InsitePro Empowers Insurers with Excellent Underwriting Results After Tropical Storm Hilary – Intermap Technologies

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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.

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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.

Frequently Asked Questions (FAQs) Related to the Above News

What is InsitePro?

InsitePro is a Software as a Service package offered by Intermap Technologies that provides property-specific underwriting analytics for flood insurance across the United States and Canada.

How does InsitePro help insurers?

InsitePro helps insurers underwrite flood insurance profitably by offering accurate risk analysis and flood risk measurement. It assists in selecting risks effectively, leading to low claims totals and improved underwriting outcomes.

Who are some of the clients utilizing InsitePro?

Some clients utilizing InsitePro include Sterling Surplus Underwriting and Superior Flood, who have experienced positive outcomes in terms of accurate risk analysis and reduced insurance claims.

What sets InsitePro apart from other solutions?

InsitePro leverages Intermap's proprietary datasets and algorithms, resulting in more accurate flood risk measurement compared to other solutions. This accuracy contributes to its success in helping insurers effectively manage flood insurance risk.

How has InsitePro performed during recent storms?

InsitePro has shown its effectiveness during recent storms, such as Tropical Storm Hilary, by delivering low claims totals despite significant rainfall. Its robust risk selection and accurate analysis have proven valuable in underwriting flood insurance profitably.

What is the growth and retention rate of InsitePro?

In the first half of 2023, InsitePro experienced a 12% increase in monthly recurring revenue (MRR), showcasing strong growth. Additionally, the annual net retention (ANR) rate stands at an impressive 96% as of June 30, 2023.

How long has Intermap Technologies been in operation?

Intermap Technologies was founded in 1997 and has been providing innovative solutions in 3D geospatial products and intelligence since then.

What other applications do Intermap Technologies' solutions support?

Intermap Technologies' solutions, including InsitePro, support various applications such as defense, disaster mitigation, environmental planning, and more, by integrating geospatial intelligence into workflows.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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