Ben Smyth, chief executive and co-founder of Arma Karma, tells Insurance Times why his firm deserves to be named MGA Challenger of the Year at this year’s Insurance Times Awards
Explain briefly about your entry to the MGA Challenger of the Year category.
We entered this category because we are truly shaking up the way insurance is done for renters.
Less than half of renters in the UK are insured and two-thirds of those aged 18 to 30 see insurance as pointless.
We developed an insurance product to cater to the actual needs of this renting generation, covering the few items that they care about wherever they go - inside, outside and abroad - on a monthly basis.
What do you think makes your entry stand out or different from your competition?
We have developed our own product to address a problem that we ourselves as a team had when it came to contents insurance.
Rather than taking an off-the-shelf contents insurance product, we were intent on driving real change in the industry by tackling renters’ engagement with insurance head on, all while making a positive impact on the world around us as a certified B Corporation.
Non-profit network B Lab’s B Corp Certification measures a company’s entire social and environmental impact.
What would winning this award mean to you and your firm?
Winning this award would help us to continue this incredible momentum in bringing real change to the insurance industry.