Community-Based Insurance Scheme Changes Offering
Singapore-based Bandboo, established in 2016, originally set out to offer unemployment insurance via a P2P model. Peers pay a membership fee of S$9.99 and a monthly premium of S$35 to be eligible for a payout equivalent to three months’ worth of salary – capped at S$18,000.
That was the intention.
It was also the intention to reach 1,000 members for this scheme to actually take shape.
That was then:
This is now:
And while still on the same mission of allowing members to form communities and insure one another against any pre-defined risks – these risks have since shifted to offer car excess insurance for adults ages 21 and up.
Get a feel for its UI below:
Bottom Line: For a community-based scheme, this community is silent.
// Recall P2P players here.