- InsuraGuest Technologies, Inc. will be able to use Swarts, Manning & Associates’ business and broker network in California, Nevada, and Utah
- The insurance firm’s hotel clients will gain access to InsuraGuest’s Hospitality Liability policy following the integration of its insurtech platform with their property management systems
- The agreement is expected to improve the risk profile of Swarts, Manning & Associates’ hospitality clients by lowering their risk and claim ratios
InsuraGuest Technologies (TSX.V: ISGI) is set to expand the reach of its insurtech product in the hospitality sector after signing full-service insurance firm Swarts, Manning & Associates for its agency/broker program. According to a company’s news release, the agreement was signed through the company’s wholly-owned subsidiary InsuraGuest Insurance Agency, LLC (http://nnw.fm/heNQi).
As part of its agency/broker program, InsuraGuest will use Swarts, Manning & Associates’ network in California, Nevada and Utah to access the insurance company’s hotel clients and provide them with InsuraGuest’s Hospitality Liability policy coverage by integrating its insurtech software platform with the hotels’ management systems.
Swarts, Manning & Associates was founded in 1996 and quickly became a leader and innovator in the insurance industry. Dedicated to providing the most cost-effective and customized insurance solutions, the firm has several specialized departments dedicated to personal insurance, health benefits, commercial insurance and more.
“Our focus has always been on risk management and improving the risk profile of our hospitality clients,” states Mark Swarts, founder and president of Swarts, Manning & Associates. “Adding InsuraGuest’s products to our partner list will help us reduce their hotel clients’ risk ratios and claim ratios while potentially lowering their GL premiums.”
InsuraGuest’s goal is to disrupt the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple verticals. The company aims to transform the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
The company’s insurance coverage is purchased by the property and automatically delivers Hospitality Liability policy coverages through the property’s management system after the integration of InsuraGuest’s proprietary insurtech platform. 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 currently 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.
The deal with Swarts, Manning & Associates follows a partnership signed with Hostfully, a provider of end-to-end vacation rental property management software. The agreement allowed InsuraGuest to make available its Hospitality Liability coverage to Hostfully’s client base of more than 2,5000 vacation rental properties.
This is encouraging news for InsuraGuest’s investors, given the significant growth potential of the vacation rental market. 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 that vacation rentals offer (http://nnw.fm/7BD8o). Additionally, there is the significant growth potential for the company on the European hotel and vacation rental market, currently twice larger than the U.S. market size.
The agreements with Swarts, Manning & Associates and Hostfully, respectively, reaffirm InsuraGuest Technologies’ commitment and dedication to harnessing the power of technology to reinvent insurance across multiple verticals, including the hospitality sector.
The company is also 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, slated for release to U.S. markets by the third quarter of 2020 (http://nnw.fm/BhJz8). According to InsuraGuest Chairman and CEO Douglas Anderson, the new product has the potential to provide the company with multiple avenues of revenue and greater shareholder value.
For more information, visit the company’s website at www.InsuraGuest.com.