InsuraGuest Inc. Expands InsurTech Platform to Offer Specialized Guest Protection Insurance to EU and the United Kingdom
Service-as-a-software (SaaS) company InsuraGuest Inc. is working to expand the scope of its InsurTech platform and insurance products to cover European Union member states and the United Kingdom, according to a recent company press release. InsuraGuest has already signed a letter of intent with a licensed Master General Agent operating in these markets, which will allow the company to distribute its products and proprietary platform to the hotel and vacation rental markets in these regions.
The move is likely to bring multiple benefits and opportunity for increased revenue and future growth, as this is a very lucrative market almost twice larger than the U.S. market. According to InsuraGuest CEO Douglas Anderson, there were 2.8 billion hotel nights stayed in Europe, compared to approximately 1.1 billion in the U.S. in 2018.
In the same period, there were 2.6 billion hotel nights stayed in Asia – a market InsuraGuest is also planning to enter in the near future. Currently, the U.S. hotel industry has reached $218 billion in annual revenue, with roughly $100 billion spent on vacation rentals last year (http://ibn.fm/Mu7CF). With distribution in the U.S. and Europe, InsuraGuest will reach a combined demographic of approximately 3.9 billion hotel stays and will double its vacation rental opportunities.
The company’s completed property management system integration currently covers 85 percent of the hotel market. Its InsurTech proprietary platform can integrate with 70 different hotel property management systems, obtaining access to approximately 40,000 properties. In addition, InsuraGuest™ is being integrated with vacation rental property management systems like Hostfully Inc. out of San Francisco and their system Orbirental, which currently has approximately 2,500 properties onboarded.
The platform delivers a specialized guest protection policy to vacation or hotel rental. Created specifically for InsuraGuest, this policy is the first line of defense against accidents and losses both for the guest and the hotel or vacation rental property. Properties can buy the InsuraGuest Guest Protection Policy, which is extended to each individual guest at the time of check-in until check-out. The policy covers loss and accident damages.
InsuraGuest created this insurance product and markets it to hotels and other vacation properties in an attempt to fill an existing gap in travelers’ insurance. Conventional insurance fails to adequately cover the full scope of risks that travelers and hotel or property owners face. There is a lot that can happen inside hotels or other travel properties. Many travelers labor under the misconception that losses or accidents happening at vacation properties are automatically covered by the property owner’s insurance. In cases where an incidence of damage or an accident cannot be attributed to the property directly, the guest may have no claim to coverage at all. InsuraGuest’s InsurTech platform aims to change this.
The company covers up to $5,000 for death or dismemberment, up to $25,000 for medical care following an accident, up to $2,500 for lost or stolen goods, and $1,000 for damage to a occupied room accidentally incurred by the guest.
InsuraGuest is currently focused mostly on the U.S. market, where it operates coast-to-coast. The company expects to be licensed to sell insurance under its own agency nationwide in the very near future. After the move to Europe and the U.K., InsuraGuest is planning to launch its proprietary platform and insurance products in Asia by mid-2020.
About InsuraGuest. Inc.
InsuraGuest Technologies Inc. (TSX.V: ISGI) is a software company that utilizes its proprietary insurtech (insurance + technology) platform to deliver digital insurance to its customers. Its first product, InsuraGuest Hospitality, delivers custom Hospitality Liability coverages to hotels and vacation rentals. InsuraGuest coverages are purchased by the hotels and vacation rental properties, which can address covered claims from guests and their room occupants during their stay.
For more information, visit the company’s website at www.InsuraGuest.com