- InsuraGuest Technologies is a leading insurtech (insurance + technology) company that offers Hospitality Liability coverage for the hotel and vacation rental markets, utilizing its proprietary software platform
- The company is looking to enter the European and Canadian markets in 2021, according to their latest press release
- The two markets offer promise, given the size of the SMEs and projections on revenue generated from the traditional hospitality sector and vacation/holiday rental homes
- InsuraGuest already has existing insurance partnerships with leading underwriting companies, and distribution with leading insurance agencies
The world of insurance is experiencing a shakeup thanks to technology. At the center of this reorganization is InsuraGuest Technologies (TSX.V: ISGI) (OTCQB: ISGIF), a leading insurtech company transforming the way insurance is delivered. InsuraGuest accomplishes this using a proprietary software platform that delivers digital insurance to multiple sectors, making it well-suited for the current insurance market conditions.
A McKinsey report on the digital disruption in insurance terms the present era as “The age of innovation. Insurers have a choice: be disrupted or be the disruptor with new products, services, and business models.” It further discussed new ways in which technology has disrupted and is disrupting the insurance sector, among them the fact that new underwriting approaches have emerged. One such disruption, which InsuraGuest’s products happen to be a part of, is on-demand insurance.
The report continues, “In addition to facilitating the underwriting of small amounts of cover, real-time data can enable the provision of ‘episodic’ or on-demand cover for short periods” (https://ibn.fm/gvPqY). This statement perfectly describes InsuraGuest’s products.
Further, ISGIF’s software platform supports multiple property management systems used in the hospitality industry – over 82 PMS systems available in the market – through back-end integration, enabling it to deliver the Hospitality Liability coverage. This coverage, a specialized insurance policy covering property, casualty, accidents, and health claims, is activated when a guest checks in and deactivates once they check out. This insurance policy is also unique because it passes the cost to the guest (https://ibn.fm/4sXuK) and is available for hotels and vacation rental properties.
In a presentation to insurance brokers published on December 2, 2020, InsuraGuest announced it would be expanding to Europe and Canada in 2021 (https://ibn.fm/pZhFa). A look at the European and Canadian markets shows the motivation behind this expansion drive. A publication by the European Commission shows that small and medium-sized enterprises (“SMEs”) contribute 50% of Europe’s GDP. As at March 2020, there were 25 million SMEs, which employed 2 out of 3 Europeans (https://ibn.fm/mLFm0).
The European vacation/holiday rental homes are projected to generate about $23.99 billion in revenue in 2021, with the figure expected to reach $34.18 billion by 2025 (https://ibn.fm/xq58u). The revenue from Canadian holiday rental homes is forecasted to reach $1.40 billion in 2021 and $1.90 billion by 2025 (https://ibn.fm/JHckW). These figures exclude the income from the traditional hospitality industry, which is expected to generate $79 billion and $4.89 billion in 2021 in Europe and Canada, respectively.
To back this expansion, InsuraGuest already has existing partnerships with underwriters in these new markets and distribution through major insurance agencies. Therefore, they looks well-positioned to enter the new market successfully. InsuraGuest is transforming the way insurance is delivered, and the fact that it is eyeing new markets means that it is looking at the transformation from a global perspective.
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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