DENVER, June 15, 2015 /PRNewswire/ - Intermap
Technologies (TSX:IMP), (ITMSF:BB), a leading provider of
location-based solutions, today announced an InsitePro
subscription from one of the largest insurers of homes in
Florida. InsitePro is software as
a service (SaaS) that supplies location-based risk assessment to
the property insurance industry. A key benefit of InsitePro for
this insurer is the ability to score location risks according to
their own business rules.
"This subscription is a milestone for InsitePro because it
validates our strategy for risk scoring," said Ivan Maddox, Intermap's InsitePro Product
Manager. "Insurers need to apply their own view of risk to natural
catastrophe perils to ensure maximum efficiency and
competitiveness. The risk scoring component of InsitePro provides
this Florida carrier with
immediate answers to their pricing questions by offering a more
complete view of risk than what can be obtained by simply viewing a
flood zone or claims history.
Florida is a challenging
insurance environment, with a combination of coastal and inland
flooding in addition to other perils. In response to these
challenges, the market is evolving to provide private alternatives
for flood insurance. Carriers who underwrite flood insurance are
searching for alternatives to existing and traditional flood risk
information so they can incorporate their own experience and
appetite into their analytics and workflows. InsitePro meets this
need by providing a more complete risk assessment for
location-based risk. InsitePro supports write your own (WYO) flood,
but adds extra value for excess and private coverage. The software
is built on a platform that allows each customer to configure risk
analytics and leverage Intermap's extensive collection of
geospatial datasets to deliver the precise information they
need.
InsitePro by Intermap automates complex risk assessment for
underwriters. Typical uses of the risk scoring 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.
For more information, please contact Ivan Maddox at imaddox@intermap.com or
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. For more information
please visit www.intermap.com.
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.
SOURCE Intermap Technologies Corporation