Intermap Technologies announced a $1 million insurance subscription driven by 50% growth in the account’s data utilization. Intermap expects full-year 2022 InsitePro revenue to rise 30% over 2021.
InsitePro is a Software as a Service package that delivers property-specific risk analytics for underwriting flood and fire insurance anywhere in the U.S. and Canada, using Intermap’s proprietary, global, 3D elevation data. InsitePro’s customer base includes multiple top-10 U.S. insurers and syndicates at Lloyd’s of London.
InsitePro was instrumental in strong portfolio performance during the recent devastation caused by Hurricane Ian. That out-performance has ensured continued loyalty from Intermap’s largest insurance clients, reflected by low churn and strong revenue growth at renewal. The most recent renewals include important clients renewing on larger contracts with extended durations.
“Intermap’s global insurance software business continues to grow and provide clients with geospatial intelligence that empowers them to mitigate flood and fire risk,” said Patrick A. Blott, Intermap Chairman and CEO. “Our solution puts complex and critical geospatial technology at the fingertips of underwriters and risk managers, enabling them to grow their written premium and reduce property loss.”
Due to climate change and other factors, the U.S. flood market is one of the largest untapped sources of new premiums for insurers, with over $5 billion in available unwritten premiums per year. InsitePro provides critical data and analytics supporting risk selection and pricing of natural event risk across the United States.
