- InsuraGuest will now offer its Hospitality Liability coverage to Hostfully’s more than 2500 clients.
- Further penetration of the vacation rental industry provides the company with significant growth potential
- The company has been and plans to continue diversifying product offerings through its insurtech software to specialist sectors
InsuraGuest Technologies (TSX.V: ISGI) continues to make progress toward the company’s mission to harness the power of technology to reinvent insurance. Through its wholly owned U.S. Hospitality subsidiary InsuraGuest, the company has gone live with end-to-end vacation rental property management software provider Hostfully. The company announced this partnership in at the end of July 2020 (http://nnw.fm/d0SNq).
According to the company, InsuraGuest Hospitality Liability coverages are now available for purchase by clients of Hostfully. After opting in to InsuraGuest within Hostfully, clients can use the Hospitality Liability coverages to address claims made by guests on a primary basis. 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.
Hostfully is a complete, end-to-end property management platform that helps vacation rental property managers increase bookings and boost revenues. By streamlining the workflow and simplifying daily operational needs of vacation rental businesses, Hostfully empowers property managers with an affordable and easy-to-use solution.
InsuraGuest Chairman and CEO Douglas Anderson said his company was excited about the partnership with Hostfully, who won the ‘Best All-Around Vacation Rental Software’ award from VRMB Keystone Awards in 2019. “We are excited to launch our Hospitality Liability coverages in the vacation rental sector through the Hostfully property management system, and to their 2,500 clients,” Anderson added.
The growth potential in the vacation rental sector is encouraging for InsuraGuest’s investors. With over $57 billion in rental revenue in 2019 and a growth rate of 6.9%, the industry continues its growth as more and more people each year take advantage of the variety of benefits vacations rentals offer (http://nnw.fm/7BD8o).
The partnership with Hostfully comes as InsuraGuest is taking active steps to diversify its insurance product offering across multiple sectors. In June, through its wholly owned U.S. subsidiary Insure The People, LLC (“ITP”), 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 the third quarter of 2020 (http://nnw.fm/BhJz8).
ITP 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. The BOP products will be available in all 50 states as well as the District of Columbia, where InsuraGuest Insurance Agency is licensed to sell insurance.
The BOP products will be available to companies with sales of up to US$6 million per location, maximum occupancy of 35,000 square feet and a minimum annual premium of US$250. ITP will begin its BOP offering by including:
- Property coverage for building and business property, business income and extra expenses.
- Enhanced equipment breakdown (including micro-circuity).
- General liability.
- Employment practices liability.
Once launched, ITP expects to add coverages like Blanket Additional Insured, employee benefits liability, hired and non-owned auto, liquor liability, miscellaneous professional liability, scheduled property floater, cyber risk, workers’ comp, errors and omissions, and directors’ and officers’ coverages.
Commenting on the new product offering, Anderson underlined that it has the potential to provide the company with multiple avenues of revenue and greater shareholder value. “We are taking digital insurance and reimagining it, reinventing it, and revolutionizing it by harnessing the power of our insurtech platform to deliver that digital insurance to multiple sectors,” he added.
For more information, visit the company’s website at www.InsuraGuest.com.