Formed in 2000, the Elixir Intelligence database is a risk management service provided by CRIF Decision Solutions Ltd to a closed group of leading UK life insurance companies. The database was built 20 years ago to support compliance with FCA reporting regulations and ongoing information sharing.
The Elixir Intelligence community of life insurers use the system to validate and monitor the entire lifecycle of their business relationships with individual IFAs. Supporting confidence, transparency and efficiency in relation to the commission risk associated with intermediated sales in the Life Insurance industry.
Relevant data is compliantly shared between members to mitigate potential risks from IFAs who target insurers in order to commit commission fraud and those who repeatedly require extensive and long-term commission credit to subsidise working capital. This in turn protects insurers from bad debt losses and reputational risk, assists with the control of quality of business introduced, helps fulfil TCF objectives and supports mutually beneficial relationships with their IFA partners.
System features include a CRIF third generation commercial scoring system, commercial and regulatory data, a news and alerts service, reporting functionality and best practice advice.
The system was upgraded in 2016 to reflect advances in technology and working practices. The web-based, hosted solution has been integrated into CRIF’s Decision Hub platform providing users with a unified experience including access to additional tools and data services from CRIF. As well as taking on board all new web technology standards the user experience has been improved with a fresh look and feel and a responsive self-adapting user interface facilitating access from multiple devices and web browsers.
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Products and Services
From a wealth of powerful data, an easy to understand identity verification and risk assessment report is produced. Combining a brief results summary with a detailed granular report, ID Check delivers identity verification tools which are both user-friendly and highly informative as well as a corresponding score.
Quick and user-friendly solution aimed at enabling insurers and legal representatives to screen the personal details of an individual and validate their identity against multiple sources to manage business risks, confidently conduct due diligence for anti-money laundering purposes and effectively prevent fraud.
Customised Workflow Systems
Workflow systems are specifically developed to support insurance companies and government bodies in automating and streamlining processes, enabling clients to electronically submit and receive messages, saving time and cost, improving internal procedures and gaining a competitive advantage.