Demand for Intermap's climate software is growing across multiple industries and geographies
Insurance Horizon, one of the world's oldest magazines, highlights AquariusTM, Intermap's leading European insurance solution
MONETA Money Bank enters multiyear software subscription to manage climate risk
Generali Group leverages AquariusTM to expand flood insurance premium
InsitePro® grows MMR 38% YTD in the U.S.
DENVER, Dec. 8, 2021 /CNW/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial content development and intelligence solutions, today announced its cloud-based software is growing rapidly, providing solutions to optimize portfolios and reduce risk resulting from climate change.
Climate change is a key factor for insurers and financial services companies that cover high-event risk and complex property portfolios. Economic growth and urbanization are changing the shape of the industry worldwide. Intermap's European flood software, called AquariusTM, is currently featured in Czech insurance magazine Insurance Horizon. Read the article here.
On a run-rate basis, from a standing start in 2019, Intermap's European cloud-based software has grown to represent approximately 25% of Intermap's total subscription revenue.
Intermap is expanding with Generali Group. Generali uses Intermap's AquariusTM software to provide consistent underwriting for any location and grow its premium in more regions with consistency across all regions.
Intermap has doubled its financial services business with a multiyear agreement with MONETA Money Bank, a.s., a retail and small-to-medium enterprises bank in the Czech Republic. MONETA Money Bank entered a multiyear agreement in 2019 and recently doubled its flood risk utilization. The subscription provides access to Intermap's data via integrated web services and supports the bank's lending operations via a fintech partnership with Refinanso.cz. Driven by climate change, Intermap is growing software subscriptions in financial services and adding new functionality to its targeted solution suite.
In the U.S., Intermap continues to build a robust stream of revenue from new insurance software subscriptions and renewals. Since Q2 2021, leading American underwriters Superior Flood Services and Sterling Underwriting have both renewed and upgraded their subscriptions to InsitePro® with higher utilization rates. In 2021 year-to-date, InsitePro MRR has grown 38% and is expected to replicate the same growth in 2022, with a continuing strong pipeline as the U.S. flood insurance market expands towards a larger market share for traditional insurance.
"Intermap's state-of-the-art elevation data, analytics, and software are guiding industry towards more sustainable, flexible and responsive geospatial solutions," said Patrick A. Blott, Intermap Chairman and CEO. "Climate change is rapidly affecting the environment and making it challenging for insurance and financial companies to evaluate property risk, manage their portfolio exposures, grow premium and mitigate potential losses. These companies are turning to InsitePro® and AquariusTM as their trusted tools to combine geospatial data and analytics into useful geo-intelligence."
To learn more about Intermap's European insurance offerings, visit www.intermap.com/european-solutions.
To learn more about Intermap's U.S. insurance offerings, visit www.goinsitepro.com.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" 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. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's 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.
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.
SOURCE Intermap Technologies Corporation
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