InsuraGuest Launches Strategic Alliance with SUITELIFE

Rhea-AI Summary

InsuraGuest Technologies, Inc. (TSX-V:ISGI) has announced a strategic alliance with SUITELIFE Underwriting Managers, enhancing its hospitality services. This partnership opens access to over 700 hotel and resort clients, translating to over 100,000 rooms and 22 million nights annually. InsuraGuest's technology integrates with hotel management systems, allowing automatic coverage activation for guests. The coverage fee is $4.95 per night. While the alliance offers growth potential, the company faces significant competition and challenges in market acceptance.

Positive

• Strategic alliance with SUITELIFE extends access to over 700 hotel clients.
• Integration with property management systems enhances coverage efficiency.
• Potential to reduce claim ratios and risk profiles for hotels.

Negative

• Intense competition with larger companies in the insurance sector.
• Market acceptance of new products remains uncertain.
• Possible need for excessive advertising budgets to gain acceptance.

VANCOUVER, BC / ACCESSWIRE / December 2, 2021 / InsuraGuest Technologies, Inc.® (TSX-V:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), through its wholly owned U.S. hospitality subsidiary InsuraGuest® announces it has launched its strategic alliance 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 hotel 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, insured organizations are eligible to become a Preferred Customer of InsuraGuest.

Charles Cayias, President of InsuraGuest Insurance Agency, stated, "An average hotel has 150 rooms, with an average occupancy of 60%. Our alliance with SUITELIFE gives us direct access to 700 plus hotel and resort customers in SUITELIFE's portfolio, which equates to over 100k rooms, or over 22 million nights stayed per year."

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 (TSX.V: 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 vacation rentals and 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/675702/InsuraGuest-Launches-Strategic-Alliance-with-SUITELIFE

FAQ

What is the purpose of the InsuraGuest and SUITELIFE alliance?

The alliance aims to enhance hospitality insurance services, providing access to over 700 hotel clients.

How many rooms does InsuraGuest have access to through its partnership with SUITELIFE?

InsuraGuest has access to over 100,000 rooms through the SUITELIFE partnership.

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

The coverage fee is $4.95 per night.

What challenges does InsuraGuest face in the insurance market?

InsuraGuest faces intense competition and uncertainty regarding market acceptance of new products.

How does InsuraGuest integrate its insurance solutions with hotels?

InsuraGuest integrates via property management systems, enabling automatic activation of coverage at check-in.