(October 26, 2016 – Toronto, ON) Risk Control Technologies Inc., the industry-leading provider of loss control software solutions for the insurance industry, today announced ICAT has successfully deployed its loss control management system to streamline loss control and field inspection operations. Headquartered in Broomfield, Colorado, ICAT is a highly specialized and disciplined underwriter of catastrophe insurance risk.
“Our loss control program is a fundamental aspect of our underwriting philosophy and process,” said Carie Ferdani, VP of Underwriting Operations and Initiatives for ICAT. “As a company committed to inspecting 100% of our book of business, a flexible and robust loss control solution is a must. Throughout our relationship with Risk Control Technologies, it became apparent that they not only have great technology, but a great team to back it up.”
ICAT leverages its unique loss control process to achieve a strategic advantage in the marketplace, using on-site inspections as a tool not only to help mitigate risk, but also to ensure the accuracy of data which is fed into its proprietary risk models. In 2015, ICAT performed more than 38,000 loss control inspections on insured risks, allowing its team to:
- Verify key risk characteristics
- Assist underwriters in making pricing and eligibility decisions
- Provide key input to the claims team for damage assessments
- Building relationships with clients through face-to-face interactions
By implementing a new inspection management software platform, ICAT is aiming to enhance workflow efficiency and enable more robust data-mining.
“ICAT truly is a unique company that brings a level of sophistication to the underwriting and loss control processes that really sets them apart from the market,” said Sean Banikin, Vice President of Risk Control Technologies, “working with their team to roll out the system was a real pleasure.”
As a highly flexible and configurable ‘off-the-shelf’ loss control management system used by an array of loss control focused insurers, the Risk Control Technologies platform integrates seamlessly with other ICAT core systems and functions.
About Risk Control Technologies Inc.
Risk Control Technologies Inc. provides insurance carriers a unique combination of high tech loss control software and industry expertise. This powerful combination allows teams to achieve their overall risk management objectives through the use of both technology and industry best practices. Today, Risk Control Technologies’ community of loss control leaders includes some of the most progressive loss control focused carriers in the world. For more information, visit www.riskcontroltech.com.
About ICAT
ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane and earthquake prone regions of the United States recover from natural disasters.
Business is produced in partnership with select retail agents and wholesale brokers. ICAT is an underwriter at Lloyd’s of London through ICAT Syndicate 4242, rated “A” (Excellent) by A.M. Best Company and “A+” (Strong) by Standard & Poor’s. The ICAT Syndicate 4242 has been a top performer in the Lloyd’s market over its nine years of underwriting at Lloyd’s.
The company also underwrites on behalf of other U.S. based insurance companies and other syndicates at Lloyd’s of London. Boulder Claims, a subsidiary of ICAT, has successfully managed more than 12,000 catastrophe claims since its founding in 2005, including those from Hurricanes Charley, Frances, Katrina, Dolly, Ike, Isaac, and Sandy. For more information, visit www.icat.com.
