- The company continues to diversify product offerings to specialist sectors through its insurtech software
- Insurtech investments have grown steadily over the last decade, increasing pressure for change and innovation in the market
- InsuraGuest’s hospitality division recorded the most profitable month since inception despite challenges to the hospitality industry resulting from the global pandemic
- The company expects to launch a new Business Owner Policy insurtech portal by third quarter of 2020
- Further penetration of the vacation rental industry, which booked revenue of $57 million in 2019 and boasts a growth rate of 6.9%, provides InsuraGuest with tremendous growth potential
Insurtech company InsuraGuest Technologies (TSX.V: ISGI) (OTC: IGSTF) continues to disrupt the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. The company aims to transform the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
Approximately $16.5 billion has been invested in insurtech over the past decade, and the pressure for change and innovation in the insurance market continues to increase the pace of investment (http://ibn.fm/OwtGj). Insurance technology and innovation-driven startups like InsuraGuest are the driving force behind this increase, offering a unique combination of flexibility and technical skills that allows them to quickly pivot their platforms to meet the needs of different customers in different sectors.
One of the first sectors InsuraGuest has served with its insurtech platform is the hospitality market. The company utilizes its proprietary software platform to deliver specialized Hospitality Liability coverages to member hotels and vacation rental properties. With InsuraGuest Hospitality custom coverages, properties benefit from an additional layer of protection that prevents the need to make GL claims if an InsuraGuest-covered claim occurs.
The Hospitality Liability Policy was created to fill the gap that traveler’s insurance misses. People often assume that accidents that occur at a hotel or vacation rental are automatically covered by the property owner’s insurance, but that’s not always the case. InsuraGuest Hospitality provides coverage for accidental property damage, theft of the guest’s personal property while residing at the vacation rental property, as well as accidental medical expenses and accidental death and dismemberment.
InsuraGuest’s platform integrates with approximately 70 different hotel property management systems, including Hilton -ONQ, Marriott Fosse, Marriott Full Service, Oracle Opera, Springer-Miller Systems, Agilysys and Lightspeed GPS.
In July, the company partnered with Hostfully, a provider of end-to-end vacation rental property management software. InsuraGuest Hospitality Liability coverage can now be purchased by Hostfully’s client base of more than 2,500 vacation rental property managers.
In August, the company took steps to further expand its reach in the hotel sector by signing Swarts, Manning & Associates (“SMA”) for its agency/broker program. InsuraGuest will leverage SMA’s brokers and business network to access SMA’s hotel clients and integrate InsuraGuest’s insurtech software platform to deliver its hospitality liability coverages (http://ibn.fm/3vwLH).
Because InsuraGuest extends beyond hotels to the vacation rental industry, the growth potential in companies like Airbnb and VRBO is encouraging for the company’s investors. With over $50 billion in rental revenue in 2019 and a growth rate of 6.9%, the industry continues to grow as more people take advantage of the benefits vacations rentals offer (http://ibn.fm/JkuRs).
In addition, the hospitality division continues to prosper despite challenges presented by COVID-19. An increase in hotel stays during July resulted in the division seeing its most profitable month since inception.
As part of its commitment to diversify its insurance product offerings across multiple sectors, InsuraGuest announced the development of a new Business Owner Policy (“BOP”) insurtech portal, www.InsureThePeople.com. InsuraGuest expects to fully launch this new product offering to U.S. markets by third quarter of 2020. Insure the People will be powered by InsuraGuest’s insurtech platform, which will digitally deliver BOP policies to 130+ class codes, including retail, wholesale, mercantile, office and business service classes.
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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