Overview
Arma Karma is a personal lines MGA and subscription insurance platform operating as an Appointed Representative of Innovative Risk Labs Ltd (FCA-authorised, FRN 609155) in the UK. The company offers monthly item-level insurance covering personal belongings for individual consumers, with a focus on renters and younger demographics.
Coverage spans 14 product categories including electronics (phones, laptops, tablets, cameras, smartwatches, earphones, portable gaming consoles), fashion accessories (handbags, shoes, eyewear, jewellery), and lifestyle items (bikes, hobby gear). Policies cover accidental damage, loss, and theft both domestically and internationally. Capacity is provided through Innovative Risk Labs Ltd. Customers may insure up to five items per subscription.
Founded in 2021 by Ben Smyth and Chris Frogner, Arma Karma raised GBP 1.5M in angel/seed funding in 2022 and a further USD 1.8M seed round in 2023 through the Oxford Investment Opportunity Network. In March 2025, the company was acquired by Leeds-based MGA Bspoke Group, which cited Arma Karma's proprietary plug-and-play subscription technology as the primary rationale. The company holds B Corp certification and donated 25% of subscription commission revenue to customer-chosen charities; over 5,831 trees have been funded through an Ecologi partnership.
Products & Services
Monthly Item Insurance Subscription
Subscription-based insurance covering personal belongings on a monthly, cancel-anytime basis. Customers select up to five items from 14 supported categories and pay a monthly fee starting from GBP 3.99 per item. Multi-item discounts apply progressively.
Key Features
- Accidental damage, loss, and theft -- domestic and international
- Up to five items per policy across 14 product categories
- No hidden fees; start, amend, or cancel anytime
- Promotional bundle: Phone + Laptop at GBP 9.99/month (combined value up to GBP 2,500)
Target Users: UK renters and younger consumers seeking item-level, flexible coverage without annual commitment
Distribution: Direct-to-consumer via website; StudentBeans integration for student segment