Invis/MI has partnered with Kanetix Ltd., one of Canada’s top insurance and mortgage rate sites, in a bid to grow warm Internet leads for its brokers.
To do that, Kanetix takes a preliminary application from a rate shopper and completes an online credit check. The "approved"client then receives a rate quote specifically tailored to their eligibility and are contacted by the Invis/MI call centre. Straightforward deals are handled by that call centre representative, with more complex and involved deals directed to an Invis or MI agent.
That last bit is expected to win his members new business and greater access to rateshoppers, in general, said Bob Ord.
“We’re targeting triple A clients with high credit ratings and at best we expect to close at least five to 10 per cent of the deals we receive online,” said Bob Ord, CEO of Invis. “I think 90 per cent of the traffic will not make the criteria and so they will be referred to our broker network.”
Still, some observers argue Ord’s projections may be optimistic, suggesting a majority of the deals could well be closed online, and not by the network's mortgage professionals.
Both Ord and Yousry Bissada, president and CEO of Kanetix, characterized the partnership as a win-win situation.
“We will provide the online traffic to Invis and they will in turn provide the mortgage expertise which we do not have to process the deals,” Bissada told MortgageBrokerNews.ca. “Invis will pay us a referral fee for every deal they close.”
Neither party is reveal exact fees.
In recent months many brokers have started considering using Internet rate sites to generate leads.
Some individual brokers have reported getting as high as 50 per cent conversion rates through sites such as RateHub and ComparaSave.
“Kanetix is different from other rate sites because the mortgage rates it presents visitors will be pre-approved rates and not teaser rates,” said Bissada.