ARMD, a prominent insurance Managing General Agent (MGA) championing the £6.5 billion underserved tradespeople market in the UK, has made a significant addition to its leadership team.
Alan Hickman, formerly the Head of Operations at LV= Broker and founder of Cycler, has joined ARMD as co-founder. His role will be pivotal in spearheading the MGA broker strategy for the company.
The announcement comes as ARMD solidifies its commitment to expanding its insurance business exclusively through broker channels, marking a strategic shift in its distribution approach. The move underscores ARMD’s dedication to serving the needs of tradespeople across the UK.
In December 2023, ARMD forged its first partnership with Sparta Insurance Services, a wholesale broker distribution platform. Together, they introduced a new insurance product tailored to provide round-the-clock protection for tradespeople’s tools. The success of this collaboration has propelled ARMD to intensify its efforts in the broker market, signaling a phase of accelerated growth for the company.
“We are thrilled to have someone of Alan’s calibre, expertise, and experience of working with brokers join ARMD. In his role, he will lead the shaping and execution of our MGA broker-focused strategy, and drive innovation and development of our product portfolio,” said Devin Chawda, CEO at ARMD.
“Since launching our first product at the end of 2023, we have had great feedback, as many brokers had struggled to secure comprehensive coverage at the right price for their trade clients from the incumbent insurers,” he continued. “Alan understands the intricacies of the intermediated insurance marketplace, and as such he is a perfect fit for us in forging strong partnerships in the market.”
Alan Hickman commented on his appointment, saying: “The ARMD leadership team have a strong background of delivering innovative technology solutions for tradespeople. Having known the team for some time, advising on insurance elements of their MGA business, it made sense to join as co-founder to help the business scale and achieve its ambitious growth plans with brokers in the UK.
“I’m looking forward to building upon long lasting relationships and creating new ones with brokers and distribution partners who need a trusted, resilient, and innovative insurance partner to deliver strong performing products, with rapid claims payments, to their tradespeople and commercial vehicle clients.”
ARMD is now actively recruiting brokers up and down the UK to distribute their market-leading solution as it is the perfect ancillary product, a win-win for both brokers and clients.
UK tradespeople are currently under protected, with a tool theft happening every 15 minutes. Furthermore, 83% of tradespeople do not have tool insurance. While larger firms may have insurance, often it may not provide adequate cover, for example by requiring people to empty their vans every night.
The insurance product, known as ‘ARMD Tools In Transit’, provides up to £10,000 cover for tools left securely in a van 24/7. It includes a web-based tool inventory, so tradespeople provide evidence of ownership to obtain fast five-day claims payments (compared to a five-week industry norm).
