Some things do surprise – 115 changes on BIcalculators!
Some of the numbers surprise me such as:
- 1,800 policies reviewed and new comparisons completed for use by subscribers
- 400,000 comparisons completed by subscribers
- 3,000 current policy comparisons available at any one time
But the one that really stood out to me was that we had to make 115 changes to our Business Interruption calculators on LMI BIcalculator.com due to changes in policy wordings. Some are only minor but others were major. For example, one insurer changed their wording 3 times in 6 weeks.
The good thing for the users of the service is that as soon as LMI PolicyComparison are advised of a new business pack or stand-alone BI wording, then it goes to Steve Manning as the Product Manager and he and or Angus Stewart review the wording and make any changes necessary to the calculator. This way a broker or Insured is assured of calculating the sum insured or declared value in accordance with the policy wording.
One of the reasons for the change is that 5 insurers have agreed to waive co-insurance if LMI BIcalculator is used. The only change to the system is that the revenue figures used must be drawn from the client’s BAS statement.
These are just the changes to the calculator. The entire BI explained and training modules (Coach’s comments) have been reviewed and revamped as well.
I am proud that the take up of business interruption has increased since the introduction of BIcalculator, with longer Indemnity Periods and more additional benefits sold. It is for this reason, coupled with the insurers desire to see more businesses fully protected that so many insurers are now waiving co-insurance where BIcalculator is used.
Without wishing for a minute to tempt fate, it is still true that no broker has successfully been sued for professional negligence in arranging business interruption insurance where they have used BIcalculator.com.