Insurtech Makes Renting More Ethical

Start-up instruct brings ethics to its subscription-based policy for renters, helping them to make a positive impact.

Bringing Ethics to Insurance

Start-up insurtech Arma Karma has officially switched on the green light, with renters now able to insure the items they care for most, all whilst making a positive impact on the world around them.

B-Corp pending Arma Karma donates 25% of their own policy revenue to a charity of the customers’ choice from the businesses selected panel.

Founder and CEO Ben Smyth recognised the barriers for renters when it comes to insuring their contents, noting that a traditional contents policy doesn’t work for renters.

“I’m the first one to admit that I myself didn’t have a contents insurance policy because it just seemed like an added expense and extra hassle. We’re able to keep our policy cost down by only focussing on the items our customers care about, and as they pay through a subscription they’re not tied into a typical annual policy.”


Paying it Forward

And while covering these items at home and abroad, customers can be giving back through the amount they pay each month, with a panel of beneficiaries, four which rotate each quarter.

The charitable contributions have a prominent place within the business’ three-year goals, intending to raise £1m collectively for the charities within that time. For the first quarter, customers will be able to choose between Shelterbox, Railway Children, Rainforest Trust, and Young Minds.


B-Corp Pending

The positive impact doesn’t stop there, as the company is currently one of the few insurance businesses in the UK to be B-Corp pending, and has 434 trees to their name through climate action enterprise Ecologi, leading to a 24-ton reduction in carbon.

Smyth, who recognised the shortfalls from previous experience within the industry was motivated to creating a company that was both ethical and is evolved to meet the demands of the demographic.

“It’s been so positive to see just how many of us are seeking this change for the better, and are beginning to act on it. Ultimately, everyone stands to benefit.” he explains.

Working with academics from their base at Essex University’s Innovation Centre and Norwich-based digital accelerator Tech Velocity, Arma Karma already has its sights set on other insurance hurdles.

Launching during a pandemic has come with its challenges, but any setbacks have offered opportunities to ensure that the start-up formed the right alliances, which will be instrumental for the future.

“It’s been quite a journey to get to this point of our launch and we’ve thrived on collaboration. Now we just can’t wait to fulfil our mission of transforming insurance for good, one policy at a time, hopefully by working together with more like-minded businesses along the way!”