- InsuraGuest’s proprietary InsurTech software delivers a specialized policy to guests at the time of check-in
- The company targets both the vacations rental and hotel industry in the U.S., Europe, and the U.K, with plans to enter Asia in 2020
- Vacation rental market is highly lucrative with 297.17 million total vacation rental users worldwide
Service-as-a-software (SaaS) company InsuraGuest Inc. has signed a contract with Cal-Vegas, Ltd.(R) to provide its insurance product and services to the Red Lion Inn & Suites(R) property in South Carolina, according to a company press release (http://ibn.fm/IcYdw). Under the agreement, the Red Lion Inn & Suites will integrate InsuraGuest’s proprietary InsurTech software to offer its specialized insurance coverage to its guests at the time of check-in. InsuraGuest’s API will integrate with the hotel’s property management system.
The InsurTech software platform delivers a specialized guest protection policy, acting as the first line of defense against accidents and losses for both the guest and the hotel or vacation rental property. According to the contract signed with Cal-Vegas, the Red Lion Inn & Suites will purchase InsuraGuest coverage and supply it to all guests and room occupants on check-in.
The specialized policy covers accidental medical, accidental death and dismemberment, and theft of personal property while on property. The coverage is sold to the property and is automatically extended to the guest.
InsuraGuest created this insurance product for vacation rentals and hotel properties to fill an existing gap in traditional insurance. In most cases, insurance fails to adequately cover the full scope of risks that travelers and hotel or property owners face. InsuraGuest’s product aims to include different kinds of losses or accidents happening at vacation properties that are not the fault of the property directly, leaving guests with no claim to coverage.
The agreement with Cal-Vegas further strengthens InsuraGuest’s position on the U.S. market, where it operates coast-to-coast. The company is working on expanding the scope of its InsurTech platform and insurance products to cover European Union member states and the United Kingdom, with plans in motion to launch on the Asian market by mid-2020. The European and Asian hotel markets are both more significant than the U.S. market, holding a combined 5.4 billion hotel nights stayed in 2018, compared to 1.1 billion stayed nights in the United States.
While the U.S. hotel industry’s annual revenues grow consistently, reaching $218 billion in 2018, the vacation rental properties market is expanding considerably faster and is expected to topple the hotel industry by 2020 (http://ibn.fm/iQpFv). Statistics indicate that the vacation rental industry’s projected revenue in 2019 is $57.669 billion, with a market growth rate of 6.9 percent. There are 297.17 million total vacation rental users worldwide. Europe is leading this segment as well, accounting for 60 percent of all vacation rental properties on the market. The U.S. accounts for 20 percent, and the rest of the world accounts for the remaining 20 percent.
The fast-growing vacation rental property market is a lucrative opportunity for InsuraGuest, providing ample potential for expansion of operations and distribution of its insurance products and services. Expansion to the massive European hospitality market will further increase the company’s opportunities for growth.
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