InsitePro has added a leading Lloyd's of London syndicate to a multi-year subscription, working with InsitePro to support their entry and expansion into the U.S. flood market. In Europe, Intermap's new cloud-based Aquarius RMA flood risk solution has won a subscription with Generali Group, the leading insurer in the region of Austria, Central and Eastern Europe, and Russia.
"Intermap's Aquarius RMA has been used by our Czech and Slovak operating entity for more than 15 years," explained Austria, CEE & Russia Nat Cat Portfolio Manager Miroslav Svoboda of Generali CEE Holding. "Shifting the solution to the cloud reduces costs and increases operational efficiency as we extend the solution across other Generali companies in the region."
Similar to Europe, the flood insurance industry is expanding in the U.S. beyond the traditional government program (the NFIP) through private insurers. There is tremendous room for growth, with 85% of U.S. properties lacking flood insurance. In Europe, flood insurance is expanding to new countries in Central and Eastern Europe as property values rise to levels that require insurance.
Intermap has a long history of serving and supporting the insurance industry, especially in Europe. "We provide clients with the world's highest quality data-as-a-service and related analytic applications. Signing these new subscriptions, particularly during the COVID-19 pandemic, reflects how critical our solutions are within our customers' workflow," explained Intermap Chairman and CEO Patrick A. Blott. "We are the only Company that enables private insurance programs to access consistent, high-acuity, 3D data and feature layers on global scale, to improve profitability and underwriting quality. These new subscriptions further highlight our improved ability to grow our commercial business with large clients who do business globally and must rely on Intermap's expanded offerings to operate consistently and efficiently throughout the world."
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) (ITMSF:
BB) is a global leader in geospatial intelligence solutions. The Company's proprietary NEXTMap® database and value-added geospatial data management, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data, including aviation, engineering, environmental planning, government markets, hydrology, insurance, land management, law enforcement and patrol, oil and gas, renewable energy, telecommunications, transportation and utilities. Intermap's commercial applications include location-based intelligence, risk assessment, geographic information systems, global positioning systems and 3D visualization. For more information, please visit
www.intermap.com.
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SOURCE Intermap Technologies Corporation
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