InsuraGuest Provides Initial Results for its New Activities Program ISG Active

Rhea-AI Summary

InsuraGuest Technologies (TSXV:ISGI)(OTCQB:ISGIF) reports strong initial sales results from its new sports insurance product, ISG Active, launched for the 2021-22 winter sports season. Over 200,000 participants have purchased the digitally embedded insurance for activities like skiing, snowboarding, and tubing. The company plans to expand offerings with advanced season pass insurance in March 2022 and summer event coverage thereafter. President Reed Wright expressed optimism about market acceptance and higher-than-expected purchase rates.

Positive

• Sold insurance coverage to over 200,000 participants since launch.
• Higher than forecasted purchase rates for upgraded coverage.
• Plans to introduce advanced season pass insurance next month.

Negative

• Market acceptance of new products is uncertain.
• Intense competition from well-resourced competitors.
• Potential need for additional financing to support advertising and growth.

VANCOUVER, BC / ACCESSWIRE / March 1, 2022 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), through its wholly-owned U.S. subsidiary InsuraGuest Risk Purchasing Group, LLC®, announces initial results from the product launch of InsuraGuest's new sports activities insurance coverage announced in the December 13, 2021 press release. From the beginning of this year's 2021-22 winter ski, snowboard, and tubing season, InsuraGuest has sold the digitally embedded insurance coverage to in excess of 200,000 participants. The Company's sports and event activities products are being marketed as ISG Active (www.ISGActive.com).

ISG Active's product offerings provide digitally embedded, daily event participant insurance coverage for winter and summer events targeting ski, snowboard, tubing, organized youth leagues, golf, and other participant activities for online ticket purchases. Next month InsuraGuest will begin selling digitally delivered advanced 2022-23 winter sports prepaid season pass insurance coverage. Additionally, the Company will begin selling its summer event embedded digital insurance coverage through online ticket sales beginning at the end of this ski season.

Reed Wright, President of InsuraGuest, stated, "InsuraGuest is pleased to see the acceptance of this new revolutionary digitally embedded insurance product in the marketplace and the higher than forecasted purchase rates for the Company's upgraded coverage. InsuraGuest looks forward to achieving the same success starting next month with the season pass insurance product for the 2022-23 ski season."

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 insurance products to vacation rental and hotel reservations, and now sports activities.

CA / LIC: 6001686

For more information, visit the company's website at: www.InsuraGuest.com

For more information on ISG Active, visit our website at: www.ISGActive.com

‘Readers are cautioned that sales alone do not provide a complete picture of the financial results and position of the company. For a complete financial picture of the company, readers should consult the Company's annual and quarterly published financial statements. "

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
Adam Handelsman
media@InsuraGuest.com
+1 512-363-0594

SOURCE: Insuraguest Technologies

View source version on accesswire.com:
https://www.accesswire.com/690801/InsuraGuest-Provides-Initial-Results-for-its-New-Activities-Program-ISG-Active

FAQ

What is the recent sales figure for InsuraGuest's sports insurance product ISG Active?

InsuraGuest sold insurance coverage to over 200,000 participants since the launch of ISG Active.

When will InsuraGuest launch its advanced season pass insurance?

InsuraGuest plans to launch its advanced season pass insurance coverage in March 2022.

What types of activities does ISG Active cover?

ISG Active provides insurance for winter activities like skiing, snowboarding, and tubing, as well as summer events.

What is the significance of the initial sales results for InsuraGuest Technologies?

The initial sales results indicate strong market acceptance and higher-than-expected purchase rates for the new insurance product.

What challenges does InsuraGuest face in the insurance market?

InsuraGuest faces challenges such as uncertainty in market acceptance, intense competition, and potential financing needs.