• Premiums are deducted from your Bandboo Account only when there are claims

    Find out more below

About Bandboo

What is Bandboo?

Bandboo is an insurance 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.

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.

Car Excess Insurance

  • Membership
    Who can sign up for Car Excess Insurance (CEI)?

    We welcome anyone who is

    1) 21 years old and above; and

    2) Holds a valid Taxi Driver/Private Hire Car Driver’s Vocational License (TPVDL) or Private Hire Car Driver’s Vocational License (PVDL); or

    3) Employed with a Chauffeured Services Company if you are a Singapore Permanent Resident/Work Pass holder

    How long is each membership valid for?

    Each membership is valid for one month. You can renew it at the end of each membership period.

    Can I renew my membership under the CEI after a claim?

    Yes, Bandboo values all members and you can continue to be covered under the CEI by renewing your membership subsequently.

    Nonetheless, Bandboo reserves the rights to terminate any member from the CEI programme if he or she is deemed to be making fraudulent claims or poses unnecessarily high risk for the community.

    What if I want to terminate my membership?

    You may choose to continue or terminate your membership at the end of each term.  If you choose to terminate, Bandboo shall refund your unutilised premiums within 14 calendar days from the end of membership.

    If you wish to cancel your membership before the end of each term, you must give one months’ notice by emailing us at support@bandboo.co. We will respond to you within 3 working days. In the unlikely circumstance whereby you do not receive a response from us within 3 working days, please send us another email so that we can assist you promptly.

    Is there any penalty if I terminate my membership before the end of my 1-month membership period?

    No, there is no penalty fee.

    Any premium remaining in your account will also be fully refunded back to you.

    Your membership fee, however, is not refundable.

  • Fees
    What is my membership fee?

    The membership fee is calculated based on 12% of your premiums contributed.

    What is my premium?

    Your premium amount will depend on the level of excess cover amount chosen:

    CEI Premium
    Excess Cover Amount
    S$4.50 per day S$1,000
    S$6.00 per day S$2,000
    S$7.50 per day S$3,000
    S$9.00 per day S$4,000

    All premium left after paying out to verified claims from the members is fully refundable to you at the end of the membership period.

  • Claim
    How do I file a claim?

    To file a claim, follow the three simple steps below:

    Step 1. Create a claim:
    Click the “Submit Claim” button under the dashboard

    Step 2. Fill up details in the claim form

    Step 3. Submit documents (note: document (b) and (c) can be provided subsequently):
    Upload an image of your:

    1) NRIC/Employment pass

    2) Proof of successful insurance payout (e.g. Official insurance damage report)

    3) Proof of payment of excess charges levied on you from the insurance company or the car rental company (e.g. Invoices or receipts)

    Please note that we may request for additional information in order to complete our verification process so as to ensure the integrity of the community.

    What is the claim criteria?

    To be eligible to make a claim, the following conditions must be met at the time of loss of claim:

    1) You are an eligible member and that your membership is not suspended or terminated or withdrawn;

    2) Your occurrence of incident did not occur before your participation (or re-participation) of CEI;

    3) You are named as the lead driver on the car rental agreement and also the policyholder of the commercial car insurance policy provided by the private hire car rental company; and

    4) Initiated the claim (i.e. submit claim with or without supporting documents) within 7 calendar days of the incident and at the time of incident, you have to also have reported the incident to your insurance carrier or private hire car rental company.

     

    Is there a deadline for claims submission and verification?

    To facilitate the verification process and disbursement of payouts, we require claims to be submitted within 7 calendar days of the incident.

    For a claim to be paid out in a month, it has to be submitted before the 15th of the previous month and the relevant documents verified by the 25th.

    Claims that are not submitted or successfully verified by the stipulated deadlines will be rolled over to the following month.

  • Payout
    What is the total payout I am eligible for?

    You will receive the lower of (i) the excess charge levied on you by your insurance carrier or private hire car rental company or (ii) the excess cover amount chosen during sign up, minus the respective penalty charge amount if the incident occurred during the Probation Period (see below).

    Please note that you are only allowed to claim at most once during your membership period.

    What is the probation period?

    As an added measure to safeguard the community against the moral hazard of reckless driving, all new members will be subject to a probation period of three calendar months (“Probation Period”). Should a member make a claim during the Probation Period, a one-time penalty charge (“Penalty Charge Amount”) will be deducted from the benefits to be paid out to the member.

