PRESS RELEASE: Newly Launched Insurtech, ARMD, Partners with OneAdvent to Tackle Lack of Cover in the Tool Insurance Market
Alongside partner OneAdvent, London based insurtech, ARMD, has developed an embedded insurance proposition to reinvent the way tradespeople 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. 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.
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.
Devin Chawda, CEO of ARMD, commented:
“The circa 3 million tradespeople in the UK are under protected and underserved and feel let down with the existing insurance experience. Not only do they need to replace the tools at significant cost but also have the consequential cost of not being able to work. For the minority that are insured it can take weeks to get a settlement.”
With a team boasting a wealth of experience across the technology and insurance sectors, (the founders sold their last smart security business in 2019), the company is well positioned to tackle the underserved tradespeople market.
The dedicated tool insurance product is underwritten by RSA and can be bought standalone or together with power tools, which 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, reducing time and hassle for both the tradesperson and insurer.
David Hill, CEO of OneAdvent, said;
“Embedded insurance solutions like this are the key to providing a demographic of underinsured with critical cover. ARMD’s embedded insurance proposition will enable customers to get back up and running quickly, whilst reducing claim costs and administration time. We are delighted to be partnering with them as they embark on this exciting journey.”
For all media enquiries, please contact Sophie Farrow on [email protected].
Founded in 2020, ARMD is an insurtech that combines technology with insurance to mitigate risk and minimise downtime for tradespeople. ARMD’s vision is to make it easier and more affordable for tradespeople to protect their livelihoods. Ultimately becoming the provider of choice for the business essentials tradespeople need to work, including their tools, van and security. This complete package will be offered within one simple monthly payment and includes insurance seamlessly embedded for maximum protection.
Focused on getting innovative insurance businesses to market – and fast – OneAdvent provides a springboard for growth across the industry. Operating as an MGA platform, Lloyd’s broker and niche product distribution business, OneAdvent brings its sector expertise and technical know-how to bear for established industry players and entrepreneurial start-ups around the world.