Group Optimum Launches Online Quotations Solution
Taxi insurance policies provided in minutes with new FSA compliant web content management system from Impact Applications..
…15 March 2005: Financial services and insurance provider, Group Optimum, has launched, a new nationwide online insurance quotation engine for taxi-drivers seeking monthly or quarterly insurance cover.Designed and developed by Impact Applications, Cabs2000 deploys unique ‘zero-client’ technology that enables its network of sub-brokers to provide taxi drivers with insurance quotations and policies in ‘real-time’ via a secure web-browser interface. The system minimises the administrative overheads and costs typically associated with insurance provision, guarantees compliance with newly introduced FSA (Financial Services Authority) regulations and automatically integrates with the industry-wide Motor Insurance Database.
The system was developed after Group Optimum identified a gap in the taxi-cab insurance market, estimated to be worth in the region of £20 million premium income annually, and started working with policy underwriter, Lloyds of London syndicate Jubilee Motor Policies, in mid 2004.Nigel Hendry, Managing Director of Group Optimum, explains, “When we signed the relationship with Jubilee Motor Policies to act as their broker in this non-permanent part of the market, we realised that the traditional, paper-based processes were highly inadequate and no longer cost-effective for Jubilee, ourselves, our sub-brokers and therefore also this taxi-driver community.”The system is delivered and administered online using Impact Applications’ ‘zero-client’ methodology.
The system provides Cabs2000, their sub-brokers nationwide and the Lloyds syndicate with ‘real-time’ communication, up-to-date data and – critically – no costly software to implement or maintain.Proposals and policies can be generated by sub-brokers and receive instant online approval from Cabs2000. Proposal documents, insurance certificates and schedules of cover are produced instantly using centrally held templates. The software also incorporates extensive anti-fraud measures including identity verification and claims history detection.John Wilkinson, underwriter for Jubilee Motor Policies at Lloyds, explains, “Today’s demanding market requires an advanced, efficient system capable of meeting high standards both administratively and regulatory.
Cabs2000 has been able to embrace all the latest FSA legislation and MID issues, which will fundamentally change the provision of motor insurance in this market.”Commenting on the choice of Impact Applications as development partner, Nigel Hendry says, “Within minutes of our initial meeting, Impact Applications was able to demonstrate a clear understanding of what we were trying to achieve with the system. In addition, their ‘zero-client’ technology was quick and easy to roll-out nationally, was compatible with the majority of IT systems currently used by our sub-brokers and easy and cost-effective to manage moving forwards.”