Lenders and insurers asked to bid for consumer business on new website
Consumers will be able to use a new online service to invite financial service providers to bid for their business. Moneytribe allows consumers to post their requirements anonymously and then contact providers that make offers that appeal to them.So far, the service extends to home loans and health insurance, but a Moneytribe trial, launched on an iPhone application last year, included home and contents insurance, car insurance and life insurance.The service includes some social media elements, with consumers being able to share the results of their inquiries. Moneytribe was developed by David Urpani, one of the founders of iSelect, in partnership with Melbourne entrepreneur Andrew Coates.Urpani said: "Moneytribe is not another price comparison website. Sellers and brokers compete for the customer's business."At this early stage, there is not a lot of competing. Urpani said Moneytribe had two registered home loan sellers - both of them brokers - and five insurance companies.Moneytribe does not disclose details of its sellers on its website.Consumers post their product needs and preferences, and sellers have 14 days to make an offer via the online service. Moneytribe does not disclose the consumer's name or contact details; it is up to the consumer to do that.Sellers' offers are posted on the website and can be viewed by anyone visiting the site.