Tribal approach to insurance and mortgages
Social buying platform Moneytribe.com.au has moved into the health insurance and home loan space.
The company announced this week that it had "health insurance and home loan product tribes" which it claimed would give consumers a new way to anonymously compare and share information about their purchasing decisions.
The company describes Moneytribe as being a means for like-minded Australian consumers — through a social platform and by combining their collective buying insights — to strengthen their purchasing power.
It said the newly launched "tribes" feature would group consumers according to which bank or insurer they currently use and allow them to anonymously compare the product features, customer satisfaction and market share price paid for their home loan or health insurance policy.
Commenting on the new development, Moneytribe co-founder Dr David Urpani said he hoped the new tribes would encourage consumers to actively engage with their personal finance purchase decisions and ensure they were 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," Dr Urpani said.
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