One of the driving forces for me personally and the LMI Group, where it is enshrined in our mission statement, is to reduce the level of under insurance. We have tackled this previously with products like BICalculator.com, the Australian Building Cost Calculator and the Under-insurance calculator, the latter two available as free apps.
What we have struggled with is the accurate calculation of business assets. We therefore, came up with the Business Assets Sum Insured Calculator, or BASIC for short.
The product was launched yesterday in the United Kingdom, where it is being demonstrated to a number of major insurers in that market. This is the first occasion where we have chosen to launch a new product in the United Kingdom but we are pleased to say we have interest with our first insurer within Australia also.
The product has been in development for many years and we are confident that it will, over time, greatly reduce the level of under-insurance which will be of great benefit to insurers, brokers, insureds and the communities our industry protects.
I head over to the UK this evening to support Steve Manning in the launch of the product, however when I return I am more than happy to show the product to anyone interested.