The centerpiece of this release is powerful risk scoring functionality. Risk scoring provides a more complete view of location-based risk than a simple flood or earthquake zone can, allowing InsitePro to automate complex risk assessment for underwriters. Typical uses of the risk score function include:
- Selection: deciding which properties to underwrite based on quantified risk.
- Pricing: matching premium to a better understanding of risk.
- Flood model validation: using terrain features to confirm the accuracy of flood zones.
- Multi-peril analysis: developing a combined view of risk for a location.
InsitePro's risk scoring allows users to combine flood and other perils, along with Intermap's proprietary terrain data and the users own information — such as claims history and accumulation — to deliver location-specific scores that are based on the best information available.
"The natural catastrophe models used by risk software all contain an element of uncertainty," explained InsitePro Product Manager Ivan Maddox. "Risk scoring is a way to decrease uncertainty at a specific location, which equates to lower costs for carriers and brokers."
Insurers underwriting flood can combine multiple flood models with heights above river levels and their own loss histories to create a single score based on the most relevant and complete information available to them. Those responsible for risk accumulation and reinsurance can create scores based on custom accumulation zones and policy information to understand exposure. Combining location risk with exposure creates powerful customized aggressiveness measurement that can drive pricing. Properties exposed to multiple perils, such as flood, earthquake, or wildfire, can be scored to aggregate the different perils into a single risk score.
Risk Scoring is available now with InsitePro. For more information, please visit http://www.intermap.com/software/insitepro
About Intermap Technologies
Headquartered in Denver, Colorado, Intermap Technologies is an industry leader in geospatial solutions on demand with its secure, cloud-based Orion Platform®. Through its powerful suite of software applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location-based solutions for customers in diverse markets around the world.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect"," project", "estimate", "forecast" 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. You can find a discussion of such risks and uncertainties in our 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.
For more information, please contact:
Ivan Maddox, InsitePro Product Manager
+1 (303) 708-0955