LMI Group’s new tool for calculating business assets has drawn interest from UK insurers, with an Australian version now under development.

The Business Assets Sum Insured Calculator – BASIC for short – was “well received” when it was introduced in the UK last month, MD Allan Manning told insuranceNEWS.com.au.

“Several are working with us to carry out testing,” he said. “As we have been working in this market, we have found a genuine desire by quality insurers and brokers to address the issues of underinsurance and selling on price.”

The product is designed to help insurers, brokers and others in the industry calculate business assets more accurately. BASIC is the seventh electronic product from the Melbourne-based claims specialist. It is the first time LMI Group has established a new product in the UK.

“We had shown components of BASIC to selected insurers in Australia, but there was not the same strong interest as there was in the UK,” Professor Manning said.

“Having said this, we always planned to develop an Australian version as well as for other English-speaking countries.”

He says an insurer in Australia has arranged for a product demonstration.