InsuraGuest's Hospitality Liability and tech platform enables hotel operators to transfer small property and medical guest claims to lower general liability premiums and generate additional revenue
USI Insurance Services ("USI"), a leading U.S. insurance brokerage and consulting firm, has signed an Agent Producer Agreement with InsuraGuest Technologies, Inc.®'s (TSXV: ISGI) wholly-owned subsidiary, InsuraGuest, Inc. ("InsuraGuest"), to provide InsuraGuest's Hospitality Liability coverages through its more than 7,500 professional, nationally networked brokers.
InsuraGuest's liability coverages and insurtech platform transfers high frequency small property and medical guest claims to reduce risk, decrease premiums and generate revenue for hotel operators.
A considerable amount of a hotel operator's claims is from small property or medical claims that are frequently applied to the general liability policy. This high frequency in claims drives up premium prices. The InsuraGuest solution transfers the risk from the hotel operator by having guests pay a nominal fee per night. InsuraGuest then pays out these small claims and keeps them off the general liability policy for the hotel operator.
"InsuraGuest continues to attract and execute exciting relationships with nationally recognized leaders in the insurance industry. Our sales and outreach program, paired with our expansive broker networks, allow us to expand our customer base and grow our brand recognition more quickly than our original growth models indicated," said InsuraGuest CEO and Chairman Douglas Anderson. "This growth avenue will not only increase sales dramatically and provide true nationwide coverage, but it will increase shareholder value as a result."
InsuraGuest is an insurtech company that utilizes a proprietary software platform to deliver specialized Hospitality Liability coverages to member hotel properties. With InsuraGuest custom coverages, properties benefit from an additional layer of protection should a guest experience an accident, in-room property damage, accidental medical, death or dismemberment, or theft while staying at an InsuraGuest-covered hotel property.
Property Management System Integration
InsuraGuest integrates with approximately 70 different property management systems through its proprietary API, which enables the organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to the InsuraGuest Hospitality Liability coverages, the covered hotel property can lower its claim ratio and risk profile, which may decrease the property's General Liability premiums.
Generating Revenue for Hotel Operators
Additionally, the InsuraGuest product can help generate revenue for participating hotels or vacation rental properties. The hotel extends the coverage to each and every guest, which is activated at check in, and automatically places the charge on their folio or bundles it with their resort/amenity/urban fee. The complete fee for coverage and software is $4.95 a night, of which the hotel keeps 10%.
Created specifically for InsuraGuest, the Hospitality Liability policy is issued by InsuraGuest Risk Purchasing Group, LLC., and is administered by InsuraGuest Insurance Agency, LLC. CA / LIC: 6001686.
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSXV: ISGI) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. The Company is transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold. CA / LIC: 6001686.
For more information, visit the Company's website at www.InsuraGuest.com.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. There is no assurance that this new USI Insurance Services (FRP) business relationship or other planned products will be successful, nor is it a guarantee that USI's hotels will sign up for the InsuraGuest Hospitality Liability coverages. Additionally, the Insurance industry is intensely competitive and the Company's competitors have significantly more resources than the company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. Additional particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include the severity, magnitude and duration of the COVID-19 pandemic. The impacts of the pandemic on commercial activity and demand across our and our customers' businesses, as well as businesses' and governments' responses to the pandemic, are continually changing and are difficult or impossible to predict with any precision. Declines in the demand for our customer's services create by uncertainties surrounding the pandemic will result in a decline for the demand for our products which will adversely impact on our projections. Delays in meeting our projections will have a direct impact on or capital and liquidity needs, and there is no assurance we will be able to meet such needs. If the company fails to achieve market acceptance, such failure will significantly impact on the company's results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. The Company's budget may also be exceed by continued market delays created by the pandemic. There is no assurance that sufficient financing to address such impacts will be available at reasonable prices, or at all.
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