Intermap Technologies, a global leader in 3D geospatial products and intelligence solutions, has announced that its U.S. insurance solution, InsitePro, has empowered customers to report excellent underwriting results after Tropical Storm Hilary. Despite the storm dropping a year’s worth of rain on Southern California in just three days, InsitePro’s robust risk selection helped deliver low claims totals.
The success of InsitePro during Tropical Storm Hilary highlights the importance of incorporating advances in technology and staying up to date with climate change. It is also indicative of the growing opportunities in the private flood insurance market, with less than 20% of properties in the U.S. currently covered by flood insurance.
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 high usage and accurate risk analysis outcomes. Many other U.S. clients have also seen very few insurance claims from recent storms, demonstrating the effectiveness of using InsitePro for risk selection and underwriting.
Another long-time client, Superior Flood, has been utilizing Intermap’s technological advances to refine its underwriting guidelines and has successfully detected and eliminated high-risk properties in areas exposed to catastrophic weather events. This has led to zero insurance claims due to Tropical Storm Hilary and minimal claims from other storms.
InsitePro is a Software as a Service package that provides property-specific underwriting analytics for flood insurance across the U.S. and Canada. Leveraging Intermap’s proprietary datasets and algorithms, InsitePro offers more accurate flood risk measurement compared to other solutions. The software and analytics have shown strong growth, with a 12% increase in monthly recurring revenue (MRR) through the first half of 2023. Additionally, the annual net retention (ANR) rate stands at an impressive 96% as of June 30, 2023.
Intermap Technologies, founded in 1997 and headquartered in Denver, Colorado, is dedicated to creating and analyzing 3D terrain data to produce high-resolution thematic models. By leveraging its extensive collection of multi-sensor global elevation data, Intermap enables governments and companies to integrate geospatial intelligence into their workflows, supporting various applications such as defense, disaster mitigation, environmental planning, and more.
With InsitePro’s success in empowering insurers with excellent underwriting results during Tropical Storm Hilary, Intermap Technologies continues to demonstrate its capabilities in providing innovative solutions for the insurance industry. By utilizing advanced technology and accurate risk analysis, InsitePro is helping insurers grow their premium while effectively managing flood insurance risk.
