Intermap's contract with Allianz began in 2020, providing integrated geocoding services for its insurance underwriting services. Today, Allianz has extended its subscription for Intermap's cloud-based risk solution to include additional parcel data geocoding and new fluvial (river) and pluvial (rainfall) flood hazard maps. The additional parcel data geocoding enables Allianz to convert a specific location or address to a set of coordinates with high precision so it can integrate any location with flood maps and produce accurate risk assessments. The Company's precise flood hazard maps support Allianz in its underwriting processes with the same consistency and results across all operating entities throughout Europe.
Intermap continues to grow relationships with existing European insurance clients and expand offerings to new clients. The Company's cloud-based subscriptions account for 72% of European revenue, which is recurring under multiyear agreements. Total European revenue has grown at a CAGR of 13% since 2019 when the cloud-based solutions were launched and now represents 20% of Intermap's commercial revenue.
Intermap's European operations group supplies insurance and reinsurance solutions to major national players. The Company's European insurance products and services include data and software analytic applications for risk assessment, delivered as cloud-based subscriptions supporting flood, wildfire, and earthquake underwriting. Intermap's reinsurance analytics services include bulk geocoding, portfolio analysis and natural catastrophe and probable maximum loss modeling.
"Intermap serves the world's leading insurance companies with the powerful combination of cutting-edge flood mapping and seamlessly integrated software," said Patrick A. Blott, Intermap Chairman and CEO. "Clients such as Allianz operate across multiple countries and regions, requiring up-to-date and reliable data and analytics to perform consistent underwriting across all portfolios. Intermap's data is continually updated to ensure customers are integrating the most current and accurate solutions directly into their workflows."
To learn more about Intermap's European services, visit www.intermap.com/european-solutions.
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.
View original content:
https://www.prnewswire.com/news-releases/intermap-expands-european-insurance-underwriting-solution-with-allianz-technology-301493806.html
SOURCE Intermap Technologies Corporation
| Contact: |
| Company Name: Intermap Technologies Corporation
Jennifer Bakken, Executive Vice President and CFO Email Contact +1 (303) 708-0955 Financial data for Intermap Technologies Corporation |
