InsuraGuest Technologies Inc. (TSX.V: ISGI) Records Best Revenue Month Ever Despite Industry Challenges Posed by Pandemic
- The company continues to make progress toward its mission to harness the power of technology to reinvent insurance
- Hospitality Liability coverage is an added layer of protection, allowing guests to feel safer and hotel and vacation rentals to lower their risk and claim ratios
- Further penetration of the vacation rental industry, which booked revenue of $57 million in 2019 and boasts a growth rate of 6.9%, provides the company with tremendous growth potential
InsuraGuest Technologies, Inc. (TSX-V: ISGI), a company that’s disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors, announced that its hospitality division, InsuraGuest Hospitality, recorded the highest month of revenue since inception, according to a company press release (http://nnw.fm/27sa5).
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 API 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 company continues to make progress toward its mission of harnessing the power of technology to reinvent insurance despite the significant challenges presented by COVID-19 and the resulting devastation the virus has levied upon the hospitality industry as a whole, the news release stated.
“Despite the COVID-19 pandemic, we are seeing an increase in hotel stays during July and as a result our hospitality division is having its best revenue month since we opened our doors,” said InsuraGuest CEO and Chairman, Douglas Anderson. “Our hotel members are creating safer environments for their guest’s visits, and they are seeing first-hand the value InsuraGuest brings by inserting our Hospitality Liability coverages as a layer of protection when a guest experiences an accident or theft. This allows the hotel to lower their risk ratio, lower their claim ratio, and remove their Med-Pay, thus helping them save money on their current General Liability policy.”
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. After opting in to InsuraGuest within Hostfully, clients can use the InsuraGuest Hospitality Liability coverage to address claims made by guests on a primary basis.
Hostfully is a complete 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. The company was named ‘Best All-Around Vacation Rental Software’ by VRMB Keystone Awards in 2019.
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 that vacations rentals offer (http://nnw.fm/7BD8o).
Europe’s hospitality market is more than double the market size in the United States, indicating room for significant growth potential in serving hotel and vacation rental guests with InsuraGuest’s insurance platform.
InsuraGuest Technologies is an insurtech company that is disrupting 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.
For more information, visit the company’s website at www.InsuraGuest.com.