Premium Risk and Compliance Back-office Services
Risk and Compliance for Enhanced Risk Management, Process Efficiencies, and Internal Controls
Regardless of industry, businesses need to achieve a regulatory standard in accordance with governance, risk, and compliance.
IMS Datawise combines technology, industry know-how, and modern talent models to deliver data-driven insights and a streamlined process for tackling the complexities of risk and compliance. With our premium risk and compliance back-office outsourcing services, you reduce operational costs, de-risk operations, and focus on your core capabilities.
Key Risk and Compliance Outsourcing Services
Valuation & Appraisal Services
Delivering detailed and accurate asset evaluations, ensuring high standards of quality and efficiency.
- Expert-led Valuations
- Comprehensive Appraisal Reports
- Standards and Compliance
- Streamlined Service Delivery
Hazard Claims
Supporting comprehensively for property hazard claims, from identification to resolution, as part of our risk and compliance services.
- Damage Notification
- EOB and Scope Review
- Contractor Spreadsheet Preparation
- Bid Submission
- Completion Evidence (CE) Submission
- Client Communication
- Supplemental Work Coordination
- Proceeds-Based Repairs
- Field Approval
- Quality Control During and After Repairs
- Photo Documentation for Recovery
Insurance Service Processing
Reviewing on-site inspection reports, ensuring detailed scrutinization, and accurate and risk-averse final insurance recommendations, complemented by our risk assessment services.
Understand the client's needs and scope of the valuation
Gather all necessary information and documents
- Cost Approach
- Market Approach
- Income Approach
- Risk Assessment
Perform detailed calculations to arrive at the asset’s value
Ensure thorough accuracy and reliability of the valuation
Prepare a detailed and comprehensive valuation report
Conduct periodic reviews or updates as required
Collect essential details about the incident, including time, location, and nature of the hazard, as well as any immediate actions taken by the policyholder
Validate policyholder's information and coverage details. Conduct an initial evaluation of the reported damages.
Gather supporting documentation, such as photos, videos, police reports, witness statements, and any other relevant evidence
Arrange for a professional adjuster to inspect the damage in person. Conduct a thorough investigation to verify the claim’s validity.
Determine the cost of repairs or replacement based on the inspection and gathered evidence
Make a decision on the claim based on the investigation and evaluation findings
Calculate the final settlement amount after negotiation
Ensure all aspects of the claim are resolved
Create, issue, and renew policy
Generate premium invoices, process premium payments, send reminders for unpaid premiums
Claim intake, verification, assess, approval, and reporting
Provide support for policyholders, handle complaints and grievances via phone, e-mail, and chat
- Compliance with local, state, and federal insurance regulations
- Generate reports for management, regulators, and stakeholders
- Protect sensitive customer and policy data
Excellence Through Specialized Training
Compliance and Security
Commitment to compliance and security is at the core of our operations. We adhere to high data protection and regulatory compliance standards, including ISO 27001:2013 and ISO 27701:2019. Our risk and compliance services ensure that all client data and processes are managed with utmost security.
Why Outsource to IMS Datawise?
Cost Efficiency
Our risk assessment services significantly reduce operational expenses, allowing your resources to be allocated more effectively.
Access to Expertize
Gain from our deep understanding of global compliance requirements and risk management strategies, which can be too resource-intensive to develop in-house.
Strategic Resource Allocation
By taking on the heavy lifting of compliance and risk management, we free up your internal teams to focus on core business goals.
Case Studies
For insurance companies, the perennial challenge is to keep customers satisfied consistently. They can achieve this by processing claims promptly, resolving issues, and making timely yet accurate decisions. This challenge (mainly) has remained at the top over time because of…
FAQs
Yes, our capability extends across borders. We handle compliance for global firms, navigating the complexities of various international laws to keep your operations seamless and compliant.