Scoop Insurance Brokers has changed its name to Rates Insurance Brokers, bringing the digital brokerage under the same brand as its parent, comparison site operator Rates.ca Group.
The company said on October 19 that the change gives customers a unified experience across Rates.ca Group’s products. It added that existing clients’ policies and advisory services are unaffected.
“Rebranding to Rates Insurance Brokers Ltd. is an exciting step that better reflects the position and origin of the brokerage,” said Darryl May, vice president and principal broker.
May said the brokerage would keep investing in self-service tools while offering what he described as technology for convenience and humans for guidance. The company describes itself as Canada’s fastest-growing digital insurance brokerage.
Rates Insurance Brokers sells auto, home, commercial, travel, cyber, life and recreational insurance.
The parent company was founded in 1999 as Kanetix, one of the first Canadian websites to offer multiple car insurance quotes at once. It rebranded in 2020 and merged with RateSupermarket.ca to become RATESDOTCA, later Rates.ca Group, which describes itself as Canada’s largest digital acquisition platform for insurance and money products.
Scoop has been its brokerage arm for years. The brokerage is based in Welland, Ontario, where it expanded rapidly during the pandemic, hiring 75 people through virtual interviews and another 20 through drive-through interviews, before launching a further hiring round for 80 brokers in late 2021. Scoop discloses on its website that Rates.ca Group has an ownership stake in the brokerage and provides its financing.
The rebrand removes the separate identity between the comparison platform and the brokerage. Consumers comparing quotes on Rates.ca may receive quotes from insurers that Scoop represents, and will now deal with a brokerage carrying the same name.
That makes the business model simpler to understand, but it also makes it harder for consumers to tell the difference between a comparison platform and a broker that sells on commission. Rates Insurance Brokers is a licensed brokerage acting on clients’ behalf. The comparison site’s role is to show quotes from many providers, and it earns revenue from referrals and leads.
For independent personal lines brokers, the rebrand adds weight to a well-funded digital competitor. Combining a high-traffic comparison brand with an in-house brokerage gives Rates.ca Group more control over the full customer journey, from quote to policy. Traditional brokers will need to compete on advice, service and relationships, especially as more younger customers start their insurance search online.
