Mitigating insurance fraud and potential risks
The Elixir Intelligence database is a risk management service provided by CRIF to a closed group of leading UK life insurance companies. The database was built over 20 years ago to support compliance with FCA reporting regulations and ongoing information sharing.
Relevant data is compliantly shared between members to mitigate potential risks from IFAs who target insurers 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.