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 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.
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