- InsuraGuest
raises limit on Hospitality Liability Policy to $5 million
- Company
plans to increase verticals served as demand for insurtech solutions
increases
- Insurtech
sector set to grow at CAGR of 43% to 2025
The announcement by InsuraGuest Technologies Inc. (TSX.V: ISGI) that
it has raised the aggregate policy limit for the property and casualty section
of its Hospitality Liability coverage is good news for hotel owners and
vacation rental proprietors as well as their guests. InsuraGuest is carving out
a vertical in the burgeoning insurtech space. Its Hospitality Liability
insurance is just one way the company is contributing to the rapid rise of the
digital insurance technology revolution.
Presently, many commercial general liability policies leave
both owners and guests exposed to unexpected mishaps and misadventures. In
addition, purchasing insurance may be the last thing on the minds of travelers
and vacationers rushed to get everything one for their upcoming trips. However,
offered through its wholly owned U.S. hospitality subsidiary, InsuraGuest Inc.,
InsuraGuest’s Hospitality Liability Policy can plug the gaps in existing
coverage. With its umbrella-plus policy, the company is offering protection
many traditional carriers won’t.
InsuraGuest’s Hospitality Liability Policy offers hotel
owners and vacation-rental operators a way to protect properties which their
guests can benefit from, a way that guests should welcome. Many travelers and
vacationers overlook insurance through omission rather than deliberate choice,
or they assume the property where they are staying will have proper coverage in
case something happens to them. In a hurry with dozens of last-minute minutiae
to attend too, most travelers aren’t focused on what could go wrong.
Hotels and Vacation Rentals purchase ISGI’s Hospitality
Liability Policy, which protects the property and can benefit the guest if a
covered incident were to occur. The specialized policy affords coverage for
theft of personal property while in the guest’s room, as well as accidental medical
expense and accidental death and dismemberment, up to policy aggregate limits
of $5 million (http://ibn.fm/7DFJh).
The novel insurtech product mitigates the risks that owners or management
companies face if an accident or theft were to occur during a guest’s stay.
Presently, InsuraGuest is focused on the B2B hotels and
vacation-rentals sectors, where the company’s API integrates with clients’
property-management systems to offer guests this specialized guest protection
policy. The InsuraGuest platform is currently capable of integrating with
approximately 71 different hotel and vacation rental property-management
systems, linking it to millions of rooms at properties worldwide.
In addition, the company plans to develop solutions for
other verticals in the B2B insurtech sector. The insurance industry has been
around since the 18th century and appears to have retained an approach and
methodology perhaps more suited to that time. A handful of startups has demonstrated
just how antiquated the industry is by eating into market share and amassing
colossal revenues. For instance, 2-1/2 years ago, Lemonade, which provides
renters insurance, had annual recurrent revenues of $1 million; now it’s a $3.5
billion company (http://ibn.fm/8Wr5K).
Who said insurance was a dull business?
For more information, visit the company’s website at www.InsuraGuest.com
NOTE TO INVESTORS: The latest news and updates
relating to ISGI are available in the company’s newsroom at http://ibn.fm/ISGI
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