New and updated flood hazard layers are
critical for underwriting
Growing commercial insurance business in
Europe with industry-leading
clients
DENVER, March 2, 2022 /CNW/ - Intermap Technologies (TSX:
IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader
in geospatial content development and intelligence solutions, today
announced the expansion of its European insurance geocoding
services with Allianz Technology SE ("Allianz").
Intermap's contract with Allianz began in 2020, providing
integrated geocoding services for its insurance underwriting
services. Today, Allianz has extended its subscription for
Intermap's cloud-based risk solution to include additional parcel
data geocoding and new fluvial (river) and pluvial (rainfall) flood
hazard maps. The additional parcel data geocoding enables Allianz
to convert a specific location or address to a set of coordinates
with high precision so it can integrate any location with flood
maps and produce accurate risk assessments. The Company's precise
flood hazard maps support Allianz in its underwriting processes
with the same consistency and results across all operating entities
throughout Europe.
Intermap continues to grow relationships with existing European
insurance clients and expand offerings to new clients. The
Company's cloud-based subscriptions account for 72% of European
revenue, which is recurring under multiyear agreements. Total
European revenue has grown at a CAGR of 13% since 2019 when the
cloud-based solutions were launched and now represents 20% of
Intermap's commercial revenue.
Intermap's European operations group supplies insurance and
reinsurance solutions to major national players. The Company's
European insurance products and services include data and software
analytic applications for risk assessment, delivered as cloud-based
subscriptions supporting flood, wildfire, and earthquake
underwriting. Intermap's reinsurance analytics services include
bulk geocoding, portfolio analysis and natural catastrophe and
probable maximum loss modeling.
"Intermap serves the world's leading insurance companies with
the powerful combination of cutting-edge flood mapping and
seamlessly integrated software," said Patrick A. Blott, Intermap Chairman and CEO.
"Clients such as Allianz operate across multiple countries and
regions, requiring up-to-date and reliable data and analytics to
perform consistent underwriting across all portfolios. Intermap's
data is continually updated to ensure customers are integrating the
most current and accurate solutions directly into their
workflows."
To learn more about Intermap's European services, visit
www.intermap.com/european-solutions.
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
