Insurtech ARMD partners with RSA on new product
Insurtech ARMD has unveiled a new RSA-backed product to tackle the lack of coverage in the UK tool insurance market.
It claims its new embedded insurance proposition, backed by RSA insurance, will 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 (pictured).
“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.”
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