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ARMD, the award-winning InsurTech that is flying the flag for the underserved £6.5B tradespeople market in the UK, today announces that it has been accepted for Cohort 9 of the prestigious Lloyd’s Lab accelerator programme, following a rigorous pitch-day process.
In total, nine InsurTechs have been accepted for the programme, which is now run by Rosie Denée at Lloyd’s and starts on 26 September for a 10-week period of mentoring and product development.
ARMD’s integrated InsurTech solution, which is already live, generating revenue, and paying faster claims, is reinventing the way tradespeople protect their livelihoods, with a unique combination of embedded insurance and parametric insurance, designed to increase sales, reduce risk, and minimize downtime.
Devin Chawda, co-founder and CEO of ARMD, said: “We are delighted to have gained a coveted place in the Lloyd’s Lab Cohort 9, against stiff competition from 120 InsurTechs, worldwide. Our aim, with the support of the great mentors at Lloyd’s, will be to follow in the fine footsteps of previous success stories like Flock, Floodflash, and Kovrr, as we launch our next funding round before the year-end.
“The focus for this Lloyd’s Lab Cohort is solutions that enable the Lloyd’s market to better understand customers’ risks, respond even faster to claims, or provide a better service to its customers. ARMD does all of these things, and more.”
Ed Gaze, CEO of Innovative Risk Labs and ex-head of the Lloyd’s Lab, said: “I was impressed by ARMD’s ‘completing the loop’ solution, which provides a complete customer journey and has the potential to dramatically improve the claims experience. Also, there was a lot of interest in ARMD’s approach to embedding insurance at the point of sale for tools, with options for both conventional and parametric insurance.”
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 complete insurance coverage, seamlessly embedded for maximum protection.
ARMD’s unique solution consists of four core elements: firstly, Record, with a free tool inventory app for tradespeople to digitally record their tools; secondly, Protect, with an ARMD Guard smart van alarm (launching 2022); thirdly, Insure, with digital embedded tool insurance; and finally, Replace, with an online shop selling over 30,000 tools from major brands.
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