Intermap Technologies (“Intermap” or the “Company”), one of the global leaders in geospatial intelligence solutions, has announced that North American insurance monthly recurring revenue (MRR) has grown by 10% since the end of 2020. The growth is fuelled by strong renewals, including key InsitePro® clients renewing subscriptions at higher rates.
InsitePro is a 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. One of the recent renewals is California Flood Insurance Services in San Diego. “Intermap is a valued partner in our operation,” said Aaron Farmer, President of California Flood Insurance Services. “We love InsitePro because it’s simple to use, and their API platform is seamless with our cloud rating service. Plus, they are always there if we need them.”
The U.S. flood market is one of the largest untapped sources of new premium for insurers, with over $5 billion in unwritten premium available. InsitePro helps insurers move into flood insurance profitably while enabling effective risk diversification.
In addition to flood, InsitePro supports wildfire underwriting. Intermap is partnering with Anchor Point to deliver the National Hazard and Risk Model (No-HARM) wildfire model for the United States. No-HARM model is the most sophisticated and accurate wildfire model available. “We are very excited to be launching Version 4 of No-HARM,” said Chris White, Chief Operating Officer of Anchor Point. “Wildfire behavior is changing almost annually, and we have combined the latest fire science with our extensive fire experience to realize a truly unique model for assessing and pricing wildfire risk. For wildfire, we feel there is no other model that compares with No-HARM for accuracy, innovation or consistency.” Version 4 of No-HARM is available now in InsitePro, which makes complex geospatial models like No-HARM accessible to non-specialized users by eliminating the need for expensive GIS software and large teams of analysts. Underwriters can now manage multiple related perils, like flood and fire, in a 3D+ environment on a global scale, through an intuitive elevation data tool.
The combination of wildfire and flood risk is critical in the western states as they are frequently interrelated. The Colorado School Districts Self Insurance Pool (CSDSIP) is an example of how InsitePro customers combine flood and wildfire risk ratings to better cover their portfolio.
“Intermap’s enterprise software business continues to grow subscription revenue despite the impact of Covid-19,” said Patrick A. Blott, Intermap’s Chairman and CEO. “Recurring revenue has become the foundation for our business, and we continue to grow in insurance in both North America and Europe. Intermap’s InsitePro software is transforming flood risk assessment and wildfire hazard modeling around the world with rapid 3D exploitation and delivery.”
