FamilyPoints to Offer Insurance as a Service for Parents

Meet FamilyPoints:

Think: a Shanghai-based startup looking to operate in the global $6 trillion parenting market by using blockchain technology. It is led by Ainar Abdrahmanov and Aloysius Kee and has raised $3M since its inception in 2015. “Blockchain technology is our innovative way of protecting parents from harmful choices by qualifying the best products and services for maximum benefit.” Why harmful? Partly because in China up to 60% of all product reviews are either fake or paid for.

The startup plans to offer a platform to allow parents to properly review products and services related to their newborns. Here’s how it will work: FamilyPoints will cut out the middleman so it can provide rewards which have real-world economic value to parents. It will work directly with selected producers and brands, eliminate all unnecessary markups, and pass the savings on to parents. For parents that make a purchase, the rewards they receive can vary between 5% to 40% of the cost of purchase. Parents can spend their rewards on the FamilyPoints platform to buy different kinds of services, from access to educational videos, to classes, and even insurance or family holidays which are focused on children and parents. Parents may even have the option to convert their rewards to cash in the future. The Benefits: (1) mitigating some of the high cost of baby products by offering rewards, (2) combating fake reviews using blockchain tech, and (3) acting as an educational resource to parents.

Bottom Line: planning to expand to insurance come 2019.  

Fun Fact: there are currently 234 million children, and more than 20 million babies are born each year in China. “We always laugh at Australia, you know, it’s like China makes one Australia every year” – Chief Ecommerce Officer Aloysius Kee. Play here.