The Rising Stars of the insurance and investment industries — Changing how consumers source their insurance productsBy Kate McCaffery | April 24 2018 09:00AM
Co-Founder & CEO
In other parts of the world, consumers routinely begin shopping for their financial products by comparing prices online. Although Canadian consumers are adept at online shopping, frequently using the internet to compare flights and hotel rates prior to booking their travel plans, most are not yet aware that the same habits can help them save money on financial products, including their life insurance.
Justin Thouin is working to change that. His goal is to change the way Canadians approach their personal finance decisions by giving them the opportunity to compare rates when shopping for their home and auto insurance, mortgages, credit cards and other products – life insurance included.
LowestRates.ca first launched in 2012. Although the company launched with no budget for marketing, Thouin’s commitment to financial education over the years has led to growth for the site and recognition for his efforts: Thouin is a 2017 EY (Ernst & Young) Entrepreneur of the Year Award finalist. The company has also appeared on the PROFIT/Canadian Business Startup 50 List of Canada’s top new growth companies two years in a row.
Today the rate comparison site is changing how consumers source their insurance products. It is also potentially changing the way insurance companies connect with consumers, forcing some brokers to reevaluate how they go about growing their businesses. The company says having a presence on LowestRates.ca is increasingly being seen as a viable alternative to traditional forms of customer acquisition.
“Insurance is something that the majority of Canadians don’t understand very well,” says Thouin. “Just because insurance is a complicated subject, does not mean it needs to be presented that way to Canadians.”