LesFurets.com enters mortgage market following its success in the insurance comparison market
In just five years, BGL Group’s French price comparison website LesFurets.com has established itself as market leader in insurance price comparison in its flagship areas: car and motorbike, health, home and mortgage insurance and consumer credit. Every year, three million quotes are carried out on the site, giving the platform a 40% market share in France.
LesFurets.com has now revealed its next ambition: to become the platform of choice to help French consumers better optimize their essential household finances. As a first step in this strategy, the business has launched a mortgage service, now available on site.
Over the next three years the site aims to replicate its success in the insurance comparison category in further product categories and become the platform of choice for all of French consumers’ household expenses – while remaining true to its promise of helping consumers to find the best services at the best price.
Moving from a verticals model to a model centred on the consumer, LesFurets.com is progressively reorganising its offering around three ecosystems: car, home and money.
“We are very proud to be celebrating our first five years. In that short time, LesFurets.com has established a leading position thanks to our innovative business model, centred on client satisfaction. We now mark the start of a new chapter in our history, with the launch of mortgages. Our ambition is to become the platform of choice for French consumers to simplify and better optimizing their household finances,” explains Hamid Benamara, Managing Director, LesFurets.com.
An ambition founded on five years of success
LesFurets.com, best known in public through Hervé and François – the ferrets for which the business is named – also benefits from a 50% spontaneous awareness rate. This metric is on an upward trend, with traffic on LesFurets.com increasing by 70% in 2016.
LesFuret.com’s success is founded on a pioneering business model validated by its users:
Simplicity: LesFurets.com compares not just price but also guarantees and services.
Independence: LesFurets.com is not affiliated to any insurance firm, bank or financial institution.
Transparency: LesFurets.com is a signatory to the Fevad charter for comparison sites (no hidden costs, no favoured partners).
Trust: LesFurets.com is committed to protecting the personal details of its clients.
This model has been reinforced by a shift in the law in France, where the insurance market has traditionally been much more static than in the UK: the introduction of the Hamon and Sapin II laws, which have made it easier to cancel and renegotiate insurance cover, has helped to encourage competition in this area. New transparency requirements for price comparison websites have also helped to boost consumer confidence.
Hamid Benamara says: “The French traditionally see insurance and mortgages as complex products. Generally, they like to engage with these products as little as possible, despite the fact that they sign up to them for relatively long periods of time, and that the choice they make can have a significant impact on their household budget. Yet both insurance and mortgages are living products, which evolve according to rates and consumers’ personal situations. That's why LesFurets.com works so hard to make them more accessible. We want to put customers in charge of their own destiny so they can buy smarter.”
LesFurets.com in 5 key stats:
• 53 insurance partners
• 40% market share
• 3 million quotes annually
• 50% spontaneous awareness in France
• 70% increase in traffic on the site in 2016
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