- Insurance technology market is rapidly growing, creating innovation and opportunity in the digital insurance sector
- InsuraGuest’s working to expand its product offering and the reach of its platform via brokers and agents
- In the hospitality sector, company’s insurance products cover a wide range of issues, from theft and damage of personal property to accidental medical expenses and accidental death and dismemberment
The insurtech market is growing rapidly, and specialized insurance provider InsuraGuest Technologies Inc. (TSX.V: ISGI) is riding the wave of technological innovation in the digital insurance sector. The company’s insurance systems target specific niches and is now moving to expand offerings to a wider audience and additional revenue streams. The company aims to move into providing software technology applicable to multiple insuring specialist sectors, of which their current support of the hospitality insurance sector is an example.
The different digital insurance needs of various markets allow InsuraGuest Technologies and other insurtech companies to provide added value by tailoring to specific needs of clients while building systems that can be adapted elsewhere.
Approximately $16.5 billion has been invested in the sector over the past 10 years. What is more, the pace of investment is on the rise (http://nnw.fm/ZQz2n), with $2.2 billion raised in the first half of 2019 alone (http://nnw.fm/J1Fzz). This increase is driven by outside and inside pressure for change and more innovation in the insurance market.
The growing rate of investment is essential, given that an estimated 90% of the resources insurance companies invest in technology are going into maintaining existing approaches instead of exploring real innovation. InsuraGuest, however, is adding value by offering the opposite approach – integrating insurance innovation and SaaS in a single flexible package.
InsuraGuest Technologies’ platform is set up to deliver digital insurance packages directly to partners on a business-to-business basis, and it has the technology to expand its platform to the business-to-consumer markets in the future. The company also allows agents and brokers to sign up instantly online through its fully automatized agency/broker software program. These brokers and agents then become channels to take InsuraGuest’s insurance out to their own customers, speeding up the process of distributing the insurtech innovator’s platform and products.
The company’s insurtech platform is already fully operational in the hospitality sector, where InsuraGuest offers hotels and vacation rentals easy access to the insurance coverage policies they need to protect their properties, making it easier to arrange and deliver new insurance products. Technology takes away much of the burden of arranging insurance and members can buy into all the support systems they need instead of buying a single standalone product and then struggling with making it work.
Traditional travelers’ insurance doesn’t cover a number of things that can happen inside hotels or other travel properties, putting both the traveler and the hotel or property owner at risk. People often mistakenly assume that accidents happening at such a property are covered by the property owner’s general liability or homeowner policy. InsuraGuest’s proprietary platform delivers specialized Hospitality Liability coverages that protect the hotel or vacation rental property which guests benefit from the property being protected during their stay. The Hospitality Liability Policy covers a wide range of issues, from theft and damage of personal property to accidental medical expenses, death and dismemberment.
About 59% of property managers in Europe use a specialist property management system (PMS), into which insurance typically isn’t integrated. It therefore needs to be managed separately. Recognizing this opportunity, InsuraGuest Technologies found a solution by integrating its digital insurance with 71 different PMSs around the world, gaving the software access to potentially deliver their insurance coverages to millions of rooms. This way, the process of obtaining insurance melds seamlessly with other relevant processes (http://nnw.fm/fof9D), while allowing for significant growth opportunities for the company in larger hospitality markets.
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://nnw.fm/ISGI
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