ARMD, a U.K.-based (Epsom, Surrey) InsurTech dedicated to improving insurance protection for thee underserved £6.5B tradespeople market in the U.K., has launched its new Smart Van Alarm and tracker, an IoT solution that the company says gives insurers better underwriting data, reduces fraudulent claims, and enhances protection for tradespeople.
The launch, which follows ARMD’s recent graduation from the Lloyd’s Lab program, completes the company’s technology ecosystem, with its free tool inventory app, online tool shop, and dedicated tool insurance for tradespeople. The new solution makes it possible to call customers instantly in the event of a break in. The device also doubles up as a vehicle tracker, providing vital data for both underwriting and claim purposes.
The IoT device is self-installed, with no technical knowledge required, and is controlled via the ARMD app, so tool inventory, security, insurance, and van location are all in one place, according to an ARMD statement. “This makes the whole process easier for insurers and tradespeople, and massively speeds up claim payments from many weeks to a few days,” the ARMD statement says.
“We are thrilled to have our Smart Van Alarm up and running after many months of product development, and initial user feedback has been really encouraging,” comments Devin Chawda, co-founder and CEO, ARMD. “Our aim is to give tradespeople peace-of-mind knowing they are better protected, and insurers better risk mitigation and underwriting data. This development could not have come at a better time, as we have just successfully graduated from Cohort 9 of the Lloyd’s Lab and will shortly be launching our much-anticipated fundraise, to accelerate the next stage of our growth in the massively underserved tradespersons’ market.”
“It has been an impressive 10 weeks and ARMD has been an incredible team to have in Lloyd’s Lab Cohort 9; the energy they brought to the Lab was fantastic,” says Rosie Denee, head of Lloyd’s Lab. “It is so great to see the excitement from the market about ARMD’s products and I’m looking forward to seeing what comes next.”
ARMD describes its vision as to making 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. The company says its complete package will be offered within one simple monthly payment, and includes complete insurance coverage, seamlessly embedded for maximum protection.
The company describes its as solution consisting of four core elements:
- Record, with a free tool inventory app for tradespeople to digitally record their tools;
- Protect, with this IoT ARMD Smart Van Alarm;
- Insure, with online tool insurance; and
- Replace, with an online shop selling over 30,000 tools from major brands.
Source: Insurance Innovation Reporter
