for their unique needs.

What makes us an InsurTech:

We offer innovative insurance quoters that quickly and easily compare the insurance market for consumers. Most of our quoters take only minutes to fill out. We’ve streamlined our quoting process to make it as painless as possible for Canadians. Our company constantly improves our quoting technology and continues to add new product verticals with the goal of becoming a one-stop shop for Canadians looking to buy financial products.

Major features & technology used:

Our home insurance quoter was designed to eliminate notorious pain points in the quoting process for consumers. To get an accurate home insurance quote consumers are typically required to look up detailed information about their home that they do not have immediate access to: such as the replacement cost and other very specific details about their home. If these are not provided accurately, which is all too common, then their quote can be wildly inaccurate.

We work with Canada Post so that when a consumer begins entering her address, a drop down menu provides choices with accurate addresses and postal codes. The quoter also incorporates iClarify, a property insurance valuation tool that automatically fills in pertinent information about a home, including proximity to fire hydrants, square footage and replacement cost.

Home insurance is a competitive space in Canada, but it is still a difficult and frustrating experience for consumers to find detailed information about their homes to get an accurate quote. We have made the experience much more simple, while offering a large number of providers for consumers to compare.

News & Updates

See the latest LowestRates.ca news.

About LowestRates.ca

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.

Source: LowestRates.ca

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