In a recent discussion about the evolving landscape of property insurance, Ashleigh Cashman, president of ICAT, emphasized the importance of a strong company culture that prioritizes transparency, collaboration, and continuous improvement. This approach is crucial in ensuring that the company can effectively respond to challenges in underwriting, loss control, and claims management.
Cashman highlighted four key pillars that define ICAT’s culture. The first is fostering an environment of open dialogue where team members can challenge each other and share insights. This not only encourages intellectual curiosity but also strengthens trust within the team.
The second pillar focuses on thought leadership. Cashman explained that ICAT aims to be at the forefront of the market by continuously learning and improving its practices. This commitment to excellence in underwriting and claims management sets ICAT apart in a competitive industry.
Technical skills make up the third pillar. Cashman noted that ICAT goes beyond standard practices to enhance the skills of its team. Ongoing training and knowledge sharing are essential to maintaining high standards in their work.
The final pillar is community. This reflects ICAT’s belief that trust and respect are vital for productive collaboration. Cashman stressed the importance of celebrating successes and sharing knowledge across teams to build a supportive workplace.
ICAT has also integrated its underwriting, loss control, and claims processes to create a seamless workflow. Their Boulder Claims team plays a critical role in this integration. Established in 2005, Boulder Claims provides comprehensive claims services for policies underwritten by ICAT. Cashman mentioned that using aerial imagery and AI helps assess risks, but personal inspections remain a priority for their loss control team.
The collaboration between underwriting and claims is particularly beneficial when addressing emerging trends, such as claims inflation. Cashman explained that feedback from Boulder Claims helps ICAT adjust its underwriting guidelines to stay responsive to market changes.
One notable example of this collaboration is the implementation of a mutual appraisal clause in 2021, which has helped mitigate loss creep, especially during significant events like Hurricane Ian. Cashman pointed out that the ongoing dialogue between claims and underwriting leads to better decision-making and improved outcomes for clients.
ICAT conducts thorough reviews of its performance after major events to refine its risk strategies. Cashman emphasized that this holistic approach is essential for delivering reliable results to their partners and clients.
In summary, ICAT’s commitment to a culture of transparency, collaboration, and continuous improvement positions the company to effectively tackle the challenges of the insurance industry. By integrating its underwriting and claims processes, ICAT not only enhances its operational efficiency but also ensures that it remains a trusted partner for its clients.