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.
It was also the intention to reach 1,000 members for this scheme to actually take shape.
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.
Bottom Line: For a community-based scheme, this community is silent.
// Recall P2P players here.