ARMD, an InsurTech servings the tradespeople market in the UK, has launched an IoT solution to give insurers better underwriting data.
The company’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.
ARMD’s new Smart Van Alarm and tracker aims to give insurers better underwriting data, reduce fraudulent claims, and enhance protection for tradespeople.
The launch, which follows ARMD’s recent graduation from the prestigious Lloyd’s Lab programme, completes its technology ecosystem, with its free tool inventory app, online tool shop, and dedicated tool insurance for tradespeople.
ARMD said it means that customers are now called 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. This makes the whole process easier for insurers and tradespeople, and massively speeds up claim payments from many weeks to a few days.
This complete package will be offered within one simple monthly payment, and includes complete insurance coverage, seamlessly embedded for maximum protection.
Devin Chawda, co-founder and CEO of ARMD, said, “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. Our aim is to give tradespeople peace-of-mind knowing they are better protected, and insurers better risk mitigation and underwriting data.
In December last year, Data analytics provider Verisk agreed to acquire Mavera, a Swedish InsurTech firm, for an undisclosed fee.
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