Bandboo Group Private Limited
Contact person: Ashley Kee
Email address: Ashley@bandboo.co
Contact number: 6597373991
The Digital Insurer Asian Start Up InsurTech Award
Bandboo is an insurance technology platform that enables users to obtain insurance like coverage without the need to go to an insurance company. We act as platform which allows users to come together and cross insure one another.
We offer insurance as a form of service, charging users a flat membership fee to join the platform, ownership of all premiums paid on the platform stays with the users, with whatever is not-utilised rebated back to consumers at the end of the membership term. This is an unconditional rebate of all unused premiums, this is a complete shift away from the current insurance business model, where excess premiums collected become underwriting profits instead.
In a traditional insurance setting, consumers do not have a breakdown of how their premiums have been used, the most frequent contact between Insurer and consumer is during the policy renewal period.
At Bandboo, we are a lot more transparent. Whenever someone pays a premium, it is recorded on our blockchain ledger. Similarly, when there is a payout, it is also recorded on our blockchain ledger.
A blockchain ledger is open and immutable. Open means that anyone can view the ledger anytime they want. Immutable means that no one can change it, not even the Bandboo administrator.
This ensures that our platform is transparent yet secure.
Through the reinvention of the Insurance business model, we allow our members to enjoy insurance coverage at the lowest possible cost.
Our first products to market are
1. Unemployment Insurance where users are insured against the risk of involuntary redundancy for up to 3 months of their last drawn salary.
2. Cancer protection where users are insured against the risk of cancer.
3. Luxury watch insurance to help users protect their expensive timepieces.
Bandboo is currently also exploring potential collaborative measures with Insurance firms to placing Insurance contracts on the blockchain, with the possibility of deploying smart contracts to self execute claims.
Bandboo is the currently the only Insurtech company in Singapore allowed to operate without any regulatory licensing requirements. MAS has conducted a full review of business operations and have given their approval for the launch of what is greatly needed change to the Insurance industry.
We believe we are worthy of this award due to the innovative approach we have taken with regards to the insurance industry, if scale can be achieved, the potential cost disruption and value that can be brought to consumers is invaluable. Insurance is an industry that has to have its fundamental business model revisited, change can come in more ways than just a digital transformation.
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