InsuraGuest Grows Revenues 253% Over Last Year
InsuraGuest Technologies (TSXV:ISGI)(OTCQB:ISGIF) reported a 253% revenue growth for the fiscal year ending June 30, 2022, as it continues to expand its insurtech software offerings. The company doubled its vacation rental property clients and launched new products, contributing significantly to its growth. Despite not adding new hotels, InsuraGuest is engaging with hotel groups and focusing on sales and marketing to drive further expansion. The company acknowledges competition in the insurtech space but remains optimistic about its growth trajectory.
- Revenue grew 253% year-over-year.
- Doubled vacation rental property clients compared to the previous quarter.
- Successful launch of new products contributing to growth.
- Engagement with hospitality insurance brokers and hotel groups indicates potential market expansion.
- No new hotels added to customer list.
- Growing competition with larger companies may hinder market acceptance.
- Dependence on significant advertising budgets to achieve market acceptance.
VANCOUVER, BC / ACCESSWIRE / October 24, 2022 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), announces its Company year-end numbers for the fiscal year ended June 30, 2022 and a business outlook for 2022-23.
InsuraGuest Technologies Inc. is a publicly traded Canadian insurtech (insurance + technology) software company ("ISGI") with offices in Vancouver, British Columbia and Salt Lake City, Utah. Our proprietary software platform delivers digitally embedded, opt-in, and subscription-based insurance packages directly to our members on a business-to-business and business-to-consumer basis. The Company also provides insurance agents and brokers the ability to sign up instantly online through its automatized agency/broker software platform. These brokers and agents then become channels to sell the Company's products to their own customers, speeding up the process of distributing products through the insurtech platform.
During the fiscal year ended June 30, 2022, the Company continued to build on the 2019 launch of its proprietary software products while more than doubling the number of vacation rental properties as clients compared to the first quarter of 2022. With all segments of revenue, InsuraGuest grew
Our newly launched participant events product contributed significantly to this growth, and we believe there is tremendous opportunity to further grow this segment of the business. We also launched our subscription-based product in June, which we expect to contribute additional growth next year. We did not add any new hotels to our customer list, but as of recent, we have seen activity grow in this sector and are now having qualified conversations with hotel groups and have begun engagement with hospitality insurance brokers and their customers. With our focus now on sales and marketing of these products, we anticipate continuing this grow well into 2023 and beyond.
"We have proven our technology stack by launching new products along with adding and growing a significant number of properties over last year. Our insurtech technology stack and products continue to be recognized as an industry leader in the vacation rental, hotels, and participant events sectors. This path will allow our customer base to grow and create additional revenue well into the future. As a result, we are now increasing marketing and sales dollars for further expansion of our successful model," states Reed Wright InsuraGuest's President.
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSX.V:ISGI) (OTCQB:ISGIF) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to embed its short-term rental insurance products to vacation rentals, sports and ticketed events, hotels, and resorts.
CA / LIC: 6001686
For more information, visit the company's website at: www.InsuraGuest.com
The 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
Reed Wright
media@InsuraGuest.com
SOURCE: Insuraguest Technologies
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FAQ
What were the revenue growth figures reported by InsuraGuest (ISGIF) for the fiscal year ending June 30, 2022?
How many vacation rental properties did InsuraGuest add as clients in the recent fiscal year?
What new products did InsuraGuest launch recently?
Is InsuraGuest (ISGIF) planning to expand its customer base in the hotel sector?
What challenges does InsuraGuest (ISGIF) face in the insurtech industry?
