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.”
Another longtime client, Superior Flood, is one of the oldest private flood insurance companies in the country, in business since 2000 and serving tens of thousands of clients throughout the U.S., including Hawaii. “We have been refining our underwriting guidelines using Intermap’s technological advances by detecting and eliminating high-risk properties in areas exposed to catastrophic weather events,” said Matt Herr, Owner of Superior Flood. “This has proven to be a major win for Superior Flood and all of our Lloyd’s of London Syndicates. We are proud to announce that we have not had any claims due to Hilary, we had zero claims for Nicole and under 20 claims for Ian. We at Superior Flood send our sincre thoughts and prayers to those who were affected by any major storm. It’s devastating to lose a home and personal belongings in such a traumatic way.”
InsitePro is a Software as a Service package that delivers property-specific underwriting analytics for flood insurance anywhere in the U.S. and Canada. InsitePro leverages Intermap’s proprietary datasets and algorithms to measure flood risk more accurately than other solutions. InsitePro insurance software and analytics posted 12% growth of monthly recurring revenue (MRR) through the first half of 2023. The growth was underpinned by six long-term clients increasing their annual subscription value by up to 100% over the previous year. Retention of revenue remains robust with an annual net retention (ANR) rate of 96% as of June 30, 2023.
Learn more about Intermap’s insurance solutions and InsitePro at intermap.com/insurance
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