    The Penalty Charge Amount will depend on the timing of the claim during the member’s tenor in the community:

    Month
    Penalty Charge Amount
    First month S$300
    Second month S$200
    Third month S$100
    Fourth month and beyond N.A.
    What if the total claims for a month are higher than the total premiums collected from the members?

    Bandboo takes extreme care to ensure the sound actuarial modelling of our premium calculations.

    Nonetheless, in the event the total claims for the month exceed total premiums collected from the members for the same month, all claims will then be proportionately reduced and paid out on a pro-rata basis from the premium pool.

Unemployment Insurance

  • Membership
    Who can sign up for Unemployment Insurance?

    We welcome anyone who is

    1) 18 years old and above

    2) Employed on a full-time basis; Contract workers are eligible to join too.

    How do I sign up for Unemployment Insurance?

    You can sign up here. The entire process can be completed online.

    How long is each membership valid for?

    Each membership is valid for 12 months. You can renew it at the end of each membership period.

    Do I retain my coverage in the Unemployment Insurance after I become unemployed?

    Yes, Bandboo values all members and you will continue to be covered under the Unemployment Insurance. Furthermore, Bandboo believes in the spirit of paying it forward. After receiving help from the community, we hope that you will stay on to assist others in need.

    To facilitate this process, you will have your membership automatically renewed upon your first claim so that you have 12 months remaining on your membership. Both the membership fee and premium will be deducted from your first month’s payout.

    What if I want to terminate my membership?

    You can request for membership termination by emailing us at support@bandboo.co.

    We will respond to you within 3 working days. In the unlikely circumstance whereby you do not receive a response from us within 3 working days, please send us another email so that we can assist you promptly.

    Is there any penalty if I terminate my membership before the end of my 12-month membership period?

    No, there is no penalty fee.

    Any premium remaining in your account will also be fully refunded back to you.

    Your membership fee, however, is not refundable.

    Can I rejoin the Unemployment Insurance after leaving?

    Yes, we welcome you to rejoin the Unemployment Insurance anytime.

    To reinstate your membership, you can follow the same steps as when you first signed up.

    All members who rejoin will be regarded as new members and thus subject to the 180-day no-claim period.

  • Fees
    What is my membership fee?

    The membership fee is $119.88 a year.

    What is my premium?

    Your premium (excluding membership fee) is $420 a year. All premium left after paying out members who have been retrenched is fully refundable to you at the end of each year’s membership.

    How do I make my payment?

    You can pay online through credit card.

    Will my premium increase during the membership period?

    Bandboo takes extreme care to ensure the sound actuarial modeling of our premium calculations. If need be, the premium will be increased to ensure the solvency of our community. Members who do not wish to pay the subsequently higher premium can leave the platform and still receive 100% unconditional rebate of unused premium left in their account.

  • Claim
    How do I file a claim?

    To file a claim, follow the three simple steps below:

    Step 1. Create a claim:
    Click the “Make a claim” button under the Claims page

    Step 2. Submit documents:
    Upload an image of your

    1) NRIC/Employment pass
    2) Employment contract
    3) Latest payslip
    4) Termination letter from employer
    5) Latest CPF statement containing CPF contributions from the past three months

    If you are unable to obtain your employment contract and/or latest payslip, please submit Annex 1. Employer Verification Form.

    Step 3. Book a consultation slot:

    Book a 30-minute consultation slot with us. You may choose to either visit our office or have our relationship manager meet you at your preferred location. During this consultation, our relationship manager will verify the documents you have submitted. In addition, our relationship manager will track the progress of your job search and provide you with advice and recommendations.

    What is the claim criteria?

    Any claimant has to fulfil the five conditions below:

    1) Experienced an involuntary job loss
    2) Be a member of Bandboo past the no-claim period
    3) Be a member before your employer has made an announcement on an upcoming retrenchment
    4) Be employed by your ex-employer for a period of at least 250 days prior to retrenchment
    5) Your employer has reported the retrenchment as per legal requirement by the Ministry of Manpower

    What is the no-claim period?

    All new members or ex-members who rejoin the Unemployment Insurance Community are subject to a no-claim period. The no-claim period is 180 days from the day of your membership approval.

    At Bandboo, we believe that members of the community should make a long-term commitment to help one another. The no-claim period prevents non-members from exploiting this goodwill of our community.

    Otherwise, any non-member who is aware of an impending retrenchment will join Bandboo to make an immediate claim. The no-claim period protects our members from excessive claims arising through such circumstances.

