DENVER, June 16, 2015 ” 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 [email protected] 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.