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.
View original
content:https://www.prnewswire.com/news-releases/intermaps-us-insurance-solution-continues-strong-growth-301497742.html
SOURCE Intermap Technologies Corporation
