Glasgow, Lanarkshire (PRWEB) May 16, 2008
Kwik-Fit Insurance has acquired a secure electronic delivery solution called SDX that is designed to offer secure messaging technology to support the delivery of motor insurance e-certificates. The solution is supplied by SSP, who specialise in IT solutions for the financial services and insurance industries was agreed in a three year deal.
The move is in response to proposed legislation, which is expected to be introduced in 2009 that will permit the secure electronic delivery of car insurance certificates. SDX ensures that motor insurance certificates via e-mail are safe from unauthorised access and have the ability to be fully tracked. With growing concern over identity theft and fraud, software suppliers have been working on making a secure system for the insurance industry to issue certificates to its customers.
Whilst there are benefits of electronic delivery of insurance certificates both the Financial Services Authority (FSA) and other stakeholders in the insurance sector are increasingly concerned about identity theft and fraud. A recent review of data security systems by the FSA across a number of financial services companies stated that more must be done to ensure that customers' personal data does not fall foul of identity theft in the UK.
In terms of what this deal means for Kwik-Fit Insurance and their online business, managing director Martin Oliver said, "The internet has had a significant impact on our business and is now the main source of motor insurance sales. Customers buying online not only demand low prices and high levels of service, but also expect electronic delivery of documentation immediately".
Kwik-Fit Insurance estimate that online car insurance revenue accounts for approximately 70% of all car insurance policies bought through the company. The company also outlined that business benefits will include better customer service, and postage and administration savings. Another factor will the increased environmental benefits, which are becoming more of an issue that for both businesses and consumers. Also a major online benefit of this venture is the enhanced user experience when visiting the Kwik-Fit Insurance website.