Insurance Distribution

LowestRates.ca Looks to Double Number of Insurance Provider Options for Consumers

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Increased consumer confidence results in growing number of auto insurance leads

Toronto, ON (Mar. 3, 2017) – Canada's fastest-growing personal financial comparison site, LowestRates.ca, is looking to double the number of insurance brokers and companies buying the high-quality leads generated on its site.

With the important Google rankings for major insurance, mortgage, car loan, and credit card terms across Canada, LowestRates.ca attracts millions of unique visitors every year.

"Going online to comparison shop is already standard for travel and retail so consumers will naturally begin to search for sites to compare insurance rates – it is the future of the business," says Justin Thouin, CEO, LowestRates.ca. "Our site can generate ongoing quality leads from customers looking for insurance while reducing the cost to the broker to generate new business."

LowestRates.ca is focused on quality leads and this is exemplified in four ways:

  • Real, quality leads: LowestRates.ca does not charge for obvious fake leads. Mickey Mouse may be interested in an insurance policy but that doesn't help your business when you have to pay for an obvious fake.
  • No monthly consumer re-quotes: Signing up for a monthly re-quote may sound like a good idea but a new quote every month means leads are being re-sold every 30 days.
  • No contests: Contests may attract some real leads but they are big draws to people who enter contests either professionally or as a hobby. In our experience, contest lead generation results in a sales ratio that is below acceptable standards.
  • Lowest price contact only: If your company's quote is the lowest for a consumer, only your contact information will appear on the final page and the post lead email. Other comparison sites include contact information for all the companies quoted which encourages more shopping by potential customers and a lower lead to sales conversion rate.

"LowestRates.ca is a leader in the online space and has increased our lead volume significantly," says Matt Alston, COO and co-founder, Surex Direct. "They treat our relationship as a partnership and are motivated to see us succeed."

Online comparison shopping has already transformed industries. According to research, 83 per cent of North Americans use rate comparison websites such as Expedia and Priceline for travel plans. And 70 per cent of North Americans use websites such as Amazon for retail shopping comparisons.

LowestRates.ca allows consumers to compare up to 20 car insurance rates at once. The website generates tens of thousands of leads per month in its two main regions: Ontario and Alberta.

"We are different because we want to support the insurance business our partners run by creating new net customers and ultimately net new revenue for them," explains Thouin. "The FinTech space is still relatively new in Canada but LowestRates.ca is establishing itself in the space as consumers get more comfortable purchasing financial products online."

About LowestRates.ca

Based in Toronto, ON, and founded in 2012, www.LowestRates.ca provides a free, independent service that helps consumers save time and money by comparing personal financial products from Canada's leading financial institutions.

SOURCE: LowestRates.ca


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