One of the driving forces for the LMI Group and 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 previously 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.
Both Managing Director, Allan Manning and Director, Steven Manning will be in the UK for the launch of the product and upon return will also demonstrate and show anyone interested in Australia.
We are excited for the introduction of LMI BASIC and look forward to showing you all.