InsuraGuest and CENTRED Wellness Complete Technology Integration and Go Live to Offer Travel Insurance to U.S. Customers

Rhea-AI Summary

InsuraGuest Technologies has completed its API integration with CENTRED, enabling CENTRED's 57 million members to purchase travel insurance directly through their platform.

This partnership aims to enhance consumer confidence while traveling, especially with complete COVID-19 coverage. The average cost of travel insurance in the U.S. is approximately $95, and demand is increasing as travel resumes post-pandemic. InsuraGuest is positioned to capitalize on this trend and expand its insurance offerings in collaboration with CENTRED.

Positive

• Completed API integration with CENTRED enables access to a broad customer base of 57 million members.
• Partnership expected to boost consumer confidence and increase booking revenues.
• Increasing demand for travel insurance as travel resumes post-pandemic.

Negative

• The insurance industry is highly competitive, with larger competitors potentially overshadowing InsuraGuest.
• Market acceptance of new products is uncertain and may require substantial advertising investments.

VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), announces it has finished its technology integration to begin offering travel insurance to CENTRED's 57 million members through its online travel and wellness platform.

The completion of the InsuraGuest/CENTRED API integration means, U.S. consumers booking on CENTRED-Wellness.com or through their mobile app, regardless of their destination, now have the opportunity to purchase travel insurance products from InsuraGuest directly on CENTRED's technology ecosystem. Insurance that will protect a customer's entire travel journey - not just their hotel stay. This program is designed as a technology and distribution arrangement with InsuraGuest, in which CENTRED will receive marketing fees for providing InsuraGuest travel insurance to its customers.

The completion of the InsuraGuest/CENTRED API integration means that U.S. consumers booking on CENTRED-Wellness.com or through their mobile app, regardless of their destination, now have the opportunity to purchase travel insurance products from InsuraGuest directly on CENTRED's technology ecosystem; insurance that will protect a customer's entire travel journey. This program is designed as a technology and distribution arrangement with InsuraGuest, in which CENTRED will receive marketing fees for providing InsuraGuest travel insurance to its customers.

Additionally, CENTRED and InsuraGuest now plan to further expand and develop their relationship to offer similar products to CENTRED's members, including Dragon Pass and banking partners.

"This partnership will continue to positively impact confidence in our offerings and enable consumers to travel knowing they are protected by an InsuraGuest travel policy. This partnership directly plays into the value system of why we created CENTRED in the first place: to provide people with peace of mind while traveling. We know that with InsuraGuest, our members will have complete COVID-19 coverage, which is critical in today's world of travel," states Brian Chappon, CEO of CENTRED.

Reed Wright, President of InsuraGuest Technologies, stated, "The collaboration with CENTRED will boost customer confidence and offer guests peace of mind knowing they have an InsuraGuest travel policy protecting them as they travel. Both parties believe increasing consumer confidence will assist in enhancing bookings and associated revenue".

"The average cost of travel insurance in the U.S. is $95, based on an AdvisorSmith study of over 50 travel insurance policies. This coverage is becoming more and more popular in the U.S., particularly as the pandemic disrupted travel plans in 2020, forcing many consumers to cancel or postpone planned trips. As travel ramps back up, Americans are more interested in protecting their travel plans, spurring high demand for travel insurance."

About CENTRED

CENTRED connects travelers to leading and emerging wellness brands in over 1,000 cities worldwide. The company utilizes a vertically integrated platform with an app, website, physical locations, e-commerce, health and wellness, and loyalty programs.

CENTRED members can prioritize their health and wellness like never before with instant access to handpicked, trusted services and experiences.

Through CENTRED's partnerships with global credit cards, brands, and aggregators, they have access to over 57 million affluent members worldwide. Their passion lies in driving volume to small businesses while setting a new global standard for wellness.

Working with global B2B partners in travel, healthcare, fitness, and beauty tech, CENTRED is uniquely positioned for when the world opens in a post COVID-19 environment. For additional information on CENTRED and other corporate information, please visit their website at CENTRED-wellness.com.

About InsuraGuest Technologies Inc.

Harnessing the Power of Technology to Reinvent Insurance

InsuraGuest Technologies (TSXV:ISGI) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to digitally provide insurance products to short-term vacation rentals, hotels, sporting events, and travel.

CA / LIC: 6001686

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, this 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.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Company Contact:

CENTRED
Sarah Gallo
CMO
sarah@centred-wellness.com

InsuraGuest Technologies, Inc.
Media Relations
Adam Handelsman
media@InsuraGuest.com
512-363-0594

SOURCE: InsuraGuest Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/677712/InsuraGuest-and-CENTRED-Wellness-Complete-Technology-Integration-and-Go-Live-to-Offer-Travel-Insurance-to-US-Customers

FAQ

What is the significance of InsuraGuest's partnership with CENTRED?

The partnership allows InsuraGuest to offer travel insurance to CENTRED's 57 million members, enhancing both companies' market reach.

How does the API integration benefit InsuraGuest Technologies?

The API integration expands InsuraGuest's distribution channels and customer access through CENTRED's platform.

What is the average cost of travel insurance in the U.S.?

The average cost of travel insurance in the U.S. is approximately $95.

What impacts does COVID-19 have on travel insurance demand?

Demand for travel insurance has increased as consumers seek protection during travel in the post-pandemic era.

What challenges does InsuraGuest face in the insurance market?

InsuraGuest faces challenges from intense competition and the uncertainty of market acceptance for new products.