VANCOUVER, British Columbia, Nov. 05, 2020 (GLOBE NEWSWIRE) — via InvestorWire – InsuraGuest Technologies, Inc.® (TSX-V: ISGI) (“InsuraGuest” or the “Company”) today announces that its wholly owned subsidiary InsuraGuest Insurance Agency, LLC (“IG Agency”) has been approved as a resident surplus lines producer, licensed to offer surplus lines casualty and surplus lines property insurance in the state of Utah.
With this new approval, IG Agency can be listed as the official producer for InsuraGuest’s specialized Hospitality Liability Master Policy and on all certificates the Company issues to hotels and vacation rental properties. In addition, this approval allows IG Agency to sell other non-admitted insurance products through its sister company InsuraGuest Risk Purchasing Group, LLC, which will open more markets to sell additional products and create additional revenue streams.
“We are very excited to now offer our products and services throughout the United States in their entirety,” said InsuraGuest CEO and Chairman Douglas Anderson. “We continue to expand and develop our product offerings to service our customers and build shareholder value, and the ability to provide true nationwide coverage marks a proud milestone for InsuraGuest.”
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 its 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 the guest’s folio or bundes it with the guest’s resort/amenity/urban fee. The complete fee for coverage and software is $4.95 a night, of which the hotel keeps 10%.
Change to Debt Conversion
InsuraGuest also has withdrawn its application to the TSX Venture Exchange for approval of the conversion of approximately $980,325 (CDN) in exchange for the issuance of a total of 4,901,625 shares of its common stock to various individuals and entities to reduce debt, a plan originally annnounced in the Company’s press release dated Aug. 13, 2020. Such debt shall not be exchanged for shares at this time, though the Company may revisit the issue in the future.
About InsuraGuest Technologies, Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies, Inc. (TSX.V: ISGI) (OTC: IGSTF) 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.
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 business product offering or other planned products will be successful; 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; if the Company fails to achieve market acceptance it will significantly impact its 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. There is no assurance that such financing will be available at reasonable prices or at all.
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