The UK insurtech startup ARMD has won a place on the latest Lloyds Lab accelerator programme. The innovation lab, which offered a place to nine insurtech startups from 120 international applicants, is a 10-week programme designed to mentor and drive forward product development.
ARMD, which launched in 2021, already offers an integrated InsurTech solution, which is generating revenue by reinventing the way tradespeople protect their livelihoods. The insurtech offers a unique combination of embedded insurance and parametric insurance, designed to increase sales, reduce risk, and minimise downtime.
ARMD breaching the tradesman protection gap
ARMD’s strategy has always been to make insurance 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. Moving forward, a package will be offered within one simple monthly payment and includes complete insurance coverage, seamlessly embedded for maximum protection.
There are four core elements for the product, which involve recording purchases with a free tool inventory app for tradespeople to digitally record their tools; protecting with an ARMD Guard smart van alarm (launching 2022), insuring with digital embedded tool insurance; and finally, replacing items with an online shop selling over 30,000 tools from major brands.
Speaking about ARMD’s entry into the accelerator programme, Devin Chawda, the 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.”
Meanwhile, Ed Gaze, CEO of Innovative Risk Labs and ex-head of the Lloyd’s Lab, added: “I was impressed by ARMD’s ‘completing the loop’ solution, which provides a complete customer journey and has potential to dramatically improve the claims experience.”