InsuraGuest Provides Ski Season Results for ISG Active

Rhea-AI Summary

InsuraGuest Technologies announced financial results for its ISG Active product from December 2021 to March 2022, generating US$260,879 in gross premiums. This consisted of US$160,826 from embedded insurance for online ski ticket buyers and US$100,053 from users opting for enhanced policies. For the 2022-2023 ski season, the company plans to broaden its sales channels, including season passes and walk-up ticket purchases. InsuraGuest aims to expand its insurance products into various online ticketed events, enhancing its revenue potential.

Positive

• Generated US$260,879 in gross premiums within a short period.
• Plans to expand product offerings into various online ticketed events.

Negative

• Seasonal coverage may limit revenue outside the winter sports season.
• Intense competition with larger companies could hinder market acceptance.

VANCOUVER, BC / ACCESSWIRE / May 10, 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 its end of ski season financial results from ISG Active (www.ISGActive.com).

From its launch on Dec. 16th, 2021, to the end of March 2022, InsuraGuest's digitally delivered events-based insurance product generated US$260,879 of gross premiums comprised of US$160,826 for embedded insurance coverage for participants who purchased their one-day ski tickets online and US$100,053 was added for participants who chose to upgrade their policy for additional coverage while purchasing their tickets online.

For the 2022-2023 ski season, ISG Active will be expanding and adding additional sales channels via pre-sold multiple-day ski tickets, season passes, and physical ski tickets purchased at the walk-up window.

"ISG Active's successful launch gives us an additional revenue source and provides us with the data we need to expand our technology platform and sales efforts. We anticipate selling our embedded insurance product into more online ticketed events, including ski resorts, golf courses, organized sports venues, amusement parks, and concert venues," states Reed Wright President of InsuraGuest.

ISG Active will be attending the annual National Ski Areas Association (NSAA) in Nashville, TN, from May 11-15. Please stop by our booth (604) to learn more about how we can help protect your ski guests. www.NSAA.org

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 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 and the winter events coverage is seasonal. 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 Inc.

View source version on accesswire.com:
https://www.accesswire.com/700677/InsuraGuest-Provides-Ski-Season-Results-for-ISG-Active

FAQ

What were the financial results for ISG Active in the 2021-2022 ski season?

ISG Active generated US$260,879 in gross premiums from December 2021 to March 2022.

What is InsuraGuest's strategy for the 2022-2023 ski season?

InsuraGuest plans to expand sales channels to include season passes and various ticket types.

How does ISG Active's embedded insurance work?

Embedded insurance is provided automatically for participants who purchase their ski tickets online.

What challenges does InsuraGuest face in the insurance market?

InsuraGuest faces intense competition and may struggle to achieve market acceptance for its new products.

What are the revenue sources for ISG Active?

ISG Active generates revenue from embedded insurance for online ski ticket purchases and enhanced coverage options.