Intermap’s U.S. Insurance Solution Continues Strong Growth
InsitePro wins key renewals and a new client
DENVER, March 8, 2022 /PRNewswire/ – Intermap Technologies (TSX:IMP) (OTCQX:ITMSF) (“Intermap” or the “Company”), a global leader in geospatial content development and intelligence solutions, today announced that its U.S. flood insurance risk assessment solution, InsitePro®, is off to a strong start in 2022 with key renewals and a new client.
InsitePro is a SaaS package that delivers property-specific risk analytics for underwriting flood insurance anywhere in the U.S. and Canada, leveraging Intermap’s proprietary, global, 3D elevation data. Intermap currently provides Elevation Data as a Service (EDaaS) to dozens of customers.
Through February, InsitePro’s Annual Gross Retention (AGR) is 96% and its Annual Net Retention (ANR) is 114%. Key renewals include one of its principal clients at Lloyd’s of London and Managing General Underwriter (MGU) Balance Partners. Renewals form the foundation for InsitePro’s growth, and the strong AGR and ANR results prove the dependability of InsitePro’s renewal revenue.
The U.S. flood market remains a key driver for InsitePro’s revenue growth and future revenue potential. The market is one of the largest untapped sources of new premium for insurers, with over $5 billion in unwritten premium available. InsitePro enables insurers and underwriters to capitalize on that opportunity profitably and intelligently.
“Intermap’s enterprise software business continues to deliver a strong platform for the Company to deliver world-class geospatial data and analytics,” said Patrick A. Blott, Intermap’s Chairman and CEO. “Our fundamental capabilities make geospatial intelligence usable by non-experts, and InsitePro is a perfect example of this. InsitePro ensures underwriters have access to the best possible data and models in real time, without the need to hire a team of GIS experts.”
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 3D NEXTMap® elevation datasets and value-added geospatial collection, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data. Intermap helps governments build authoritative geospatial datasets and provides solutions for base mapping, transportation, environmental monitoring, topographic mapping, disaster mitigation, smart city integration, public safety and defense. The Company’s commercial applications include aviation and UAV flight planning, flood and wildfire insurance, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. For more information, please visit www.intermap.com.
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SOURCE Intermap Technologies Corporation