Risk-and-Compliance

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

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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

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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.

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Initial Consultation and Engagement
Initial Consultation and Engagement

Understand the client's needs and scope of the valuation

Data Collection and Research
Data Collection and Research

Gather all necessary information and documents

Analysis and Valuation Approach
Analysis and Valuation Approach
Select and apply the appropriate valuation method:
  • Cost Approach
  • Market Approach
  • Income Approach
  • Risk Assessment
Value Modeling and Calculations
Value Modeling and Calculations

Perform detailed calculations to arrive at the asset’s value

Review and Quality Assurance
Review and Quality Assurance

Ensure thorough accuracy and reliability of the valuation

Reporting
Reporting

Prepare a detailed and comprehensive valuation report

Follow-up and Updates
Follow-up and Updates

Conduct periodic reviews or updates as required

Claim Intake
Claim Intake

Collect essential details about the incident, including time, location, and nature of the hazard, as well as any immediate actions taken by the policyholder

Initial Assessment
Initial Assessment

Validate policyholder's information and coverage details. Conduct an initial evaluation of the reported damages.

Documentation
Documentation

Gather supporting documentation, such as photos, videos, police reports, witness statements, and any other relevant evidence

Inspection and Investigation
Inspection and Investigation

Arrange for a professional adjuster to inspect the damage in person. Conduct a thorough investigation to verify the claim’s validity.

Evaluation
Evaluation

Determine the cost of repairs or replacement based on the inspection and gathered evidence

Claim Decision
Claim Decision

Make a decision on the claim based on the investigation and evaluation findings

Settlement
Settlement

Calculate the final settlement amount after negotiation

Resolution and Closure
Resolution and Closure

Ensure all aspects of the claim are resolved

Policy Administration
Policy Administration

Create, issue, and renew policy

Premium Billing and Collection
Premium Billing and Collection

Generate premium invoices, process premium payments, send reminders for unpaid premiums

Claims Processing
Claims Processing

Claim intake, verification, assess, approval, and reporting

Customer Service and Support
Customer Service and Support

Provide support for policyholders, handle complaints and grievances via phone, e-mail, and chat

Compliance and Reporting
Compliance and Reporting
  • 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

Our team’s deep training in risk management and compliance is foundational to our service delivery. We specialize in enhancing the capabilities of our staff through continuous education in the latest regulatory standards and best practices. This ongoing development ensures our role as a competent risk and compliance consultant, providing services that exceed the complex and dynamic demands of our clients who choose to outsource compliance services.
Developing-Skilled-Customer-Support-Teams
Compliance-and-Security

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?

Outsourcing your risk and compliance processes brings several strategic benefits.

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

Enhancing Insurance Operations Through Expert Outsourcing Services

FAQs

We use proven risk management methodologies to customize our approach, ensuring it effectively addresses the unique risk profiles of our clients. These strategies are integral to our risk assessment services, ensuring thorough and proactive risk mitigation. Additionally, our expertize extends to small business compliance outsourcing, where we apply these frameworks to help them manage and mitigate risks effectively.
Our compliance framework is rigorous -regular audits, continual training, and strict governance ensure adherence to international standards like GDPR, a part of our comprehensive outsource compliance services.

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.

Data security is paramount for us. We use encryption for communications, secure data storage, strict access controls, and ongoing staff training to ensure data security.

Ready to enhance your risk and compliance operations?

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