The cover is designed for students, young professionals and renters as the partners eye creating a ‘fundamental’ change in contents insurance, says insurtech founder

UK General Insurance (UKG) has partnered with insurtech Arma Karma to underwrite a personal possessions product for students, young professionals and renters.

The product, which is underwritten by UKG and insured through Watford Insurance Company Europe (WICE), provides theft, loss and accidental damage cover for up to five personal belongings – including clothing, bicycles and technology, both inside and outside the home.

Premiums are paid via a monthly subscription and can be cancelled any time.

Ben Smyth, who founded Arma Karma alongside chief financial officer Chris Frogner in 2019, said: “It is our intention to fundamentally change how contents insurance is perceived and provide our customers with a product that truly represents how they live and how they want to buy.

“We wanted to find a simple and effortless solution that provides cover for the things our customers really care about.”

Challenging traditional concepts

UKG chief executive Tim Smyth said the insurtech’ goal is to “challenge the traditional concept of contents insurance”. 

“It’s a great fit for UKG’s specialist property appetite and we are confident that it will play well with customers looking for a simple way to insure their belongings,” he said, adding that Arma Karma’s “strong ethical stance” was a contributing factor to choosing the insurtech as a partner.

Arma Karma donates 25% of its policy revenue to a charity of the customer’s choice each month. It has also pledged to raise £1m in charity donations over the next three years as part of its community project #projectmillion.

Smyth added: “We’ve had a brilliant start already in the short time we’ve been working with UKG.

“To have an established player be so responsive and supportive to what our subscribers are looking for is critical for us, and it’s exciting to see how this collaboration is already having a positive impact.”