‘The Art of Underwriting’: Why Accountability is Key in ICAT’s Culture
Broomfield, CO – August 7, 2025 — At the International Catastrophe Insurance Managers (ICAT), a leading underwriter of catastrophe insurance since 1998, accountability is more than a buzzword—it’s the cornerstone of a culture that drives disciplined risk management and innovative underwriting. With a mission to help homeowners and businesses recover from disasters, ICAT’s unique approach to underwriting, bolstered by advanced technology and a tight-knit feedback loop, has positioned it as a trailblazer in the property and casualty insurance industry.
ICAT’s Chief Underwriting Officer, Robert Klepper, emphasizes that underwriting is “somewhat of an art,” where decisions aren’t always universally agreed upon. “It’s important that all the underwriters are displaying accountability,” Klepper told Insurance Business America. “Underwriters need to be accountable for those decisions.” This ethos is embedded in ICAT’s four cultural pillars: passion, integrity, technical skills, and community. These principles guide the company’s operations, ensuring that every risk assessment is transparent, data-driven, and aligned with its commitment to delivering predictable results for capital providers.
Unlike traditional insurers, ICAT integrates underwriting, loss control, and claims operations into a seamless feedback loop, largely through its wholly-owned subsidiary, Boulder Claims, founded in 2005. This integration allows for real-time insights that refine underwriting guidelines. For instance, ICAT’s six-person loss control team conducts physical inspections of every underwritten property, providing immediate feedback to underwriters. “We will have someone inspecting a property, and they’ll call an underwriter and say, ‘This isn’t the quality we want—let’s put this on notice of cancellation immediately,’” said Klepper. This proactive approach ensures that risks are addressed before they escalate into claims.
Technology plays a pivotal role in ICAT’s accountability-driven culture. The company leverages artificial intelligence (AI) and geospatial tools, such as aerial imagery, to enhance risk assessment. According to a Capgemini report, 62% of insurance executives believe AI improves underwriting quality and reduces fraud, a view ICAT embodies. By combining AI with data science, ICAT analyzes location-level attributes for residential and commercial properties, enabling precise risk evaluations. “One of the game-changers for us has been the aerial imagery,” Klepper noted, highlighting how AI can detect subtle risk factors—like roof conditions or nearby hazards—that might be missed during on-site inspections.
This technological edge doesn’t replace human expertise but enhances it. ICAT emphasizes collaboration between underwriters and brokers, ensuring that both parties operate with shared, accurate data. “The broker acts as both advisor and advocate for the client,” Klepper explained. “More insight helps in the transaction and overall risk transfer decisions.” This alignment reduces uncertainty, allowing for pricing that reflects actual risk rather than assumptions, which Klepper notes can inflate costs.
ICAT’s commitment to accountability also extends to its response to market challenges. Following the 2017 hurricane season, which saw heightened public adjuster activity, ICAT adjusted its underwriting guidelines and pricing based on lessons learned from claims data. Chief Risk Officer Kevin Sharp highlighted the importance of physical inspections and updated valuations to combat underinsurance, particularly in an era of rising inflation and construction costs. “What a property was insured for last year may no longer be adequate this year,” Sharp said, underscoring the need for constant recalibration.
With over 50,000 policyholders across catastrophe-prone regions like the Gulf Coast, Eastern Seaboard, and Hawaii, ICAT’s disciplined approach has paid off. Boulder Claims has settled over 43,000 claims and disbursed more than $3.4 billion to restore lives and businesses. The company’s online platform, ICAT Online, further streamlines the process, offering agents and brokers 24/7 access to quotes and resources, reinforcing its promise of “security, service, recovery.”
As the insurance industry faces increasing volatility from climate change and regulatory shifts, ICAT’s culture of accountability, underpinned by advanced technology and a collaborative spirit, sets a high standard. By treating underwriting as both an art and a science, ICAT continues to deliver tailored solutions that protect clients and empower its team to navigate the complexities of catastrophe insurance with confidence.
Tags: ICAT, underwriting, accountability, catastrophe insurance, AI, risk management, Boulder Claims