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.