Leading sports and leisure insurer Sportscover has unveiled two initiatives as it looks to diversify its offering beyond insurance.

It has purchased a 50% equity share in live streaming company My Sport Live, and launched a new risk management and communication app for sports teams.

My Sport Live streams events not considered high profile enough for mainstream TV, like the Hockey Victoria Premier League, while the Sportscover Vital app contains updated medical and emergency details for sports clubs and associations.

This crucial information is instantly available to coaches, managers and trainers on mobile devices so they will know who to call in an emergency, and have access to the medical history of any injured player.

The app also enables instant communication with team members when arranging training and other activities.

Sportscover Australia CEO David Lamb told insuranceNEWS.com.au the company has been working on the diversification strategy for two years.

“In some senses we are a sports business that provides insurance,” he said. “Our value proposition is our experience and knowledge of sport.

“Insurance is essentially a commodity and, although it will always be our core offering, we are looking at increasing the value proposition to the client.

“It will help retain clients and also generate independent revenue.

“We have modest expectations early on, but would expect significant non-insurance revenue within five years.”

An independent division is being established to provide the new sports services.