Flood Insurance Guru leverages
InsitePro® for flood risk, mitigation and
coverage awareness
DENVER, May 5, 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 Flood Insurance Guru, a leading retail and wholesale broker of
flood insurance, has subscribed to InsitePro®,
Intermap's SaaS package that delivers property-specific risk
analytics for underwriting flood insurance anywhere in the U.S. and
Canada, using Intermap's
proprietary, global 3D elevation data.
Intermap's new client is a market leader in raising property
owner awareness of flood resilience and flood insurance. Flood
Insurance Guru helps its clients mitigate flood damage to prevent
losses and customizes insurance solutions from the private flood
insurance market to cover the property's real flood risk.
InsitePro's property-specific risk assessments will help Flood
Insurance Guru ensure its customers understand their flood risk and
buy the correct coverage.
"Our goal is to help people know the flood risk, understand the
risk and reduce the risk," said Chris
Greene, President of Flood Insurance Guru. "This will help
reduce long-term flooding on a property and help create long-term
flood insurance rate stability."
The U.S. private flood market has grown at a CAGR of 20% since
2016. The beginning of 2022 has shown accelerated market growth in
response to a hardening property insurance market and the rollout
of the National Flood Insurance Program's Risk Rating 2.0.
InsitePro revenue growth has mirrored the private flood market over
that period, including a 12-month growth in MRR of 38% through
December 2021.
"Intermap's U.S. insurance business continues its strong growth
through Q2 2022," said Patrick A.
Blott, Intermap's Chairman and CEO. "Flood risk is all about
elevations, and InsitePro delivers flood risk solutions for broking
and underwriting based on the best elevation data available. We
help the insurance industry understand and diversify flood risk,
which will reduce the amount of emergency funds paid by the federal
government every year to help property owners, including
homeowners, recover from severe flood damage."
To learn more about Intermap's insurance solutions, visit
www.goinsitepro.com and www.intermap.com/insurance.
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