InsuraGuest Announces a Strategic Alliance with SUITELIFE

Rhea-AI Summary

InsuraGuest Technologies (TSXV:ISGI)(OTCQB:ISGIF) announced a strategic alliance with SUITELIFE Underwriting Managers, effective October. This collaboration aims to offer tailored insurance solutions to over 700 hotels within SUITELIFE's portfolio, enhancing InsuraGuest's credibility in the hospitality sector. The integration of InsuraGuest’s proprietary API into hotel management systems will facilitate automatic coverage activation for short-term rentals, potentially lowering insurers' claim ratios. The complete fee for this coverage is $4.95 per night.

Positive

• Strategic alliance with SUITELIFE enhances credibility in the hospitality sector.
• Access to over 700 hotel customers through SUITELIFE's portfolio.
• Integration of proprietary API reduces liability exposures and may lower claim ratios.

Negative

• Success of new offerings is uncertain, highlighting reliance on market acceptance.
• Intense competition in the insurance industry with larger competitors.
• Potential need for significant advertising budgets to achieve market penetration.

VANCOUVER, BC / ACCESSWIRE / September 21, 2021 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), through its wholly owned U.S. hospitality subsidiary InsuraGuest® announces it has signed a strategic alliance contract with SUITELIFE Underwriting Mangers, a division of the Ryan Specialty Group family and a part of RSG Underwriting Managers, LLC, the managing general underwriting specialty of Ryan Specialty Group.

SUITELIFE works with top-rated insurance companies, specialty claims administrators and offers strategic loss prevention relationships to help retail agents and brokers better control their client's exposure to risk. The SUITELIFE program is customized for each type of hotel or resort, combining comprehensive coverage, responsive underwriting, exceptional service, risk management tools and competitive premiums, available exclusively through independent insurance agents and brokers.

Under SUITELIFE, starting in October, insured organizations are eligible to become a Preferred Customer of InsuraGuest.

Charles Cayias, President of InsuraGuest Insurance Agency, stated, "We are expanding our platform and creating new relationships. Our alliance with SUITELIFE not only give us the credibility we need in the hotel sector, but it also gives us access to the 700 plus hotel customers in SUITELIFE's portfolio."

Property Management System Integration

InsuraGuest integrates with hotel property management software through its proprietary API, which will enable hotel users to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to the InsuraGuest Hospitality Liability coverages, the covered short-term rental policy can lower the hotels claim ratios and risk profiles, which may decrease their umbrella liability policy and/or their GL policy.

Hotel Operators

The hotel entity automatically attaches the InsuraGuest coverage to each reservation, which activates at check-in and de-activates it upon check-out. The complete fee for coverage and software is $4.95 per night.

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 automatically attach its short-term rental insurance products to hotels.

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:

InsuraGuest Technologies, Inc.
Media Relations
Adam Handelsman
media@InsuraGuest.com
+1 646 413 9401

SOURCE: InsuraGuest Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/664862/InsuraGuest-Announces-a-Strategic-Alliance-with-SUITELIFE

FAQ

What is the recent announcement by InsuraGuest Technologies regarding ISGIF?

InsuraGuest Technologies announced a strategic alliance with SUITELIFE Underwriting Managers to provide tailored insurance solutions to hotels.

What benefits does the partnership with SUITELIFE offer to InsuraGuest?

The partnership provides access to over 700 hotel customers and enhances InsuraGuest's credibility in the hospitality sector.

How does InsuraGuest plan to integrate its services with hotels?

InsuraGuest will use its proprietary API to automatically attach insurance coverage to hotel reservations.

What is the cost of the insurance coverage offered by InsuraGuest?

The coverage fee is $4.95 per night per reservation.

What challenges might InsuraGuest face with the new insurance offerings?

InsuraGuest may face challenges in achieving market acceptance due to intense competition and the need for substantial advertising.