Type to search

Insurtech News

InsurTech ARMD Launches Product to Tackle Lack of Cover in Tool Insurance Market

InsurTech ARMD Launches Product to Tackle Lack of Cover in Tool Insurance Market | Fintech Finance

UK-based InsurTech ARMD today announces the launch of its new embedded insurance proposition, backed by RSA insurance, to reinvent the way tradespeople in the UK protect their livelihoods.

The ARMD offering, through the combination of IoT technology and insurance, provides complete tool protection for tradespeople. The inventory management app, smart IoT sensors, and embedded insurance proposition aim to minimise business interruption and deter tool theft.

According to research from Direct Line for Business, thieves steal tools from a van every 23 minutes, which equates to more than £80 million worth of stolen tools since 2017.

“The circa three million tradespeople in the UK are under-protected and underserved and feel let down with the existing insurance experience. By embedding insurance in this way, we provide underinsured tradespeople with critical cover when they need it most,” said ARMD CEO Devin Chawda.

“In the past, not only have tradespeople needed to replace their tools at significant cost but they have also had the consequential cost of not being able to work. For the minority that are insured, it can take weeks to get a settlement. We are changing that, for good.”

Underwritten by RSA, the ARMD insurance product, which can be purchased together with power tools or as a standalone policy, is a new distribution channel for insurance instead of the traditional broker market. If a claim needs to be made, a bespoke report can be automatically submitted to the insurer via the ARMD platform, speeding up the claim and reducing hassle for both the tradesperson and insurer.

The ARMD e-commerce shop supplies over 30,000 of the top selling tools that can be bought together with tool insurance at checkout and can also supply replacements for stolen ones. Tools bought from the shop are automatically added to the customer’s digital inventory.

ARMD is launching in partnership with OneAdvert, which is focused on getting innovative insurance businesses to market fast. David Hill, CEO of OneAdvent, said: “ARMD’s embedded insurance proposition will enable customers to get back up and running quickly, while reducing claims costs and administration time. We are delighted to be partnering with ARMD as they embark on this exciting journey.”

The ARMD team boasts a wealth of experience across the technology and insurance sectors (the founders sold their last smart security business in 2019), which means the company is well positioned to tackle the underserved tradespeople market as they build the business across the UK.

Tags:

People in this post:

Companies in this post:

Next Up