CRIF Decision Solutions successfully upgrades the Elixir 2000 risk management solution to support ongoing information sharing between the life insurance user community and compliance with FCA reporting regulations. Elixir 2000 is used by a closed group of 13 leading UK life insurers to enable them to electronically report commission debts to the Financial Conduct Authority [FCA] to comply with statutory requirements.
The Elixir 2000 community of life insurers also use the system to validate and monitor the entire life-cycle of their business relationships with individual IFAs, supporting confidence, transparency and efficiency in relation to commission credit and debt. Relevant data is compliantly shared between Elixir 2000 insurer users to mitigate potential risks from unethical IFAs who may systematically target multiple insurers in order to commit commission fraud and IFAs who may repeatedly require extensive and long-term commission credit due to financial instability. This in turn protects insurers from reputation risk, assists them in realising their TCF objectives and supports mutually beneficial relationships with their IFA partners.
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