LMI Group has taken full ownership of Financial Services School, bolstering the claims management specialist’s ambition to grow its presence in the insurance education sector.

Earlier this month the Melbourne-based loss management company bought out the 50% share of the school’s founder and CEO Val Phinn, after she decided to retire.

The school has since been rebranded as LMI College.

LMI Group Chairman and founder Allan Manning, who will manage the day-to-day running of the school as CEO, sees areas of opportunity ahead.

“Over time we will open up more into the general insurance space, and we are going to run courses for risk surveyors,” Professor Manning told insuranceNEWS.com.au.

“Insurance is a very complex product and we cut across every type of industry and the policies are all different. The technical skill side is the area where we think we have it, and we want to pass that knowledge to the next generation.”

Claims is an area where the school hopes to eventually offer a course as the Government prepares to make claims-handling a financial service.

“We want to introduce a qualified course for claims professionals,” Professor Manning said. “We think we can add a lot in that space. We have more resources now.”

He says the school currently has just under 600 students.