Intermap Technologies [TSE: IMP]: Building Profitable and Resilient Portfolios

Todd Oseth, President & CEO, Intermap TechnologiesTodd Oseth, President & CEO
With natural perils oftentimes hitting headlines, most individuals and organizations across the globe are constantly demanding for more attention from insurers to evaluate the properties that are often left underinsured. ‘Good underwriting is good for insurance’—is the key motto that the Denver based firm— Intermap Technologies [TSE: IMP] works towards through its secure and cloud-based software—InsitePro. The software helps underwriters to effectively conduct location-based risk assessments that allow insurers to capture volumes of geospatial data from disparate sources into a single platform to carry out an efficient and hassle-free underwriting process.

InsitePro’s cloud-based software solution provides clients with location specific information about any natural-catastrophe and brings together all the necessary data and analytics for underwriting natural catastrophe risk. These data sets help the customers to enhance the foundation of their spatial data infrastructure. The solution further provides the necessary risk assessment analytics to solidify property underwriting, including the underinsured perils.

The most prominent insurance news this year, concerns around private flood insurance in the U.S., which reveals that the insurers are facing several technical problems—they lack the understanding on how to rate the flood risk at a given property. To have a detailed grasp on the pricing and conditions independently of National Flood Insurance Program (NFIP) information, insurers are looking out for effective solution providers to enhance their underwriting process. “InsitePro is changing the way flood insurance is priced and delivered,” asserts Oseth. It’s barely a month ago that Channel Syndicate, an underwriter in the Lloyd’s insurance marketplace subscribed to Intermap’s InsitePro underwriting for the U.S. flood insurance. As Channel Syndicate conducts business through multiple Managing General Agents (MGAs), the firm often failed to have a disciplined approach to underwriting and pricing across their complete network.

InsitePro is changing the way flood insurance is priced and delivered

Leveraging InsitePro enabled Channel Syndicate to gain the ability to make sound and consistent underwriting decisions. “By using an InsitePro risk score as a common understanding of risk between the underwriters in London and the MGAs, we can better maintain that discipline,” articulates Phil Lawson Head of North American Facilities at Channel.

Before even underwriting for a new natural catastrophe risk in an unknown territory, the insurer is required to be able to assess the risk, based on the specific location. Fulfilling this need, Intermap recently unveiled its risk scoring feature in the latest version of InsitePro. The configurable risk scoring uses the best available information, including datasets specific to that customer, delivering easy-to-use answers that can efficiently build profitable and resilient portfolios. With this risk scoring, InsitePro enables users to combine information from flood zones with data from a wide variety of sources, revealing a more complete view of risk and reducing uncertainty. Leveraging InsitePro, risk assessment becomes more profitable as underwriters spend less time in searching for data, and more on expanding their portfolios. InsitePro further enable carriers to automate the risk pricing activities that they are comfortable with, and identify risks that need further analysis by an underwriter.

Considering the exponential adoption of flood insurance throughout South America, Intermap recently announced an agreement with a few Global Reinsurers to license their InsitePro software in—Argentina, Peru, Colombia, and Chile to serve the growing demand from insurance carriers. Highlighting their futuristic goal Oseth says, “We look forward to demonstrate our resources and capabilities in the client jurisdiction and beyond.”