How It Works

• 1

  Pool Creation

  Premiums are pooled at the start of each cycle.

  

  Example of Pool Creation
  ( Cyclic : Small Accident )

  10,000 users are covered in a 3 month cycle for Cyclic: Small Accident.

  
  

  $6.80 x 3 =

  $20.40 of premiums per user

  
  

  $20.40 x 10,000 users =

  $204,000 in the premiums pool

• 2

  Claims

  Claims are made from the pool.

  

  Example of Claims
  ( Cyclic : Small Accident )

  500 users get into an accident and need to claim an average of $300 each.

  
  

  500 x $300 =

  $150,000 is paid out as claims

• 3

  PremiumBack

  Unclaimed premiums in the pool, will be distributed back to users who made 0 claims & users who made low claims, at the end of each cycle.

  

  Example of PremiumBack
  ( Cyclic : Small Accident )

  9,500 users did not make a claim at all.

  
  

  $204,000 - $150,000 =

  $54,000 of unclaimed premiums

  
  

  $54,000 ÷ 9,500 users =

  $5.68 of PremiumBack will be given at the end of the 3 months cycle

We only earn a flat and transparent monthly Admin Fee per policy per user, with no hidden charges.