A startup plots to trim the fat in the insurance industry

Singapore-based startup, Bandboo, sells unemployment insurance. But here’s the twist: it promises to make insurance cheaper and more transparent than ever.

“The insurance industry has too much fat in it. The profits may be a bit excessive for the insurance companies, and they’re not as efficient as they can be,” he says.

Bandboo is unique in two ways. First, it’ll return unused premiums back to the insured within a year. That’s unlike traditional insurers, which keep the premiums you’ve paid and in many cases don’t return them, even if you didn’t claim the money.