ARMD, the award-winning InsurTech that is flying the flag for the £6.5bil underserved tradespeople market, today announces that it has paid its first claim since launching in October 2021 in days not weeks, as is the industry average, with its innovative ‘completing the loop’ tool insurance solution.
The claimant, Andy Jordan, is a freelance commercial joiner. He has been in the trade for 13 years, but has never been robbed before. He wanted, however, to get tool insurance as he sees tradespeople and their tools as, according to him, “sitting ducks”. Andy commented further, saying: “ARMD’s tool insurance was half the price of my previous insurance, which was great. I then had my first ever claim; I don’t think any other insurance company would pay this quick. I recommended ARMD to the lads at work who could not believe how fast it was paid!”
ARMD’s integrated InsurTech solution helped Andy to be more organised by logging his tools on his inventory in the ARMD app. Having tools and receipts in one place enabled him to submit a fully completed claim form, FNOL, very soon after the crime happened. This inventory feature also helps insurers to make sure that only registered tools can be claimed for, helping to reduce risk of fraud.
ARMD calculated the loss for the insurer, RSA, and presented the information in one easy format, including proof of purchase, images of the stolen tools, and police crime reference number. There was no back and forth needed between all parties, as the information was of such high quality that no questions were asked. This accelerated the claims payment based on ARMD’s estimate from several weeks to a few days.
Stephen Holland, co-founder of ARMD, said: “When Andy’s claim came in, it was great to see how well our integrated solution with its online inventory worked, enabling us to pay this claim so quickly. The ARMD app and insurance genuinely helped him to get back to work fast. Well done to RSA too, for being such an innovative insurer and embracing our InsurTech solution.”
Super-fast, super easy:
· The crime happened on Thursday afternoon
· FNOL was early Thursday evening
· Submitted to RSA Friday morning
· Approved Tuesday late afternoon
· Payment arrived in claimant’s bank the following Tuesday
· Claim paid within eight working days of FNOL
ARMD’s vision is to make it easier and more affordable for tradespeople like Andy to protect their livelihoods, ultimately becoming the provider of choice for the business essentials tradespeople need to work, including their tools, van, and security.