A 2021 ICTA nomination Toronto, ON (Apr.15, 2021) – LowestRates.ca has saved Canadians more than $1 billion in premiums with our best-in-class insurance quoters.They are completely free to use and we provide close to 1 million comparative quotes from Canada’s leading insurance companies and brokers in the P&C space every year.

We match consumers with the lowest price direct to consumer insurance company or broker for their home and car insurance needs.Behind the scenes, we integrate with our insurance company partners to ensure that the right price is quoted to consumers.This is a massive undertaking to get correct.

And when we match a consumer with a particular company, we sell that match as a lead.For our partners (brokers and direct to consumer insurance companies), we fuel their growth and success by providing them with leads made up of consumers who are perfectly matched for their offer.Partners have told us that purchasing leads from LowestRates.ca is the most effective marketing channel for them to grow at scale.

Our home and auto insurance quoters were designed to eliminate notorious pain points in the quoting process for consumers.In less than three minutes, and without needing any information outside of what is in their head, consumers can compare options from more than 75 providers to get the best price for their unique needs.When Canadians have historically wanted home insurance, they were typically required to look up detailed information about their home to get an accurate home insurance quote — information they may not have immediate access to, such as the replacement cost, square footage of their home and distance to a fire station.

If these are not provided accurately, which is all too common, then their quote can be wildly inaccurate.We partnered with several companies and put thousands of hours into development to solve this problem and create an easy-to-use home insurance quoter that compares the market for Canadians.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 so users don’t have to find it themselves.Having the right information not only improves the experience for the consumer, but also our insurance partners.When consumers input wrong information, they may be given a quote that could be considerably cheaper than what they should be paying.

If that happens, our partners who buy our leads are left with a consumer who may be frustrated they are receiving a different price than they expected.Our auto insurance quoter has similarly been streamlined to be easy for the consumer to use, and result in accurate quotes.Our quoters lead to more accurate results, happier consumers and better leads for our partners.

Home and auto insurance is a competitive space in Canada, and that means there is a lot of information out there that can confuse and frustrate consumers when they go to get an insurance quote.We have made the experience much more simple, while offering a large number of home and auto insurance providers for consumers to compare.Our quotes are the easiest to use in Canada (due to the above-mentioned technologies), provide quotes in the shortest amount of time (due to the automation we have developed in pulling key customer data) and now provide consumers with the most choice of insurance companies to compare in the home and auto insurance space.

We believe we have developed the gold standard for insurance rate comparison in Canada with our quoters.Typically, if Canadians wanted to get multiple quotes on their home or auto insurance, this involved calls or online quotes with a variety of different companies, resulting in hours of time wasted.With our quoters, an even broader comparison can be achieved online in minutes, saving Canadians hundreds or thousands of dollars a year in the process.

Together with our partners of all sizes and types, we are improving financial literacy and redefining the Canadian financial services industry by making it easier to connect consumers with the right partner at the right price.Benefits Consumers saved almost $500 million in premiums by using our home and auto insurance quoters in 2020 alone.Close to 1 million quotes were generated for consumers using our quotes in 2020 and close to 500,000 leads were sold to our partners.

Our quantitative success metrics include increased conversion, increased revenue from home and auto insurance, higher prices for our leads and a larger number of partners signing up to buy our leads.When we updated our home insurance quoter, our conversion based on traffic to our home insurance pages increased from 29.9% to 51.6% within the first month of deployment.Due to the higher quality of leads, we have received very positive feedback from our insurance partners, saying they’ve closed more sales.

Our partners have also agreed to pay more for leads — 8% more for home insurance leads, 50% more for condo and 13% more for tenant.We expect this to continue to improve as we generate more leads and bring on more partners.About LowestRates.ca LowestRates.ca is an online rate comparison site for insurance, mortgages, loans and credit card rates in Canada.

The free, independent service connects consumers directly with financial institutions and providers from all over North America to offer Canadians a comprehensive list of rates.LowestRates.ca’s mission is to help Canadians become more financially literate, with the near-term goal of saving them $1 billion in interest and fees.Tags: ICTA nomination, quot, Quote and Bind