UK General Insurance (UKG) , the Leeds-based personal lines MGA, has teamed up with award winning Colchester-based insurtech, Arma Karma, to underwrite a personal possessions product for Arma Karma’s customer base of students, young professionals and renters.
Ben Smyth, who founded Arma Karma alongside CFO Chris Frogner in 2019, said “It is our intention to fundamentally change how contents insurance is perceived and provide our customers with a product that truly represents how they live and how they want to buy. We wanted to find a simple and effortless solution that provides cover for the things our customers really care about.”
The product, which is underwritten by UKG and insured through Watford Insurance Company Europe (WICE), provides theft, loss and accidental damage cover for up to five valuable personal belongings including clothing, cycles and tech, both inside and outside of the home.
The premium is paid via a monthly subscription and it can be cancelled at any time. Ben said: “The product is based on simplicity, both in terms of the cover and the sales and payment processes, which have been designed to make for a super-efficient and easy customer journey.”
Speaking of the launch, Tim Smyth (UKG CEO), said: “Arma Karma set about to challenge the traditional concept of contents insurance. We are delighted to have been given the opportunity to work with them to bring such an innovative and customer focussed product to market. It’s a great fit for UKG’s specialist property appetite and we are confident that it will play well with customers looking for a simple way to insure their belongings.”
He added: “We also liked Arma Karma’s strong ethical stance,” and explained that Arma Karma donate 25% of its policy revenue to a charity of the customer’s choice each month and have pledges to raise £1m in charity donations over the next three years as part of their community project #projectmillion.
Ben stated: “We’ve had a brilliant start already in the short time we’ve been working with UKG. To have an established player be so responsive and supportive to what our subscribers are looking for is critical for us, and it’s exciting to see how this collaboration is already having a positive impact.”