- The specialized insurance provider is expanding into multiple specialized sectors, focuses on higher service speed and personalization
- Hospitality Liability Policy covers theft and damage of personal property, accidental medical expenses, and accidental death and dismemberment
- Insurtech sector growing at a fast pace, attracting billions in investment
InsuraGuest Insurance Agency LLC, wholly owned by insurtech software company InsuraGuest Technologies Inc. (TSX.V: ISGI), is now licensed to sell all lines of insurance in 48 out of the 50 U.S. states and Washington, D.C. “As the world navigates and accommodates to new changes due to COVID-19, we continue to forge forward and build InsuraGuest to produce more product offerings so we can better serve our customers and build shareholder value,” InsuraGuest Technologies CEO and Chairman Douglas Anderson stated in a company press release (http://ibn.fm/8ZwFu).
The Agency is registered and licensed to sell accident and health, casualty, life and property insurance in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming and the District of Columbia.
The Agency has applied and expects to be approved to sell insurance in the remaining two states of Massachusetts and New York within the next 30 days.
Insurance is one of the oldest and most traditional industries. Over the past few years, insurtech software company InsuraGuest Technologies have begun to encroach on major players’ territory by providing an insurtech software platform which can deliver digital insurance to multiple sectors. Insurtech in particular has seen a sharp increase in funding, with approximately $16.5 billion invested in the sector over the past 10 years. The pace of investment is on the rise (http://ibn.fm/Ck9uq), with $2.2 billion raised in the first half of 2019 alone (http://ibn.fm/VNo47).
InsuraGuest Technologies’ insurtech software currently targets hotels and vacation rentals, with the long-term goal to expand offerings to a wider audience and into revenue streams. The company aims to move into providing its software, that alleviates the process of insuring mainstream sectors, with a focus on providing higher service speed, ease of purchasing insurance, and personalization. InsuraGuest is working to expand its product offering and the reach of its platform via brokers and agents who can sign up instantly through a fully automatized agency/broker software program. These agents and brokers can then take InsuraGuest’s current Hospitality Liability product to their own customers, helping speed up the platform and products’ expansion.
The company’s proprietary insurtech software platform is already operational in the hospitality industry, where it provides specialized gap insurance, which can address accidents or theft incurred by a guest during their stay at hotels and vacation rental properties. Traditional travelers’ insurance doesn’t cover a number of things that can happen inside hotels or other travel properties, putting both the traveler and the hotel or property owner at risk. InsuraGuest’s proprietary insurtech platform delivers its specialized Hospitality Liability coverages to its hotel and vacation rental members, which becomes the first line of defense for the properties if an accident or theft is incurred by a guest or their occupants during their stay. The Hospitality Liability coverages address a wide range of issues, from theft and damage of personal property to accidental medical expenses, death and dismemberment.
For more information, visit the company’s website at www.InsuraGuest.com
NOTE TO INVESTORS: The latest news and updates relating to ISGI are available in the company’s newsroom at http://ibn.fm/ISGI
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