- InsuraGuest Technologies, Inc. currently offers two products in the hospitality and small business sector, with the opportunity for further expansion in the future
- InsureThePeople is providing small business owners, entrepreneurs, and freelancers with custom-catered insurance options at affordable rates and flexible payment schedules
- Small enterprises make up 99% of the United States’ 28.7 million businesses
- The InsuraGuest Hospitality product is compatible with over 70 different property-management products spanning hotel and vacation rental properties
InsuraGuest Technologies (TSX.V: ISGI) (OTC: IGSTF) is revolutionizing the insurance experience with the launch of the business owner policy (“BOP”) portal, extending general liability coverages to small businesses – a vital sector of the United States economy. Using InsuraGuest Technologies’ proprietary insurtech platform, InsureThePeople can provide on-demand and affordable insurance products to small business owners and entrepreneurs through technological means.
Businesses with revenues up to $6 million per location and occupancies up to 35,000 square feet are eligible to join the platform, with a minimum annual premium of $250. InsuraGuest Technologies’ targeted clients have up to 20 employees with sales and TIV under $1 million. They are typically small in size, like startups, consultants, or home-based businesses.
The InsureThePeople platform helps make insurance for small business easy and affordable with flexible payment schedules. It offers custom-tailored policies for small business owners in over 130 class codes. Insurance companies use class codes to determine the degree and type of risk a business may incur. The types of coverage that InsuraGuest Technologies may provide a business with are:
- Business Income
- General Liability
- Employment Liability
- Business Auto
- Professional Liability
- Liquor Liability
- Cyber Risk
- Workers’ Comp
Any number of these could be beneficial across the realm of small businesses, including startups, retail, accountants, freelancers, and more. And with the U.S. economy increasingly shifting to a small-business model, the market opportunities for InsuraGuest’s platform are expanding significantly.
Additionally, the company’s insurtech and insurance offerings come at a time of change for the insurance industry, with established carriers working on adding new technologies to their current platforms. In 2019, $5.54 billion was invested in insurtech, a quarter of the amount coming from larger carriers (https://ibn.fm/FH8Ol). Over the last decade, close to $16.5 billion has been invested into insurtech, pressuring the market to change and become more innovative. As the market grows, InsuraGuest Technologies will continue to expand across different insurance industry sectors, not just hospitality and small business.
InsuraGuest Hospitality covers both hotels and vacation rental properties, and was designed to fill the gaps in other policies on the market, including a claims process that is easier to navigate. The company’s insurtech platform is compatible with approximately 70 different hotel property-management systems, which include Hilton-ONQ, Oracle Opera, Marriot Fosse, Agilysis, Springer-Miller Systems, Lightspeed GPS, and many others.
For more information about the company, please visit 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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