The Australian and New Zealand Institute of Insurance and Finance has launched updated versions of its educational website and mobile application.

The Know Risk website was created in 2010 to help improve consumer understanding of insurance and risk management. It features information on life and general cover, videos and links to social media.

Its new My Risk section allows users to enter details on age, gender, family, work, house and interests, then directs them to information on the risks they are likely to face.

The Insurance Tracker mobile app allows users to store all relevant policy information in one place.

The new version lets users take photos of their valuables to create an inventory and record the total value. The app also has a new icon and menu system.

Federal Financial Services Minister Bill Shorten launched the updates last week, saying the initiative “empowers individual consumers with information, allowing them to make better decisions about how they manage the risks in their lives”.

The app is available from the Apple App Store and will be available for Android next month.