AN Evesham company has launched an innovative, internet-based product that saves consumers time and money when renewing insurance policies.

Bid4mybusiness.co.uk allows insurance companies to bid openly and competitively for business that is about to be renewed.

Customers log in their personal details and insurance requirements once, and, when the time comes to renew the policy, insurance companies spring into action.

"One of the key benefits to consumers is saving precious time," said Mike Simpson, managing director.

"Basically the insurance industry does all the legwork. No more time-consuming phone calls giving the same details over and over again to every insurance company you want a quote from."

Free

The free service was launched in September and already more than 1,000 customers have signed up.

"We have created an efficient market place for those looking for a smarter way to handle all their insurance needs and we firmly believe both consumers and the bidding insurance companies will benefit from significant time and cost-savings by using our online service," said Mr Simpson.

Market research carried out by Bid4mybusiness showed that 78 per cent of consumers never obtained competitive quotes for car or household insurance and the other 22 per cent spent hours doing so.

Bid4mybusiness currently handles car, buildings and contents insurance and caravan, travel and pet insurance are due to be introduced in 2003.