- USI is a brokerage and consulting firm with over 7,500 professional and nationally networked brokers that will expand the InsuraGuest brand exposure
- The global insurtech market is expected to reach $10.14 billion by 2025 with a CAGR of 10.8% – up from $5.48 billion in 2019
- InsuraGuest is currently ahead of its growth model’s expectations
- The proprietary insurtech platform can integrate with over 70 property management systems for easy implementation
Innovative insurtech provider InsuraGuest Technologies (TSX.V: ISGI), via wholly-owned subsidiary InsuraGuest Inc., recently signed an Agent Producer Agreement with USI Insurance Services (“USI”), a leading United States insurance brokerage and consulting firm. Under the agreement, USI will distribute InsuraGuest’s innovative Hospitality Liability coverages through its network of more than 7,500 professional brokers nationwide (https://ibn.fm/CsfBt).
This agreement with USI continues a series of partnerships that InsuraGuest has been signing lately to expand the reach of its insurtech platform and insurance services. “InsuraGuest continues to attract and execute exciting relationships with nationally recognized leaders in the insurance industry,” CEO and Chairman Douglas Anderson said. “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.”
According to the CEO, this growth avenue will not only increase sales dramatically and provide true nationwide coverage, but it will increase shareholder value as a result.
These partnerships can help InsuraGuest to further cement its leading position on the fast-growing insurtech martket. With technology touching almost every industry worldwide, the insurance industry has been no exception. Valued at $5.48 billion in 2019, the global insurtech sector is expected to reach $10.14 billion by 2025, with a CAGR of 10.8% during the forecast period of 2019-2025 (https://ibn.fm/3MqKV).
This growth offers multiple opportunities to InsuraGuest, a company committed to harnessing the power of technology to reinvent the insurance industry. With a proprietary software platform that delivers digital insurance to multiple sectors across various industries, the company aims to revolutionize the way insurance is delivered based on the idea that insurance should be bought and not sold.
InsuraGuest’s proprietary insurtech platform and liability coverages provide a viable solution to the high frequency of claims that hotel and vacation rental operators are facing and that are frequently applied to the general liability policy, resulting in higher risk exposure and higher premium prices for the property owners. InsuraGuest’s solution transfers the risk from the hotel and vacation rental operators by having guests pay for the coverage at a nomrinal fee per night. Then, all small claims are paid by InsuraGuest, thus keeping them off the property owner’s general liability policy.
InsuraGuest Hospitality Liability covers incidentals such as accidents, in-room property damage, accidental medical, death, or dismemberment, or theft claims, which can be filed through the Hospitality Liability coverages instead of the general liability coverage. In addition to reduced risk and lower premiums, the benefits of incorporating the insurtech platform include affordable supplemental insurance options at affordable pricing, improved guest experiences, and prompt compensation.
In the last decade, approximately $16.5 billion has been invested in insurtech. The pressure for change and innovation within the insurance market continues to increase. InsuraGuest has been riding the wave of technological insurance innovation within the digital sector but has been expanding outward, offering insurtech options to a wider audience and creating additional revenue streams.
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
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