Intermap’s InsitePro Clients Post Excellent Underwriting Results After Tropical Storm Hilary

InsitePro generates strong recurring revenue growth through the first half of 2023

Annual net retention of 96% shows strong renewals

DENVER, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced that its U.S. insurance solution, InsitePro, empowered customers to report excellent underwriting results after Tropical Storm Hilary.

Major storm events are the testing ground for underwriting solutions, and like with Ian and Harvey, InsitePro delivered excellent results through Tropical Storm Hilary, the first such storm to hit California in over 80 years. Hilary dropped a year’s worth of rain on Southern California in three days, but InsitePro’s robust risk selection delivered low claims totals, with some large California underwriter customers reporting no claims at all. These results demonstrate the importance of incorporating advances in technology and staying up to date with climate change. The private flood market is growing rapidly. Less than 20% of properties in the U.S. are covered by flood insurance, representing an enormous opportunity for insurers to grow the premium they underwrite.

“InsitePro is helping insurers, including two of the nation’s top 10 property insurers, underwrite flood insurance profitably,” said Patrick A. Blott, Intermap Chairman and CEO. “InsitePro has proven again that flood can be underwritten effectively and profitably anywhere in the country, including California.”

One of Intermap’s clients, Sterling Surplus Underwriting, recently renewed and doubled its subscription to InsitePro due to very high usage and accurate risk analysis outcomes. Many U.S. clients are seeing very few insurance claims from recent storms as a result of using InsitePro for risk selection and underwriting. “Intermap has been a trusted partner for years,” said C. Brad Moncrief, Owner of Sterling Surplus Underwriters. “The accuracy and speed of their data delivery allows Sterling to make confident underwriting and pricing decisions, which has led to fewer claims and profitable business.”