RISC Methodology
Our RISC Methodology
At IMAGE, we aim to promote the insurance as a risk management tool and spread the awareness of the same to the insureds.
We do this by following the RISC methodology:
| R – Risk-Cover Audit | I – Insurance Program | S – Servicing | C – Claims Management |
|---|---|---|---|
| Risk Identification & Gap Analysis: | Designing & Execution of Effective Insurance Program: | Implementation of effective insurance Program: | Holding hands in the Moment of Truth: |
| 1. Analysis of industry, economic, social and geographical trends to discover new and emerging risks | 1. Risk Assessment: Identify insurable & non-insurable risks | 1. Monitoring the program at periodic intervals | 1. Presenting the claim to the insurers/reinsurers on behalf of the clients |
| 2. Risk Scenario Modelling/Simulation wherever necessary | 2. Risk Transfer of insurable risks to Insurance Company | 2. Modifying/Altering the program for material changes wherever possible in currency or at the time of renewal | 2. Incident/Claim Intimation to the insurance company |
| 3. Risk Inspection wherever necessary | 3. Advising on either Retention or Avoidance of non-insurable risks | 3. Advising on adequacy of covers at all levels | 3. Appointment of Surveyor/Investigator/Claims Adjuster from the Insurance Company |
| 4. Risk-Cover Gap analysis in the existing program, if any | 4. Advising on Risk Management through appropriate insurance methods | 4. Providing replies to be shared with the stakeholders whether Principlas, Clients, etc. on their respective due-digilence queries with regards to existing insurance covers | 4. Assisting throughout the survey/investigation process and helping in document and reply preparation |