Flood Insurance Guru leverages InsitePro® for flood risk, mitigation and coverage awareness
DENVER, CO – Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) (“Intermap” or the “Company”), a global leader in geospatial content development and intelligence solutions, today announced that Flood Insurance Guru, a leading retail and wholesale broker of flood insurance, has subscribed to InsitePro®, Intermap’s 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.
Intermap’s new client is a market leader in raising property owner awareness of flood resilience and flood insurance. Flood Insurance Guru helps its clients mitigate flood damage to prevent losses and customizes insurance solutions from the private flood insurance market to cover the property’s real flood risk. InsitePro’s property-specific risk assessments will help Flood Insurance Guru ensure its customers understand their flood risk and buy the correct coverage.
“Our goal is to help people know the flood risk, understand the risk and reduce the risk,” said Chris Greene, President of Flood Insurance Guru. “This will help reduce long-term flooding on a property and help create long-term flood insurance rate stability.”
The U.S. private flood market has grown at a CAGR of 20% since 2016. The beginning of 2022 has shown accelerated market growth in response to a hardening property insurance market and the rollout of the National Flood Insurance Program’s Risk Rating 2.0. InsitePro revenue growth has mirrored the private flood market over that period, including a 12-month growth in MRR of 38% through December 2021.
“Intermap’s U.S. insurance business continues its strong growth through Q2 2022,” said Patrick A. Blott, Intermap’s Chairman and CEO. “Flood risk is all about elevations, and InsitePro delivers flood risk solutions for broking and underwriting based on the best elevation data available. We help the insurance industry understand and diversify flood risk, which will reduce the amount of emergency funds paid by the federal government every year to help property owners, including homeowners, recover from severe flood damage.”
Intermap Reader Advisory
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About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company’s proprietary 3D NEXTMap® elevation datasets and value-added geospatial collection, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data. Intermap helps governments build authoritative geospatial datasets and provides solutions for base mapping, transportation, environmental monitoring, topographic mapping, disaster mitigation, smart city integration, public safety and defense. The Company’s commercial applications include aviation and UAV flight planning, flood and wildfire insurance, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. For more information, please visit www.intermap.com.