- Company
expects to receive approval in the remaining 34 states by Q3 this year
- InsuraGuest’s
API integrates with 71 different property management systems, giving it
access to hotels and vacation rental properties worldwide
- Global
vacation rental market is predicted to reach $63 billion in 5 years
- Number
of vacation rental users globally is expected to soar to 361 million, at a
38 percent CAGR over the next five years
InsurTech company InsuraGuest Inc. announced the launch of InsuraGuest
Insurance Agency LLC (IG Agency), its wholly owned subsidiary. IG Agency is
registered and licensed to sell insurance in 16 states nationwide: Arizona,
Arkansas, Colorado, Idaho, Indiana, Iowa, Louisiana, Maryland, Michigan,
Montana, Nevada, Ohio, Pennsylvania, South Carolina, Utah and Virginia. It
brings licensed insurance sales in-house to create shareholder value and
increase InsuraGuest revenues.
IG Agency expects to receive approval for the remaining 34
states by Q3. This will allow the company to sell InsuraGuest’s specialized
Guest Protection Policy in combination with the InsuraGuest InsurTech
(insurance + technology) platform to hotels and vacation rental sectors
nationwide (http://ibn.fm/F225t).
The company has outstanding prospects on the global vacation
rental market, which is projected to reach $63 billion by 2024, advancing at an
annual growth rate of 5.51 percent in 2020. Projected vacation rental revenue
for 2019 was $57,669 billion with a market growth rate of 6.9 percent. U.S.
travel to overseas markets totaled 35.1 million, up by 7 percent About 25
percent of Americans report engaging with short-term rental platforms (23
percent), up 277 percent (http://ibn.fm/Gfm7U).
InsuraGuest entered the vacation rental sector at the end of
September 2019 by signing a software integration deal with San Francisco-based
Hostfully Inc., rated as one of the best property management systems in the
world. InsuraGuest’s InsurTech platform can integrate with around 71 different
property management systems, giving it access to more than 40,000 properties
worldwide. In line with the parent company’s growth goals, IG Agency aims to become
a worldwide licensed provider and service customers who have properties outside
the United States.
According to a Hostfully report, the total number of
vacation rental companies in the U.S. is currently at 23,000, which accounts
for a fifth of all the vacation rental companies in the world. The current CAGR
is 7.1 percent, while the average CAGR for this decade is 8.5 percent. The
number of second homes in the United States totals 9 million, 44 percent of
which are professionally managed, while 25-35 percent are rented out (http://ibn.fm/AneGt).
InsuraGuest’s proprietary InsurTech software platform
delivers a specialized guest protection policy to the hotel or vacation rental
property to protect the guest during their stay while on the property. Hotels
and vacation rental properties purchase an InsuraGuest Guest Protection Policy,
which is extended to each of their guests, including their room occupants, at
the time of check-in. The specialized policy covers accidental in-room damage,
lost or stolen personal property, as well as accidental medical expenses and
accidental death and dismemberment.
The policy was created to fill a gap left by traditional
traveler’s insurance, which doesn’t cover a number of things that can happen
inside hotels or vacation rental properties, putting both the guest and the
hotel or property owner at risk. InsuraGuest Guest Protection Policy is
complimentary to homeowners and/or general liability insurance
coverage. It is the first line of defense for the guest and the property.
InsuraGuest is working to expand the scope of its insurance
products to cover European Union member states and the United Kingdom, as well
as Asia before mid-2020. Europe’s hospitality stay market is more than double
the market size in the United States, which means the InsurTech insurance
platform has even greater potential in serving hotel and vacation rental
guests. Europe accounts for 60 percent of all the vacation rental companies in
the world, and the rest of the world accounts for 20 percent.
For more information, visit the company’s website at www.InsuraGuest.com
NOTE TO INVESTORS: The latest news and updates
relating to InsuraGuest are available in the company’s newsroom at http://ibn.fm/InsuraGuest
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Editor@QualityStocks.com
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
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