Brief: Indiegogo Tests Crowdfunding Insurance on Olive Project

With crowdfunding scams continuing to be on the rise, global giant Indiegogo announced it is offering an optional insurance free that will help ease backer worries for future projects.

indiegogoAccording to TechCrunch, Indiegogo’s new feature will provide a refund if backers do not receive the final product within three months of the estimated delivery date. The insurance is currently being tested on one crowdfunding project – Olive, a stylish, intelligent wearable band that helps you conquer stress. This will offer a potential peace of mind for a $15 fee on top of the product’s $129 backing price.

Since its launch, Olive has raised nearly $176,000 from close to 1,400 backers. The stress-management bracelet analyzes the user’s patterns and biological indicators. It continuously monitors the complexity of  stress behind the scenes to help the user build awareness of their body’s stress response. Basic features include:

  • OliveSensor data is tracked and can be review through a web dashboard
  • Biofeedback-based breathing exercises that get more advanced over time
  • Insights and stress management recommendations based on bracelet biometrics

Although the platform is running the beta test, it has yet to confirm whether or not there are plans for the insurance to hit other projects. A spokesperson shared, “Indiegogo regularly develops and tests new features to meet the needs of both funders and campaign owners. This pilot test is currently limited to this individual campaign.”

Indiegogo has also yet to reveal what may happen to the project if the backers are forced to use the insurance.

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