4. Arma Karma

Company: Arma Karma

Founder(s): Ben Smyth, Chris Frogner

Website: www.armakarma.insure

Description: Flexible contents insurance for renters, whilst donating 25% to charity




Arma Karma launched in April 2021 after two years working on a product which addressed a gap in the market for renters, while and going some way to better the world around us.

Setting yourself apart in a busy insurtech market and meeting increasing on-the-go digital demands can be a challenge. But Arma Karma has worked with platform provider Genasys to create an innovative yet natural customer journey and have several key differentiators which makes them an appealing option for their target market.

The company worked with Ageas and Miramar, to build flexible cover for renters’ high-value items in and outside the home, as well as abroad. Their integrated risk management provided by their partner Percayso reduces fraud and ensures successful underwriting of what would otherwise be a high-risk portfolio.

Their subscription-based policy means subscribers can cancel at any time and rolls several features from standard policies into one that is more relevant and useful.

25% of their commission revenue goes to a charity of the customer’s choosing, and they have fostered eight charity partnerships, focusing on different types of causes to ensure that customers can always support an organization close to their hearts. They have set their sights on raising £1 million collectively for their charity partners over the next three years.

Arma Karma is currently one of the few insurance companies to be B-Corp Pending certified, with full certification gained further along in their company journey. They have also pledged to be fully carbon-neutral (through partners Ecologi), and have planted 434 trees to this end.

Having a good relationship with their tech and charity ecosystem was vital this past year, especially given the disruption and subsequent delays caused by the pandemic. Their partner providers were poised and ready to go as soon as we Arma Karma, minimising further costly delays.

With existing affiliations in the student community from their base at the University of Essex Campus, they also have ample opportunity to make connections in the future with other like-minded, ethical businesses and have already made headway on building these affiliations. This will stand them in good stead for their fundraising drive in the summer, allowing them greater room to grow both their product suite and their team.

In January, Arma Karma was listed among Jonathan Swift’s “Seven insurtechs to watch in 2021”, featured in the Insurance Post.