Streamline and evidence your fair value compliance using the VisRisk solution. Distribute, gather, assess and report – all the information required to deliver a key element of the FCA’s Consumer Duty Price and Value Outcome across large and complex distribution networks.
Overview of VisRisk
VisRisk is a technology platform built for compliance professionals and designed to be able to host a number of complementary tools that provide insurance firms with value-added and cost-effective end-to-end solutions to a range of regulatory obligations and challenges. Whilst automating and streamlining often manual processes undertaken by firms, the platform also critically ensures that the information, audit trail and evidence necessary to meet requirements is retained..
The Fair Value Assessment toolkit automates product manufacturers’ sharing of information across large and complex distribution chains and subsequent processes of gathering responses, assessing the data provided and reporting on the information – all in a way that simplifies, facilitates and enables firms to meet the FCA requirements on Fair Value Assessments.
Fair Value Toolkit offering...
Key Features of VisRisk
Visrisk offers product manufacturers a number of key features and benefits, including:
- The flexibility to adapt to your needs, with workflow capabilities that can replicate your business practices simply and effectively including responsibilities across teams and organisations, delivering efficiency, clarity and ultimately cost savings;
- Agility – getting up and running with VisRisk is quick and easy. Your current Fair Value Assessments can be migrated onto VisRisk, providing an intuitive solution that specifically works for you and renders you self-sufficient;
- Data entry through enhanced digitalised market forms, allowing for the simplified collection of accurate and structured product data across multiple parties;
- Efficiency from integrated intuitive workflow capabilities to streamline the Fair Value Assessment, providing internal peer review options and external form circulation;
- Automated communication to improve and facilitate the interaction between manufacturers, co-manufacturers and distributors, with secure real-time conversation flows between parties;
- Controls monitoring with real-time, sophisticated dashboards to show compliance against the FCA’s PROD 4 requirements visually in a simple and interactive manner;
- Reporting capabilities to assess Fair Value compliance, analysing responses, enabling the identification of the total cost to the end customer throughout the distribution chain and reporting to stakeholders at all levels;
- Drive change utilising the information and workflow management capabilities to track and monitor actions internally and externally.
Who Would Benefit From VisRisk’s Fair Value Assessment Solution?
VisRisk is designed to help all product manufacturers meet their obligations under the Product Governance rules on fair value. In the FCA Handbook, PROD 4.2.14AR says:
“For a non-investment insurance product, a firm must ensure that the product approval process identifies whether the product provides fair value to customers in the target market including whether it will continue to do so for a reasonably foreseeable period (including following renewal).”
Ten Ways VisRisk Simplifies Fair Value Assessments
- Use of standardised forms
The standard market manufacturer and distributor forms have been amended to allow for the collection of structured data that can be easily analysed.
- Manages Co-Manufacturing Scenarios
The system identifies the role of a co-manufacturer in the distribution chain, requesting they complete a specific form that reflects their role in the chain.
- Workflow management across first and second lines of defence
There is intuitive workflow allowing peer review by the manufacturer of their product forms, facilitating review by both the first and second line of defence, as necessary.
- Automated communication across complex distribution networks
The manufacturer is able to automate communications to distributors, requesting form completion, and allowing parties to communicate openly on the system with audit trail retained.
- Facilitates management of complex combined products
The solution enables the distributor to select products as required from a product library and thereby complete their forms for combined policies.
- Transparency through the distribution chain
The solution provides transparency so manufacturers and distributors are able to view and report ongoing progress towards Fair Value Assessment completion.
- Identify total cost to end consumer
The above-referenced transparency enables manufacturers to identify total costs to the end customer through each distribution chain – the key to the Product Value Information Exchange (PVIE).
- Enable product governance compliance
Dashboard and reporting capability enables assessment of the delivery of good customer outcomes and product compliance against PROD 4.2 of the FCA Handbook.
- Action management
Creation of an action point database to identify any recommendations arising from performance of the fair value exercise and progress towards implementation.
- Enables market comparisons
With the agreement of other system users, the solution has the capability to provide anonymised data comparing specific product data against that of the market.
If you would like to know more about the way the VisRisk fair value assessment toolkit could help your firm, please speak with one of our specialists.
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