ARMD

Cohort: Cohort 9, 2022

Focus in insurance value chain/workflow: Point of underwriting I Claims 

Specific lines of business supported: Gig/Freelance  

Founded: 2020

Status: Operating, still in insurance

Company type: Data provider, MGA

Head office: United Kingdom

Main global offices: United Kingdom

Locations served: United Kingdom

Employee count: 1-10

ARMD has created an ecosystem of insurance-related products and services to protect tradespeople from tool theft. The company’s app allows customers to purchase tools and record ownership. Customers can use the app to mitigate their risk by purchasing an IoT smart alarm and tool insurance. 

Primary focus product area whilst in the Accelerator: Increasing access to insurance I Improving claims process

As a result of joining the Lloyd's Lab Accelerator, ARMD now has an agreement in principle to launch an itemised, embedded tool insurance product with Greenlight Re. The company will also be launching a parametric tool hire voucher with MIC Global. Both products will support ARMD in making tool insurance more available, by offering a variety of products and distribution methods to suit customers' needs. ARMD is able to reduce the time taken for claims processing to 5 days, well below the industry average of 5-6 weeks.