New wedding insurance proposition Save The Date launches

The team behind insurtech Arma Karma – a monthly home insurance subscription – has entered the weddings insurance market with the launch of a new digital proposition, Save The Date.

Founder of Arma Karma and Save The Date, Ben Smyth, said that the launch follows his own recent purchase of wedding insurance, a process he found “outdated and inflexible” and which did not “reflect the way many couples now plan and pay for their weddings”.

Save The Date said it will offer three core levels of cover – basic, classic and deluxe – across a range of wedding values, alongside additional options for non-standard coverage requests. Policies will be underwritten by Bspoke Group, with capacity supplied by Accelerant.

The basic package will offer protection for cancellations, rearrangements, supplier failures, photo and video, car and transportation and personal liability, with higher value packages including cover for wedding rings, gifts, cakes, overseas documents and wedding stationary, among others.

The firm added that the new offering was “intended to give couples greater flexibility over the level of protection they purchase, rather than directing them towards a single standardised product”.

Clear and flexible proposition

Smyth said: “We saw an opportunity to create a clearer and more flexible proposition, supported by a digital journey that allows customers to understand their options and obtain a price quickly.

“Weddings are among the largest purchases many people will make, but customers are not always given a clear view of the cover they are buying or the circumstances in which they will be protected.

“At Arma Karma, we have focused on understanding younger customers and developing insurance propositions that are more relevant to the way they live and buy. Save The Date applies that experience to a market where we believe there is considerable scope to improve both the product and the customer journey.”