Online comparison site Moneytribe.com.au (Moneytribe), has launched two new health insurance and home loan product ‘tribes’, allowing consumers a way to anonymously compare and share information about their purchasing decisions.
Moneytribe connects Australian consumers through a social platform, combining their collective buying insights to ‘strengthen their purchasing power’, according to the site’s co-founder, Dr David Urpani.
The new feature groups consumers according to which bank or insurer they currently belong to and allows them to anonymously compare the product features, customer satisfaction and market share price paid for their home loan or health insurance policy.
Urpani says he hopes the new ‘tribes’ will encourage consumers to actively engage with their personal finance purchase decisions and ensure they are getting the right price, product and brand.
“By joining a tribe, consumers will be able to get a whole new level of insight, relying on the experience of peers – rather than mass advertising – to help inform their purchase decisions,” he says.
“The idea of tribe-like groups of consumers is not a new concept, however it is the first time consumers have been able to easily congregate and share information without a third party and without signing away their personal details.”
People who are researching mortgage or health insurance can also explore tribes to view the product choices other people have made, the ranges of costs involved and brand satisfaction.
“This should give consumers an easier, simpler way of making a fairer comparison between sellers when they start a competition for their business, or follow-up on offers made by sellers,” Urpani says.