Intermap Announces $1 Million Insurance Subscription
December 22 2022 - 7:30AM
Intermap Technologies (TSX: IMP; OTCQX: ITMSF) (“Intermap” or the
“Company”), a global leader in 3D geospatial data and intelligence
solutions, today announced a $1 million insurance subscription
driven by 50% growth in the account’s data utilization. Intermap
expects full year 2022 InsitePro® revenue to rise 30% over 2021.
InsitePro is a Software as a Service package that delivers
property-specific risk analytics for underwriting flood and fire
insurance anywhere in the U.S. and Canada, using Intermap’s
proprietary, global, 3D elevation data. InsitePro’s customer base
includes multiple top-10 U.S. insurers and syndicates at Lloyd’s of
London.
InsitePro was instrumental in strong portfolio performance
during the recent devastation caused by Hurricane Ian. That
out-performance has ensured continued loyalty from Intermap’s
largest insurance clients, reflected by low churn and strong
revenue growth at renewal. The most recent renewals include
important clients renewing on larger contracts with extended
durations.
“Intermap’s global insurance software business continues to grow
and provide clients with geospatial intelligence that empowers them
to mitigate flood and fire risk,” said Patrick A. Blott, Intermap
Chairman and CEO. “Our solution puts complex and critical
geospatial technology at the fingertips of underwriters and risk
managers, enabling them to grow their written premium and reduce
property loss.”
Due to climate change and other factors, the U.S. flood market
is one of the largest untapped sources of new premium for insurers,
with over $5 billion in available unwritten premium per year.
InsitePro provides critical data and analytics supporting risk
selection and pricing of natural event risk across the United
States.
Learn more about Intermap’s insurance solutions and InsitePro at
intermap.com/insurance
Intermap Reader AdvisoryCertain
information provided in this news release, including reference to
revenue growth, 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
TechnologiesFounded in 1997 and headquartered in Denver,
Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in
geospatial intelligence solutions, focusing on the creation and
analysis of 3D terrain data to produce high-resolution thematic
models. Through scientific analysis of geospatial information and
patented sensors and processing technology, the Company provisions
diverse, complementary, multi-source datasets to enable customers
to seamlessly integrate geospatial intelligence into their
workflows. Intermap’s 3D elevation data and software analytic
capabilities enable global geospatial analysis through artificial
intelligence and machine learning, providing customers with
critical information to understand their terrain environment. By
leveraging its proprietary archive of the world’s largest
collection of multi-sensor global elevation data, the Company’s
collection and processing capabilities provide multi-source 3D
datasets and analytics at mission speed, enabling governments and
companies to build and integrate geospatial foundation data with
actionable insights. Applications for Intermap’s products and
solutions include defense, aviation and UAV flight planning, flood
and wildfire insurance, disaster mitigation, base mapping,
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 or
contact:Jennifer BakkenExecutive Vice President and
CFOCFO@intermap.com +1 (303) 708-0955
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