Intermap Partners with Aon to Enhance Insurance Solutions
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Intermap Technologies Expands Insurance Solutions with Aon Partnership
Intermap Technologies (TSX: IMP; OTCQB: ITMSF), a global leader in 3D geospatial products, has announced a strategic collaboration with Aon’s Impact Forecasting to enhance underwriting, risk management, and portfolio modeling capabilities for insurers. This partnership is set against a backdrop of rising natural catastrophe-related claims, which demand more sophisticated solutions in the insurance industry.
Benefits of the Aon Collaboration
This collaboration will allow insurers to access Impact Forecasting’s hazard and risk maps through Intermap’s solutions. As a result, insurers will have a more comprehensive approach to handling the entire insurance cycle, from underwriting through reinsurance to claims adjustment. The deal further solidifies Intermap's presence in the insurance sector, particularly during a time when the industry is grappling with increased challenges due to climate change.
Rising Claims and Economic Impact
Reports indicate that natural catastrophe-related insured losses surpassed $100 billion for the fourth consecutive year, indicating a pressing need for advanced risk assessment tools. The growing threat of extreme weather has elevated storms as the second-largest loss-making peril, surpassed only by tropical cyclones. In regions where Intermap’s Aquarius RMA operates, insured storm-related losses are increasing significantly, exceeding $5 billion annually since 2021. As these natural disasters become more frequent and severe, the demand for comprehensive risk management solutions is expected to rise dramatically.
Integrating Advanced Data Datasets
The first significant implementation of this collaboration will see Generali CEE integrate Impact Forecasting’s Flood and Earthquake Hazard Datasets into Intermap’s Aquarius RMA solution. This integration will complement Intermap's existing Flood Hazard Maps, providing clients with more accurate assessments of risk when considering insurance solutions.
Strategic Comments on Collaboration
Samuele Borghi from Generali CEE stated that this collaboration strengthens the relationship between portfolio reinsurance and risk assessment, allowing for more precise risk management solutions. His sentiments were echoed by Adam Podlaha, Aon's global head of Impact Forecasting, who expressed excitement about developing efficient solutions that improve business decision-making and profitability.
Intermap’s Growth in the Insurance Market
Intermap is witnessing robust growth in its global software-based commercial risk business, reporting a 9% compound annual growth rate since 2021. This growth is fueled by the rising demand for data and analytics, which has seen its Aquarius RMA segment become a significant revenue driver due to the increasing storm frequency and severity. Intermap’s data and insights are not only pivotal for its clients but also for the market at large, as the company aims to fill the protection gaps in the flood insurance sector.
Market Expansion Plans
Looking forward, Intermap is determined to broaden its market reach in East Asia, Pacific, and South Asia, where flood-related climate factors are prevalent. It is estimated that around 65% of the global population resides in high-risk flood zones, highlighting the urgent need for enhanced insurance solutions in these regions. Intermap is actively gathering data in Indonesia, one of the largest markets in the region, emphasizing their approach to mitigate risks associated with flooding.
Intermap’s Commitment to Geospatial Intelligence
Founded in 1997 and headquartered in Denver, Colorado, Intermap is dedicated to producing high-resolution thematic models through advanced geospatial intelligence solutions. By leveraging artificial intelligence and machine learning, Intermap facilitates essential global geospatial analysis, aiding industries like defense, aviation, telecommunications, and insurance in decision-making processes. Through innovative data collection methods, Intermap enriches its multi-source datasets, creating actionable insights for diverse sectors.
Frequently Asked Questions
What does the collaboration between Intermap and Aon entail?
The partnership focuses on enhancing risk management and underwriting processes in the insurance sector by integrating Impact Forecasting's hazard maps into Intermap's offerings.
Why are natural catastrophe losses increasing?
Climate change has led to increased frequency and severity of storms, contributing to higher insured losses and therefore necessitating better risk assessment solutions.
How does Intermap plan to expand its market reach?
Intermap aims to enter new markets like East Asia and South Asia to address significant protection gaps associated with flood risks.
What technological innovations does Intermap provide?
Intermap specializes in 3D geospatial intelligence solutions, utilizing AI and machine learning to generate high-resolution terrain data and risk assessment tools.
Who can I contact for more information about Intermap?
For more information, you can contact Jennifer Bakken, Executive Vice President and CFO, at CFO@intermap.com or Sean Peasgood, Investor Relations, at Sean@SophicCapital.com.
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