Devin Chawda: Co-founder & CEO, ARMD: Embedded insurance - the next frontier for a serial entrepreneur (177)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 13 February 2022

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Embedded insurance was one of the hot topics of 2021, with a growing number of successful propositions emerging that target potential customers with insurance at the point of purchase.ARMD is one of a crop of new companies putting embedded insurance into action. It offers theft and damage insurance to UK tradespeople purchasing tools through its online shop and supplies IoT sensors to help protect their vehicles. Co-founder and CEO Devin Chawda joins Matthew to discuss how the technology works, why customers like embedded insurance, and the challenge of building a business and raising funds during Covid-19 lockdowns.Talking points include: Market research and identifying pain points Aligning e-commerce and embedded insurance products Using app technology to expedite digital claims Gathering new data to assess risk and pricing Raising funds via crowdsourcing To learn more about what embedded insurance means in practice and the potential opportunities, download our 'Insurance: to Embed, or not to Embed' report. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to our newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: Summarise the benefits of aligning e-commerce and embedded insurance products to enhance overall customer experience List some of the technological developments allowing better claims experience for embedded insurance products Identify key impacts of the pandemic on the growth of new insurance businesses If your organisation is a member of InsTech London and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 177 page of the InsTech London website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	Good morning, good afternoon.
0:15.0	Where ever you are, well, I happen to be sat in a we work as we've now or returned to work,
0:20.0	but given all the activity going around here,
0:21.7	who knows what might happen. But having scrolled through the listening statistics just now to look
0:26.2	and see who's listening to us, we most definitely have a global audience. There's hundreds of
0:30.8	you downloading us in India, France, Japan, Australia, Netherlands, Canada and Germany, multiple
0:36.9	thousands from the UK and the US. And there's
0:39.6	enough of you to fill a room in Thailand, Argentina, Brazil and South Korea. Definitely time for us to
0:45.3	get instead back on the road. And thanks to all of you for the words of encouragement you've been
0:49.7	sending in, please do keep them coming or better still tell someone else if you'd like what you are hearing.
0:55.6	Well, this week we are returning to one of our favorite and most popular topics, the founder's
1:00.2	story. Devin Trada has co-founded and sold one business and along with some of his former team
1:06.0	has now set up armed. Devon doesn't have a background in insurance but having been asked by many of his
1:12.2	former clients if he could offer them help protecting their tools and equipment, he realized
1:17.3	that insurance is where he wanted to make his next move. Well, we're delighted to have armed
1:21.3	as a member of INSTECH and Devin is following in what is now a well-established track of fast-growing early
1:26.5	stage companies that have
1:27.9	been working with us. Many of the others have gone on to become some of the success stories
1:31.7	of the last 70 years. If you think you could benefit from a bit of help, then drop us an email
1:36.4	hello at instec.london or contact me Matthew Grant via LinkedIn. Now, Armd also recently won
1:43.5	the Insurathon Prize, sponsored by lawyers
1:46.2	Norton Rose Fulbright. Nicco Berry is a partner at NRF and a longstanding supporter of Instac.
	...

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