Spotlight on LMIRisk Coach – Knowledge & CIP/CPD Points

A broker is required to exercise reasonable skill and care in the performance of his or her duties. To make reasonable enquiry and identify relevant details of the insureds business.

Whilst standards of skill expected of a broker may vary there is, as they say, no dispensation granted to beginners and it is paramount therefore that a basic understanding of a client’s industry/occupation is a key element of any client facing activity.

For that reason the LMI Group developed LMIRiskCoach a web based, risk management and insurance information portal, first released in 2009 and which today covers 5,800 industries (8,300 inclusive of industry aliases!) and receives over a quarter of a million page hits per year. It is an evolving database 75% + of which have the Hazzard Index and/or Risk Description completed and which can be queried either by Keyword or ANZSIC (2006) code.

Whilst the relevant industry home page of LMIRiskCoach provides a concise summary of risks and their suggested priority ratings (see Note 1 – Hazard Index) the user can also drill down to properly understand the specific industry and hazards associated therewith.

Note 1: Hazard Index (sample industry)

As the insurance landscape and client risk profiles evolve continuously (cybercrime being a good example) continuing professional development is an important practice and one that has been mandated to members of both the Australian & New Zealand Institute of Insurance & Finance (ANZIIF) and National Insurance Brokers Association (NIBA).

ANZIIF requires members to complete and record a minimum of 25 CIP points of professional development activity each calendar year, whilst NIBA mandates that members undertake relevant continuing professional development and obtain a minimum of 50 CPD points over each two year period.

LMIRiskCoach is a certified training portal and whilst logged in and actively engaged in research CPD/CIP points are being accrued. A certificate of participation (see Note 2 – Certificate sample) can be printed showing the number of points of learning that have been clocked up over time whether or not the portal is being used as a guide to client risk or for personal professional development.

Note 2 – Certificate sample

If you would like more information on how LMIRiskCoach can help you, then contact our head of eService Steve Manning on 03 – 9835 9900 or email