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Frequently Asked Questions

Bandboo

  • What is Bandboo?

    Bandboo is a financial technology platform that enables you to enjoy insurance coverage without having to go to an insurance company. This is similar to how you can enjoy private hire for cars by getting drivers directly through the Uber or Grab platform instead of going to a taxi company.

    By removing the institution that acts as the middleman, we keep the cost of insurance low for you.

  • Is Bandboo an insurance company?

    No, Bandboo is not an insurance company. We are not a provider of insurance, but an enabler of insurance that allows people to enjoy insurance in a more affordable and transparent manner.

  • How is Bandboo more transparent than traditional insurance companies?

    With traditional insurance companies, you are quoted a premium by an insurance agent through a blackbox approach. You do not know how this premium is calculated or what it is used for.

    At Bandboo, transactions by members are accessible by everyone. You can view on our blockchain ledger the flow of money in terms of premium paid and claim payouts. Every dollar you pay is accounted for and you know exactly what your money is used for.

Blockchain

  • What is a blockchain?

    Blockchain is the technology behind Bitcoin and many other cryptocurrencies. Although Bitcoin is (in)famous for its volatility, blockchain as its underlying technology has proven to be reliable in creating trust in a trustless society. It enables all financial transactions to be carried out and the corresponding records stored in a secure yet transparent manner.

  • How does a blockchain ledger enhance the integrity of the Bandboo system?

    Bandboo uses our blockchain ledger to store records on:

    1) Membership fees
    2) Premiums
    3) Payouts

    All records are timestamped and cannot be altered by anyone, including the Bandboo administration. Each record can be identified through the unique public address of the member and viewed publicly. This unique public address allows the viewer to identify the transaction as being carried out by a unique individual.

    However, it does not allow one to pinpoint the exact identity of the person. Such a system allows us to uphold transparency without compromising on privacy.

Privacy & Security

  • Are all my personal data safely stored?

    Yes, Bandboo adheres strictly to the Personal Data Protection Act. All your personal data are safely secured in our servers. We will not allow third party access to it, except in a limited way for the purpose of your claims verification.

  • Are my credit card details safely secured?

    Yes, your credit card details are safely secured. Bandboo does not hold on to any of your credit card details. They are safely secured by our payment gateway, Stripe. Stripe is a well-established payment gateway that operates in more than 25 countries and handles billions of dollars’ worth of transactions each year.

  • Are my funds well safeguarded?

    Yes, all funds collected from our members go straight into a trust account. This trust account is separate from Bandboo's operating account. Each time Bandboo needs to access funds in this trust account (e.g. to facilitate a payout), we can only proceed after the signatory appointed to oversee the trust account has determined that Bandboo is accessing the funds for their intended purposes.