No one likes paying for insurance. It feels like a complete waste of money because usually you don’t ever actually use it. That’s where Kundi comes in to change the face of insurance. Kundi is a social network meet insurance app you can use with your friends and get up to 50% cashback.

The team behind the project are Wojtek Kamiński (the CEO), Michał Kwasek (the COO) specialising in insurance, sales and public relations and their co-founders, Katarzyna Dmowska and Artur Nowak-Goclawski, who are their advisors in banking and insurance.

Kundi is actually a spinoff of their existing company, AMG, which specialises in insurance and loans. Right now, they’re bootstrapping and they have access to AMG resources. They will start looking for an investor after launching, when they have traction and can prove this insurtech business model works in Poland. The launch is planned for Spring 2017.

How does it work? Kundi combines the traditional insurance (at an insurance company) with a Peer to Peer model. You can invite your friends to join your group and as soon as there’s at least 5 of you, the cashback starts working. There will be two types of groups: private groups with smaller fees and public groups where the insurance will be slightly more expensive.

“The idea behind the project is collaborative economy. People do everything to make their lives better and they don’t want to spend money. If we buy, let’s say, a TV, even an expensive one, the endorphins are produced. If we pay for insurance, it feels like an extortion. We want to minimise that feeling,” says Wojtek Kamiński, the CEO.

Such insurance eliminates the danger of fraud and since you’re in a group with people you care about, you are more careful so that not to have any losses. In the countries where such model exists up to 30% less damage has been noted. Your group can get cashback when you have no (or less) claims. The more claims you have, the smaller the cashback because the money is used to cover the losses.

Kundi is planning to launch three different lines of insurance: property insurance, small property like watches, laptops, jewellery (worth up to 10,000 PLN) and car insurance. They won’t be introduced at once but one by one and will, in the end, form a complex insurance.

So, how will insuring for example a watch work? You take a picture of your watch, enter how much it is worth. Then you get an individual quote based on the information you provide. If you and your group don’t have any losses, after a year you get 50% cashback. It’s not a problem if your group reaches five after you’ve insured your watch, your cashback works separately from your friends’.