InsuraGuest Signs Vendor Agreement with Vacation Rental PMS Lightmaker Property Manager (LMPM) and Begins API Integration

Rhea-AI Summary

InsuraGuest Technologies, Inc. (TSXV: ISGI, OTCQB: ISGIF) announced a vendor agreement with LMPM, a leading property management system for vacation rentals. This partnership will allow InsuraGuest's insurance products to be integrated with LMPM’s API, enabling vacation rental hosts and property management companies to offer InsuraGuest coverage automatically. The vacation rental sector saw a 89% growth last year, prompting InsuraGuest to expand its connections with various property management systems to enhance its market presence and service offerings.

Positive

• Signed a vendor agreement with LMPM to integrate insurance products.
• Automatic coverage activation for vacation rentals will streamline the customer experience.
• Positioning within the fast-growing vacation rental sector, which increased by 89% last year.

Negative

• The insurance industry is highly competitive, posing challenges for market acceptance.
• Potential difficulties in securing necessary advertising resources for new product acceptance.

VANCOUVER, BC / ACCESSWIRE / September 14, 2021 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), through its wholly owned U.S. hospitality subsidiary InsuraGuest®, is pleased to announce it has signed a vendor agreement with LMPM, one of the world's best property management systems for vacation rentals, and begun integration with their API.

InsuraGuest will soon be able to be purchased by users of LMPM, including professional hosts and property management companies. Once in use, the Host will use InsuraGuest's insurance coverages as their primary no fault medical policy with a property rider to address claims made by guests.

Reed Wright, President of InsuraGuest Technologies, stated, "The vacation rental sector grew eight-nine percent (89%) last year. So, our focus moving forward is to connect to as many vacation rental property management systems (PMS) as we can. The more PMS systems we connect to, the more properties listings we can access, and the more InsuraGuest's insurance products we can sell."

Vacation Rental Operators
The Vacation Rental property automatically attach the InsuraGuest coverage to each reservation, which activates the coverage at check-in and de-activates it upon check-out, covering the property if a guest is injured. The coverage is on a no-fault primary basis, which means InsuraGuest pays the claim first, if a guest is injured, no matter who's fault it is!

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 rental reservations.

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.
Investor Relations
Investor@InsuraGuest.com

SOURCE: InsuraGuest Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/663800/InsuraGuest-Signs-Vendor-Agreement-with-Vacation-Rental-PMS-Lightmaker-Property-Manager-LMPM-and-Begins-API-Integration

FAQ

What is the significance of InsuraGuest's agreement with LMPM?

The agreement allows InsuraGuest's insurance products to be integrated with LMPM’s system, providing automatic coverage for vacation rentals.

How does InsuraGuest's insurance work for vacation rentals?

InsuraGuest coverage activates at check-in and deactivates at check-out, providing primary no-fault medical insurance for guests.

What growth has the vacation rental sector experienced?

The vacation rental sector grew by 89% last year, indicating a strong market opportunity for InsuraGuest.

What challenges does InsuraGuest face in the insurance market?

InsuraGuest faces intense competition and the need for substantial advertising budgets to gain market acceptance for new products.