Delivering a foundational policy administration system to a game-changing startup in just 1 week

By Genasys
11 March 2024
Policy administration software
Delivering a foundational policy administration system to a game-changing startup in just 1 week
 

In 2021 ethical MGA, Arma Karma, launched to address a gap in the market for renters – covering high-value items in and outside the home, as well as abroad. Their standout differentiator? Arma Karma offers monthly subscription-based policies for household content insurance which can be cancelled at any time. The business also donates 25% of its commission revenue to one of four charities of the policyholder’s choosing – making their business model incredibly unique.

Genasys has been the proud insurance technology partner to Arma Karma since its inception, with the core Genasys policy administration platform enabling it to grow from an initial ambitious idea to a multi-award-winning MGA.

 A customer-centric partnership

Arma Karma came to Genasys as a start-up on a limited budget. They needed a policy administration system that could support their revolutionary insurance proposition and a partner that brough into and believed in their goals with a flexible approach to delivery and budget.

“We knew when we brought a product to market,” Ben Smyth, Arma Karma CEO and Founder, explained, “it had to incorporate the absolute highest levels of tech to ensure it was a seamless process for customers to sign up. The barriers to taking out insurance needed to be almost negligible so that people would take out the cover.”

“The one way to beat ‘big insurance’ is to be nimble, fast, and agile… to be able to approach and deal with challenges quickly in a way that larger insurers can’t. This was key to gaining an advantage. We made this happen by choosing the right partners, like Genasys, that could support and help us.” Ben Smyth, Arma Karma CEO and Founder.
Arma Karma team

Ben noted that Genasys stood out for future-proof tech and how the software and team could address any problems that arose together at a rapid pace.

“We want to work with like-minded businesses and in Genasys, we’ve found our long-term technology partner. They are totally committed to delivering for us and, by putting their money where their mouth is, have gone above and beyond the realms of a traditional partnership to help our fledgling business thrive.” 

And, that partnership has thrived beyond what might normally be expected for a software-insurer relationship; as testament to the level of expert support Arma Karma has received from Genasys, and the success of the relationship, Genasys’s CEO, Andre Symes, was delighted to accept a role as a non-executive director to the Arma Karma board.

Delivering a platform in just one week

Due to Arma Karma’s ambitious targets, Genasys was asked to deliver the foundation platform in less than four weeks. This would enable an initial concept launch, followed by a full market launch in less than six weeks.

Did we manage to do it? We went better! Genasys delivered the foundational platform in just one week, enabling rapid-testing of the brand-new product and time to adapt to learnings before the full launch.

Genasys delivered the solution with the scalable back-end systems of Build and our policy administration system that had the capability of managing Netflix-like subscription payments from customers, as well as the capacity to easily plug into other service providers through APIs as Arma Karma scaled, with a key consideration being the commission structures needed for their charity donations, which was build out in a 25/75% commission value structure.

Arma Karma also used Genasys’s API and built their own front-end on top of those.

“It’s a great way to do things. It’s allowing Genasys to flourish in what they do best which is product building behind the scenes and lets us plug-in on the front-end and support the system there – something we couldn’t have done alone.”

Getting to market quickly and adapting when needed

Following the test phase, adaptations to the system included revolutionising the customer journey and a whole raft of product changes influencing the back-end platform and its reporting. Genasys delivered several dozen incremental changes in just a few days that were made in parallel work streams, as both teams learned more about the user experience. 

All work was delivered on time and on budget, to support the full market launch.

 The changes made to the platform accounted for an increase in users reaching a point of price on the customer journey, an increase in users accepting quotation prices, and an increase in weekly new policies for Arma Karma. They now have thousands of subscribers and are scaling at an impressive rate.

Ben noted that Arma Karma’s products were built with adaptability top of mind. Laying a solid foundation with Genasys’s software allows for instant changes to be made as and when they are needed. This was seen with the recent rise in fraud across the insurance industry and Arma Karma needing to put measures in place to prevent any risks. Genasys’s integrations made this easy to do across Arma Karma’s tech stack and has allowed them to become a frontrunner in the insurance industry.

“We were built to be scalable and adaptable and had to be on a platform that allows us to make changes easily. We’ve got lots of new products coming soon and there’s lots of excitement around this. Having a system that is so adaptable has allowed us to explore lots of new areas and has helped us grow, with more growth on the way.” Ben Smyth
 
Ben Smyth Arma Karma

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