InsuraGuest Signs Vendor Agreement with Hostaway, A Leading Short-Term Rental Property Management Company

Rhea-AI Summary

InsuraGuest Technologies (TSX-V: ISGI) has entered into a vendor agreement with Hostaway, a leading vacation rental property management software provider. This partnership allows Hostaway users to purchase InsuraGuest Hospitality Liability coverages directly through their dashboard. The coverage includes protection for accidental property damage, theft, and medical expenses linked to guests. InsuraGuest's integration through Hostaway's API aims to reduce claim ratios for property managers. The comprehensive fee for this coverage is set at $11.95 per night.

Positive

• Partnership with Hostaway enhances market reach and customer access.
• Integration allows users to effectively manage liability risks.
• Coverage activation per reservation provides straightforward insurance solutions.

Negative

• Intense competition in insurance industry poses market acceptance challenges.
• Dependence on advertising budgets for product acceptance may strain resources.
• No assurance of successful market penetration for new product offerings.

VANCOUVER, BC / ACCESSWIRE / June 15, 2021 / InsuraGuest Technologies, Inc.® (TSX-V:ISGI) ("InsuraGuest" or the "Company"), through its wholly owned U.S. hospitality subsidiary InsuraGuest®, is pleased to announce it has signed a vendor agreement with Hostaway, a scalable solution with award-winning support to fast-growing vacation rental property managers!

InsuraGuest Hospitality Liability coverages can now be purchased by users of Hostaway, including professional hosts and property management companies, all of which may elect to use the InsuraGuest Hospitality Liability coverages by filling out an application for InsuraGuest within the Hostaway dashboard. Once in use, the client will use InsuraGuest coverages on a primary basis to address claims made by guests. The InsuraGuest Hospitality coverage options will provide coverage for accidental property damage, theft of guests' personal property while at the rental, as well as accidental medical expenses and accidental death and dismemberment.

"We are excited to begin our relationship with InsuraGuest," said Marcus Rader, Hostaway's founder and CEO. "Providing our customers with access to an insurance vendor like InsuraGuest helps protect their properties and provide peace of mind to their guests."

Douglas Anderson, CEO and chairman of InsuraGuest Technologies, stated, "Hostaway is one of the largest and fastest growing short-term rental property management software companies in the world , and we are excited to be the ONLY insurance vendor they will currently offer to their clients."

Property Management System Integration

InsuraGuest has integrate with Hostaway property management software through its proprietary API, which will enable Hostaway's users to transfer certain liability exposures to the InsuraGuest carrier once they are signed up. By transferring certain liabilities to the InsuraGuest Hospitality Liability coverages, the covered short-term rental properties can lower their claim ratios and risk profiles, which may decrease their general liability and/or homeowners' premiums.

Short-Term Rental Operators

The short-term rental entity extends the coverage to each and every guest by attaching the coverages to every reservation. The policy then activates the coverage at check-in and de-activates it at check-out. The complete fee for coverage and software is $11.95 per night.

About Hostaway

Hostaway is known as the market leader in marketing, sales, management, reporting, and communication for vacation rental property managers. One of the largest marketplaces in the industry and deep integrations with Airbnb, VRBO, Expedia, HomeAway, and more, property managers can increase exposure while saving time and money. Thousands of property managers around the world trust Hostaway, the fastest-growing vacation rental software in the world. The combination of offering the best support and onboarding in the industry with a highly scalable and customizable platform is the key to success for any property manager!

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 developing, marketing and utilizing its proprietary software platform to deliver digital insurance to multiple sectors. We're transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.

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@InsuraGuest.com

Hostaway
info@Hostaway.com

SOURCE: Insuraguest Technologies

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https://www.accesswire.com/651770/InsuraGuest-Signs-Vendor-Agreement-with-Hostaway-A-Leading-Short-Term-Rental-Property-Management-Company

FAQ

What is the significance of the InsuraGuest and Hostaway agreement for ISGIF?

The agreement allows Hostaway users to easily access InsuraGuest's Hospitality Liability coverages, enhancing their insurance options.

What liabilities does InsuraGuest cover under its new agreement with Hostaway?

InsuraGuest covers accidental property damage, theft, medical expenses, and accidental death and dismemberment for guests.

What is the cost of InsuraGuest's coverage through Hostaway?

The fee for coverage via Hostaway is $11.95 per night.

How does the API integration benefit Hostaway users?

The API integration streamlines the process of transferring liability exposures to InsuraGuest, potentially lowering claim ratios.

What challenges does InsuraGuest face in the insurance market?

InsuraGuest faces significant competition and must secure market acceptance for its new product offerings, which may require substantial advertising.