Managing general agent UK General Insurance (UKG) is teaming up with insurtech Arma Karma to launch a new personal possessions product.
The new contents insurance product, targeted at Arma Karma’s customer base of students, young professionals and renters, is underwritten by UK General and insured through Watford Insurance Company Europe. It provides theft, loss, and accidental damage cover up for up to five valuable personal belongings – these include clothing, cycles, and gadgets – that are either inside or outside policyholders’ homes.
Premiums for the new product are paid through a monthly subscription, a release from UK General said. In addition, the policy can be cancelled at any time.
“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,” said Arma Karma co-founder and CEO Ben Smyth. “We wanted to find a simple and effortless solution that provides cover for the things our customers really care about.”
Ben Smyth also stated that the new product is “based on simplicity,” in terms of what is covered and how the payment works, which allows for “a super-efficient and easy customer journey.”
“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,” added UKG CEO Tim Smyth. “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.”
Tim Smyth commented that UKG also appreciates Arma Karma’s strong ethical stance, noting how the latter donates 25% of its policy revenue to a charity of the customer’s choice each month. Arma Karma also pledges to raise £1 million in charity donations over the next three years as part of its ongoing community project, “#projectmillion,” the CEO outlined.
