InsuraGuest Signs USI Insurance Services as Agent Producer
InsuraGuest’s Hospitality Liability and tech platform enables hotel operators to transfer small property and medical guest claims to lower general liability premiums and generate additional revenue
Vancouver, British Columbia–(Newsfile Corp. – November 19, 2020) – USI Insurance Services (“USI”), a leading U.S. insurance brokerage and consulting firm, has signed an Agent Producer Agreement with InsuraGuest Technologies, Inc.®‘s (TSXV: ISGI) wholly-owned subsidiary, InsuraGuest, Inc. (“InsuraGuest”), to provide InsuraGuest’s Hospitality Liability coverages through its more than 7,500 professional, nationally networked brokers.
InsuraGuest’s liability coverages and insurtech platform transfers high frequency small property and medical guest claims to reduce risk, decrease premiums and generate revenue for hotel operators.
A considerable amount of a hotel operator’s claims is from small property or medical claims that are frequently applied to the general liability policy. This high frequency in claims drives up premium prices. The InsuraGuest solution transfers the risk from the hotel operator by having guests pay a nominal fee per night. InsuraGuest then pays out these small claims and keeps them off the general liability policy for the hotel operator.
“InsuraGuest continues to attract and execute exciting relationships with nationally recognized leaders in the insurance industry. Our sales and outreach program, paired with our expansive broker networks, allow us to expand our customer base and grow our brand recognition more quickly than our original growth models indicated,” said InsuraGuest CEO and Chairman Douglas Anderson. “This growth avenue will not only increase sales dramatically and provide true nationwide coverage, but it will increase shareholder value as a result.”
InsuraGuest is an insurtech company that utilizes a proprietary software platform to deliver specialized Hospitality Liability coverages to member hotel properties. With InsuraGuest custom coverages, properties benefit from an additional layer of protection should a guest experience an accident, in-room property damage, accidental medical, death or dismemberment, or theft while staying at an InsuraGuest-covered hotel property.
Property Management System Integration
InsuraGuest integrates with approximately 70 different property management systems through its proprietary API, which enables the organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to the InsuraGuest Hospitality Liability coverages, the covered hotel property can lower its claim ratio and risk profile, which may decrease the property’s General Liability premiums.
Generating Revenue for Hotel Operators
Additionally, the InsuraGuest product can help generate revenue for participating hotels or vacation rental properties. The hotel extends the coverage to each and every guest, which is activated at check in, and automatically places the charge on their folio or bundles it with their resort/amenity/urban fee. The complete fee for coverage and software is $4.95 a night, of which the hotel keeps 10%.
Created specifically for InsuraGuest, the Hospitality Liability policy is issued by InsuraGuest Risk Purchasing Group, LLC., and is administered by InsuraGuest Insurance Agency, LLC. CA / LIC: 6001686.
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSXV: ISGI) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. The Company is transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold. CA / LIC: 6001686.
For more information, visit the Company’s website at www.InsuraGuest.com.