DENVER, CO, March 26, 2015 — Intermap Technologies (TSX:IMP), (ITMSF:BB), a leading provider of location-based solutions, today released a new version of InsitePro, a SaaS product that delivers location-based risk assessments to the property insurance industry.
The centerpiece of this release is powerful risk scoring functionality. Risk scoring provides a more complete view of location-based risk than a simple flood or earthquake zone can, allowing InsitePro to automate complex risk assessment for underwriters. Typical uses of the risk score 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.
InsitePro's risk scoring allows users to combine flood and other perils, along with Intermap's proprietary terrain data and the users own information — such as claims history and accumulation — to deliver location-specific scores that are based on the best information available.
"The natural catastrophe models used by risk software all contain an element of uncertainty," explained InsitePro Product Manager Ivan Maddox. "Risk scoring is a way to decrease uncertainty at a specific location, which equates to lower costs for carriers and brokers."
Insurers underwriting flood can combine multiple flood models with heights above river levels and their own loss histories to create a single score based on the most relevant and complete information available to them. Those responsible for risk accumulation and reinsurance can create scores based on custom accumulation zones and policy information to understand exposure. Combining location risk with exposure creates powerful customized aggressiveness measurement that can drive pricing. Properties exposed to multiple perils, such as flood, earthquake, or wildfire, can be scored to aggregate the different perils into a single risk score.
Risk Scoring is available now with InsitePro. For more information, please 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.