Bandboo’s Founders Optimistic Despite Slow Sign-Up Rate
Bandboo is a Singapore-based startup and the first that is planning to offer unemployment insurance with a P2P component, according to Channel NewsAsia. The startup was launched in 2016 and has since secured $250K from angel investors. Bandboo’s unemployment insurance is comprised of a membership fee of S$9.99 and a monthly premium of S$35. Eligible members can receive a payout equivalent to three months’ worth of salary – capped at S$18,000. And these are communities insuring one another meaning an insurance carrier isn’t involved and the startup isn’t regulated…yet. Also, all this goodness is tracked on a platform that’s built on blockchain. The startup will only launch its unemployment insurance platform after it reaches a minimum community size of 1,000 members. When that happens, it plans to raise more money. This is Bandboo:
It certainly looks like shades of purple and green are trending this insurtech season . AKA I’ve been spending way too much time browsing insurtech sites.
