Transforming multi-peril insurance, including private market in the U.S.
Empowering effective risk diversification for insurers
Latest version of No-HARM wildfire model now available in InsitePro®
DENVER, CO, April 8, 2021 /PRNewswire/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial intelligence solutions, today announced that North American insurance monthly recurring revenue (MRR) has grown by 10% since the end of 2020. The growth is fueled by strong renewals, including key InsitePro® clients renewing subscriptions at higher rates.
InsitePro is a SaaS package that delivers property-specific risk analytics for underwriting flood insurance anywhere in the U.S. and Canada, using Intermap's proprietary, global, 3D elevation data. One of the recent renewals is California Flood Insurance Services in San Diego. "Intermap is a valued partner in our operation," said Aaron Farmer, President of California Flood Insurance Services. "We love InsitePro because it's simple to use, and their API platform is seamless with our cloud rating service. Plus, they are always there if we need them."
The U.S. flood market is one of the largest untapped sources of new premium for insurers, with over $5 billion in unwritten premium available. InsitePro helps insurers move into flood insurance profitably while enabling effective risk diversification.
In addition to flood, InsitePro supports wildfire underwriting. Intermap is partnering with Anchor Point to deliver the National Hazard and Risk Model (No-HARM) wildfire model for the United States. No-HARM model is the most sophisticated and accurate wildfire model available. "We are very excited to be launching Version 4 of No-HARM," said Chris White, Chief Operating Officer of Anchor Point. "Wildfire behavior is changing almost annually, and we have combined the latest fire science with our extensive fire experience to realize a truly unique model for assessing and pricing wildfire risk. For wildfire, we feel there is no other model that compares with No-HARM for accuracy, innovation or consistency." Version 4 of No-HARM is available now in InsitePro, which makes complex geospatial models like No-HARM accessible to non-specialized users by eliminating the need for expensive GIS software and large teams of analysts. Underwriters can now manage multiple related perils, like flood and fire, in a 3D+ environment on a global scale, through an intuitive elevation data tool.
The combination of wildfire and flood risk is critical in the western states as they are frequently interrelated. The Colorado School Districts Self Insurance Pool (CSDSIP) is an example of how InsitePro customers combine flood and wildfire risk ratings to better cover their portfolio.
"Intermap's enterprise software business continues to grow subscription revenue despite the impact of Covid-19," said Patrick A. Blott, Intermap's Chairman and CEO. "Recurring revenue has become the foundation for our business, and we continue to grow in insurance in both North America and Europe. Intermap's InsitePro software is transforming flood risk assessment and wildfire hazard modeling around the world with rapid 3D exploitation and delivery."
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company's proprietary NEXTMap® database and value-added geospatial data management, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data, including aviation, engineering, environmental planning, government markets, hydrology, insurance, land management, law enforcement and patrol, oil and gas, renewable energy, telecommunications, transportation and utilities. Intermap's commercial applications include location-based intelligence, risk assessment, geographic information systems, global positioning systems and 3D visualization. For more information, please visit www.intermap.com.
SOURCE Intermap Technologies Corporation