    What if my employer has not reported my retrenchment as per recommendation of the Ministry of Manpower?

    If your company employs at least ten people and five or more have been retrenched within a six-month period, it is a legal requirement for your employer to report the retrenchment to Ministry of Manpower. The procedure for reporting the retrenchment is very simple and can be done online.

    In the case that your employer faces any issue, please inform us so that we can provide the necessary assistance to ensure that you receive your payout in a timely manner.

    Will the Unemployment Insurance cover employer disguised retrenchments?

    For employers that carry out disguised retrenchment, the employees can report it to the Ministry of Manpower. You can find a detailed explanation of the process by our Minister of Manpower, Lim Swee Say here: http://www.mom.gov.sg/newsroom/parliament-questions-and-replies/2017/0207-oral-answer-by-mr-lim-swee-say-minister-for-manpower-to-parliamentary-question-on-unfair-dismissal

    Payouts under the Unemployment Insurance will be based on the outcome of the mediation/inquiry.

    Does the Unemployment Insurance covers retrenchment due to closing down of a company?

    Yes, if a company closes down, it will still be considered involuntary retrenchment. However, do note that the member has to (i) sign up for the Unemployment Insurance before any announcements of retrenchment or possible winding down of his/her company and (ii) be subject to the 180 days of no-claim period after policy inception.

    Does the Unemployment Insurance covers underemployment?

    No, we do not cover underemployment (i.e. voluntarily taking up a lower pay job or part-time job).

    Is there a deadline for claims submission and verification?

    To facilitate the verification process and disbursement of payouts, we require claims to be submitted within 30 days of retrenchment. For a claim to be paid out in a month, it has to be submitted before the 15th of the previous month and the relevant documents verified by the 25th.

    Claims that are not submitted or successfully verified by the stipulated deadlines will be rolled over to the following month.

  • Payout
    What is the total payout I am eligible for?

    You receive one month of your salary as payout for each month you are unemployed.

    You are eligible to receive payouts for three months, up to $6,000 a month

    How is my monthly salary calculated?

    Your monthly salary is calculated based on your average gross monthly salary from the three months prior to retrenchment.

    The gross monthly salary includes the employee’s share of CPF contribution but excludes the employer’s share of CPF contribution. It also excludes any commissions, bonuses, and other forms of remuneration that are not part of your regular pay.

    Why is the monthly salary capped at $6,000?

    A $6,000 monthly payout ensures that 80% of our labour force can receive a full coverage on their monthly salary. It is also in line with our philosophy that the purpose of Unemployment Insurance is to help the retrenched tide over bad times.

    As the payout comes directly from other members, we hope that any retrenched member who needs more than $6,000 a month to support their family can do their part in cutting down their expenses during this tough period so as to not overly burden other members.

    For how many months will I receive a payout in the event of a retrenchment?

    You will receive your payout over a period of five months.

    In the first month, you will receive the full salary (after deducting the membership fee and premium for the automatic membership renewal program). In the subsequent four months, you will receive 50% of your salary each month.

    As long as you are unemployed for three months, you qualify for the full five-month payout

    Why is the payout period capped at five months?

    We need to strike a delicate balance between providing protection and not overburdening the rest of the community.

    A five-month coverage is in line with our goal of helping members who are retrenched minimise disruption to their lives while providing them sufficient urgency to get a new job.

    How do I receive my payout after my claim is approved?

    Payouts will be made in the form of a cash cheque. You can receive your cheque via two methods:

    1) Mail to your stipulated address

    2) Come down to our office for collection

    When will I receive my payout?

    For any claim submitted by the 15th and verified by the 25th, your cheque will be ready within the first five working days of the following month.

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. 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 premiums (“Premiums Pool”) collected are held in a segregated account with a leading local bank with strict custodian measures. Save for the minimum balance amount that is funded by Bandboo in the initial stages to avoid unnecessary bank charges, at no time will the funds of Bandboo co-mingle with the Premiums Pool.

We do not use members’ Premiums Pool for any of our business operations other than for the intended purposes of the funds (e.g. claim payments, refund to members). Upon the inception of the community (i.e. after the first 1,000 members are onboard), we will publish monthly bank statement of the account on our website for additional transparency.

This is a similar approach adopted by other companies that hold funds of its members’ funds such as Moolahsense and New Union.

Further, audits will be performed by appointed third party auditor on a semi-annual basis.