InsuraGuest Provides Insurance for Skiers and Other Outdoor Winter Activities

Rhea-AI Summary

InsuraGuest Technologies has announced a partnership with Pacific Group Resorts to provide automatic event participant insurance for winter sports, including skiing and snowboarding. When purchasing online lift tickets at Wintergreen Resort, Wisp Resort, and Mount Washington Alpine Resort, buyers will receive $10,000 in coverage, with an option to upgrade to $25,000. This initiative targets a market of approximately 80 million skier visits in the U.S. and Canada. The launch of the ISG Sports division aims to capture potential revenue in the growing winter sports insurance sector.

Positive

• Partnership with Pacific Group Resorts opens new revenue streams.
• $10,000 automatic insurance coverage attached to lift tickets enhances value for customers.
• Opportunity to upgrade coverage to $25,000 may attract more buyers.
• Targeting a significant market with 80 million skier visits annually.

Negative

• Insurance industry competition could hinder market acceptance of new offerings.
• Financial resources may limit advertising budgets needed for successful market penetration.
• Potential need for additional financing, which might not be available at favorable terms.

VANCOUVER, BC / ACCESSWIRE / December 13, 2021 / InsuraGuest Technologies, Inc.® (TSX-V:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), through its wholly owned U.S. subsidiary InsuraGuest Risk Purchasing Group, LLC®, announces today it has signed a contract with Pacific Group Resorts, Inc. ("PGRI") to automatically provide event participant insurance for skiers, snowboarders, and other outdoor winter resort activities when tickets for those activities are purchased online in advance.

Through InsuraGuest's technology platform a $10,000 insurance coverage will automatically be attached to all winter lift tickets sold online at PGRI's Wintergreen Resort and Wisp Resort in the United States and Mount Washington Alpine Resort in British Columbia. In addition to such coverage, ticket holders may elect to upgrade to additional coverage of $25,000. Similar coverages will be applicable to tickets purchased online for other winter resort activities such as snow tubing.

Reed Wright, President of InsuraGuest Technologies, stated, "There were approximately 80 million skier visits (including snowboarding) in the U.S. and Canada last year, with PGRI accounting for 1.2 million of those. To serve this market, InsuraGuest is launching its ISG Sports division and expanding its insurtech technology platform to capture those potential revenue opportunities." Wright also noted InsuraGuest Technologies and PGRI have some commonalities in shareholders and directors and that relationship afforded InsuraGuest the opportunity to develop a program of this complex nature and to work through the intricacies of setting up the process so it could be offered seamlessly to other resorts in the future.

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 winter sporting events.

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
+1 512-363-0594

SOURCE: InsuraGuest Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/677160/InsuraGuest-Provides-Insurance-for-Skiers-and-Other-Outdoor-Winter-Activities

FAQ

What is the new insurance offering from InsuraGuest Technologies?

InsuraGuest has launched automatic event participant insurance for outdoor winter activities, including skiing, providing $10,000 coverage attached to online lift ticket purchases.

How much insurance coverage can winter sports participants get with InsuraGuest?

Participants can receive $10,000 in automatic insurance coverage or opt for an upgrade to $25,000.

What resorts are involved in InsuraGuest's insurance program?

The insurance program covers lift tickets at Wintergreen Resort, Wisp Resort, and Mount Washington Alpine Resort.

How does InsuraGuest plan to expand its services?

InsuraGuest aims to expand its offerings through the launch of its ISG Sports division and by providing similar coverage options to other resorts in the future.

What market does InsuraGuest target with its winter sports insurance?

InsuraGuest targets the significant market of approximately 80 million skier visits in the U.S. and Canada annually.