Questions raised over new unemployment insurance platform

Singapore

THE business model of new peer-to-peer (P2P) insurance platform Bandboo has come under the spotlight, with insurance players and observers having raised questions about consumer protection and accountability.

Founded last year, the startup launched its blockchain-enabled unemployment insurance platform - Singapore's first - in May.

Bandboo works on the basis of individuals coming together to insure one another against job loss. The startup had said that premiums and payout records would be transparent, a situation "made possible through the open blockchain ledger".

A blo…