- 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