LMI Group is pleased to announce the release of two new products within their suite of electronic research services for the insurance industry. LMI RiskCoach and LMI PolicyCoach were unveiled at the recent Steadfast Group conference on the Gold Coast.
Steadfast Group, seeing the considerable benefit to their members, were the first to subscribe to the two online research tools. A project team has been set up at LMI Group to integrate the services into Steadfast workflow procedures, so that the enormous data base of risk information and the expert policy drafting system will be available to support their brokers seamlessly.
LMI RiskCoach is a repository of information covering loss statistics, a hazard index, significant exposures, service and process, materials and equipment and an underwriting checklist for each industry. The online service also provides photographs and video footage of losses, and a glossary of terms, both categorised by industry. The package contains training modules, including video bytes for use by the broker to understand the risk and/or to assist in explaining the cover and risk to their clients.
Significant support is being offered by organisations such as the Fire Brigades, Munich Re and many direct insurers who all see benefits to their staff but whose input will also continue to enhance the knowledge base. LMI Group’s Claims Services division also add to the system the ‘lessons learned’ from every claim they handle, keeping it continually updated.
LMI PolicyCoach takes the information gathered in LMI RiskCoach and tailors the policy to meet the needs of the client (at this stage, the system caters for ISR and marine cargo policies). This will not only assist the broker, but by pre-broking the endorsements with the underwriting panel, it will bring discipline and cost savings to the underwriters. Steadfast has commissioned LMI Group to prepare further modules on business pack and PI policies. These will be released shortly.
As one broker stated upon seeing the power of the online sites, "these developments are the most revolutionary improvements in knowledge management and the most powerful tools the insurance industry has had available to them in my lifetime."
To learn more about either LMI RiskCoach or LMI PolicyCoach, please contact LMI Group on 1300 LMI Group (1300 564 47687) or email expert@LMIGroup.com.