- As the United States has emerged from the most recent economic recession during the past decade, travel and tourism-related industries have bloomed to historic levels of activity
- InsuraGuest has developed a proprietary InsurTech software platform that delivers a specialized insurance policy to hotels and vacation rental properties, which covers the guest during their stay.
- The insurance provides coverage for guest in the form of theft recovery, accidental medical expenses and accidental death and dismemberment
- InsuraGuest recently announced an LOI that extends its InsurTech platform and insurance products from the United States to Europe and the United Kingdom
- Europe’s hospitality stay market is more than double the market size in the United States, indicating room for great potential in serving hotel and vacation rental guests with the InsurTech insurance platform
Salt Lake City-based SaaS provider InsuraGuest recently announced a landmark LOI for the company that opens the doors to the United Kingdom’s and Europe’s hotel and vacation rental markets for its proprietary InsurTech insurance platform.
The platform’s API already works with about 70 different computerized hotel and vacation rental property management systems. The InsuraGuest InsurTech software delivers specialized guest protection policies, helping member properties transfer their exposure to liability (http://ibn.fm/pmm8Z).
The coverage, unlike travelers insurance, is a specialized policy that provides a first line of defense for both the hotel or vacation rental property and the travelers during their stays, with a potential of up to 40,000 different properties, and is purchased by the hotel property and then included with each guest’s folio charges for the stay. The policy provides coverage for theft of personal property, accidental medical expenses, and accidental death and dismemberment.
“We are excited to be expanding our distribution into Europe. The European market is more than twice the size of the U.S.,” InsuraGuest Chairman and CEO Douglas Anderson stated in a news release about the LOI (http://ibn.fm/tTbaa). “Last year there were 2.8 billion hotel nights stayed in Europe compared to 1.1 billion in the US. Additionally, $100 billion was spent on vacation rentals.”
A decade after the United States’ travel industry stepped from the shadows of a significant economic recession and shook hands with numerous emerging markets around the globe, the travel, vacation rental, and hotel industries are experiencing historic levels of consumer demand. Technological innovations like InsuraGuest have fueled the demand, energizing worldwide wanderlust by enabling ride-hailing services, alt-finance fluidity, shared selfie “wish you were here” moments and an array of accommodations options relatively easy to engage from half a world away.
In the United States alone, hotel gross bookings grew from $116 billion to $185 billion between 2009 and 2017, according to Deloitte (http://ibn.fm/nirXt). Last year, the travel and hospitality industries’ revenues were expected to top $500 billion, according to the company. While the industry insights firm anticipates the growth trend may slow in the near future, travel market segments are still expected to remain healthy.
“With distribution in Europe and the US, our demographics combined will total 3.9 billion nights stayed,” Anderson stated.
Online claim management is easy and timely, and it is available 24-hour a day through the company’s dashboard.
For more information, visit the company’s website at www.InsuraGuest.com