The collaboration introduces a groundbreaking insurance product, ‘ARMD Tools In Transit,’ providing round-the-clock protection for tradespeople’s tools. Notably, 83% of tradespeople in the UK currently lack tool insurance, creating a substantial opportunity for brokers to cater to this overlooked market segment.
ARMD’s solution enhances protection for tradespeople and also positions brokers and intermediaries to offer a distinctive and high-value product, addressing the existing gap in this largely neglected market.Unlike conventional offerings that mandate emptying vans each night, ‘ARMD Tools In Transit’ offers coverage of up to £10,000 for tools securely left in a van 24/7. The novel approach aims to transform the way tradespeople safeguard their livelihoods in the face of frequent van break-ins, which occur every 15 minutes in the UK (On The Tools Whitepaper).
Recognising the longstanding issue of underserved and underprotected tradespeople, ARMD’s comprehensive insurance protection package combines proactive measures and swift reimbursement processes. This empowers tradespeople to proactively prepare for and defend against tool theft, marking a significant shift in the industry’s approach to addressing this prevalent challenge.
Operating as a Managing General Agent (MGA), ARMD has strategically partnered with Sparta Insurance Services, leveraging Lloyd’s underwriting capacity. This collaboration aims to extend ARMD’s award-winning solution to the broader UK broker and intermediary network, offering a transformative and much-needed solution for tradespeople in the country.
New insurance solutions for tradespeople
The ‘ARMD Tools In Transit’ offering comes complete with an app-based tool inventory feature, allowing tradespeople to conveniently log their tools and receipts for ownership verification. This invaluable capability significantly expedites the claims process, providing super-fast five-day claims payments— a noteworthy improvement compared to the industry standard of five weeks. Furthermore, users can seamlessly initiate claims directly from the app, which integrates seamlessly with the tool inventory.
Within the app, tradespeople also have the option to acquire ARMD Guard, an advanced smart alarm and vehicle tracker. This additional feature promptly notifies users via their mobile phones if there’s any compromise to their van or tools. Beyond enhancing security, ARMD Guard also plays a crucial role in validating claims, adding an extra layer of protection and assurance for tradespeople.
Speaking about the new partnership, Devin Chawda, CEO at ARMD said: “This is a huge development in a market that has been crying out for innovation. 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.
He continued: “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.”
Andrew Doidge at Sparta Insurance Services also commented, saying: “We have been very impressed with the innovative approach ARMD has to understanding the needs of commercial customers and providing solutions.”
He added: “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.”
