ARMD have announced the launch of their new smart protection solution for tradespeople as a tool theft crime wave hits London businesses.
The new tool protection solution from the Insurtech firm is aimed at supporting tradespeople through an inventory management app, smart iOT sensors and smart insurance. The ARMD offering is a radical reinvention of the way that tradespeople can protect their businesses.
According to research from Direct Line for Business, thieves steal tools from a van every 23 minutes, equating to more than £80 million worth of stolen tools since 2017. In addition, a separate study by Volkswagen recently revealed that 55% of London based tradespeople had been the victim of tool theft in the past year alone.
In response to the rising number of thefts reported, Duncan Jackson, Chief Commercial Officer said: “The circa 3 million tradespeople in the UK are under protected and underserved and feel let down with the existing insurance experience. 54% have suffered from tool theft but only 44% have tool insurance. Not only do they need to replace the tools at significant cost but also have the consequential cost of not being able to work. For the minority that are insured it can take weeks to get a settlement.”
To decrease risk and reduce downtime for tradespeople, ARMD integrates technology with insurance. The mission of ARMD is to make protecting tradespeople’s livelihoods easier and more inexpensive.
When a tradesperson’s van is attacked, the ARMD Guard smart van alarm uses motion sensors to provide immediate phone notifications, as well as a GPS tracking feature to track down the vehicle’s whereabouts. The Inventory Management software from ARMD also keeps track of the tools a tradesperson possesses, as well as providing verified proof of ownership.
“ARMD has built an offering where tradespeople are at the heart of our solution ensuring that there is minimal disruption to business activity in the event of a loss,” added Jackson.
RSA underwrites ARMD’s dedicated tool insurance, which can be purchased alongside power tools on the app, which is a novel distribution channel for insurance that bypasses the traditional broker market. If a claim is necessary, a Claim Report can be automatically filed to the insurer from the app, eliminating the need to go through the time-consuming, inconvenient, and stressful procedure of speaking with a claims manager.
Matthew Stokes of Dennis Security added: “The scale of tool theft is a huge problem for tradespeople and it is good to see that ARMD are doing something about it. Their unique solution gives tradespeople the protection and peace of mind that they need so that they can concentrate on running their businesses.”
Andrew Tyler, Owner of Custom Heating and Coolong, reflecting on the benefits of having the app stated: “Keeping track of my tools is really difficult. The ARMD app is exactly what I need to organise them and to manage my receipts, so I know how much they are worth.”
The ARMD online tool shop, which is a unique industry alternative, allows claimants to purchase over 30,000 products to guarantee that tradesmen can rapidly get their businesses back up and running as part of ARMD’s commitment to minimise business disruption.