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 sincere 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
Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue growth, 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; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.
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