InsurTech ARMD forms MGA to partner with brokers in £6.5B UK tradespeople market

ARMD, the award-winning InsurTech that is flying the flag for the underserved tradespeople market in the UK has partnered with leading wholesale broker distribution platform Sparta Insurance Services with a new product that provides 24/7 protection for tradespeople’s tools.

ARMD now not only offers tradespeople a better way to protect their livelihoods, but also opens the door for brokers and other intermediaries to support their trade clients with a unique, high value offering to fix the gap in a largely broken market. The new insurance product, known as ‘ARMD Tools In Transit’, provides up to £10,000 for tools left securely in a van 24/7, unlike other products that insist customers must empty their van each night.

For decades, tradespeople in the UK have been underserved and under protected, with a van being broken into every 15 minutes. 83% of tradespeople do not have tool insurance (On The Tools Whitepaper).

ARMD have solved this issue by offering a complete insurance protection package, consisting of both proactive protection and rapid reimbursement, empowering tradespeople to better prepare and defend themselves from tool theft. Operating as an MGA, ARMD has partnered with Sparta Insurance Services, with Lloyd’s underwriting capacity, to open up its award-winning solution to UK brokers and intermediaries.

“This is a huge development in a market that has been crying out for innovation,” said Devin Chawda, CEO at ARMD. “Finally, trade businesses can have the protection and peace of mind they have been wanting for years, and brokers can now tap into a broader customer base with a market-leading product tailored for their specific needs.

“We are very pleased to be partnering with Sparta Insurance Services and their broker partners across the UK with our first broker insurance product for tradespeople. We’re also working on a number of new partnerships and products for this sector,” Devin added.

“We have been very impressed with the innovative approach ARMD has to understanding the needs of commercial customers and providing solutions,” said Andrew Doidge at Sparta Insurance Services. “We are delighted to offer their tools insurance product as an option to our broker partners, knowing it can help them make a difference to their tradespeople customers.”

The ‘ARMD Tools In Transit’ product also includes an app-based tool inventory, so tradespeople can log their tools and receipts to provide evidence of ownership. This is an extremely valuable feature that enables super-fast five-day claims payments (compared to a five-week industry norm), which can also be done straight from the app incorporating the tool inventory.

The app also includes an option to purchase ARMD Guard, a smart alarm and vehicle tracker that sends instant notifications to users’ mobile phones if their van or tools are compromised, which also helps to validate claims.