- Under the vendor agreement with the world’s leading short-term rental property management company, InsuraGuest Technologies will provide coverage to tens of thousands of Guesty clients
- The current size of the vacation rental market is valued at approximately $87.61 billion and is expected to grow to an estimated $113.9 billion by 2027
- InsuraGuest is not only handling digital insurance in the hospitality sector but also branching out to offer coverage options in multiple other industries
Leading insurtech company InsuraGuest Technologies (TSX.V: ISGI) has announced that it has entered into a signed vendor agreement with Guesty, the world’s foremost short-term rental property management company. Guesty provides an end-to-end solution platform for property managers and management companies to simplify and automate operational needs for short-term rentals (https://ibn.fm/Aklcz).
Under the vendor agreement, InsuraGuest will integrate with Guesty property management software through the company’s proprietary API. “Upon completion of our API integration, InsuraGuest will be available to Guesty’s tens of thousands of clients with a product that not only protects their properties but also responds to claims made by their guests,” said Douglas Anderson, CEO and Chairman of InsuraGuest Technologies.
The integration will allow Guesty’s users to transfer certain liabilities to InsuraGuest’s Hospitality Liability Policy. As a result, these short-term rental properties can lower claim ratios and their risk profile, which may lead to a decrease in general liability or homeowner’s insurance premiums.
InsuraGuest Hospitality Liability coverages are the first line of defense for member hotels and vacation rental properties. The policy provides an additional layer of protection that prevents the need for general liability claims if an InsuraGuest covered claim occurs. InsuraGuest responds to the claims of guests on a primary basis, covering accidental in-room property damage, theft, accidental death and dismemberment, and accidental medical expenses. The coverage fills the gap that is left by other policies, inserting protection that responds to the property when guests experience mishaps.
InsuraGuest will provide Guesty’s clients with an additional layer of protection while providing them with competitive pricing, reduced risk, the potential for lower liability insurance costs, quick claim compensation turnaround, and improved guest experiences, giving them a worry-free stay. The short-term rental entity extends coverage to every guest, activating the coverage upon check-in. The charge for the coverage is placed in the guest’s folio or is bundled into the nightly rate.
Regarding the vendor agreement between InsuraGuest and Guesty, Alon Eitan, Guesty’s director of strategy and business development, said, “We are excited to begin our relationship with InsuraGuest. Providing our customers with access to vendors like InsuraGuest helps protect their properties and provide peace of mind.”
Guesty works with several major online travel agencies, providing end-to-end solutions for companies like Airbnb, Vrbo, and TripAdvisor. Their clients also use Guesty’s guest-centric tools, including Unified Inbox, 24/7 Guest Communication Services, Automation Tools, Payment Processing, and now InsuraGuest’s Hospitality Liability Policy, as well.
The agreement helps InsuraGuest strengthen its position as an insurance solution provider in the vacation rental market, a sector that is constantly expanding. The current size of the vacation rental market is valued at approximately $87.61 billion, and it is expected to grow at a CAGR of 3.4% to an estimated $113.9 billion by 2027 (https://ibn.fm/KxjbY).
InsuraGuest Technologies is transforming how we view insurance, providing digital insurance reimagined, reinvented, and revolutionized. InsuraGuest aims to transform the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
For more information, visit the company’s website at www.InsuraGuest.com.
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