VANCOUVER, BC / ACCESSWIRE / October 24, 2022 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), announces its Company year-end numbers for the fiscal year ended June 30, 2022 and a business outlook for 2022-23.
InsuraGuest Technologies Inc. is a publicly traded Canadian insurtech (insurance + technology) software company ("ISGI") with offices in Vancouver, British Columbia and Salt Lake City, Utah. Our proprietary software platform delivers digitally embedded, opt-in, and subscription-based insurance packages directly to our members on a business-to-business and business-to-consumer basis. The Company also provides insurance agents and brokers the ability to sign up instantly online through its automatized agency/broker software platform. These brokers and agents then become channels to sell the Company's products to their own customers, speeding up the process of distributing products through the insurtech platform.
During the fiscal year ended June 30, 2022, the Company continued to build on the 2019 launch of its proprietary software products while more than doubling the number of vacation rental properties as clients compared to the first quarter of 2022. With all segments of revenue, InsuraGuest grew 253% over last year, and continues to grow at a rapid pace.
Our newly launched participant events product contributed significantly to this growth, and we believe there is tremendous opportunity to further grow this segment of the business. We also launched our subscription-based product in June, which we expect to contribute additional growth next year. We did not add any new hotels to our customer list, but as of recent, we have seen activity grow in this sector and are now having qualified conversations with hotel groups and have begun engagement with hospitality insurance brokers and their customers. With our focus now on sales and marketing of these products, we anticipate continuing this grow well into 2023 and beyond.
"We have proven our technology stack by launching new products along with adding and growing a significant number of properties over last year. Our insurtech technology stack and products continue to be recognized as an industry leader in the vacation rental, hotels, and participant events sectors. This path will allow our customer base to grow and create additional revenue well into the future. As a result, we are now increasing marketing and sales dollars for further growth of our successful model," states Reed Wright InsuraGuest's President.
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSX.V:ISGI) (OTCQB:ISGIF) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to embed its short-term rental insurance products to vacation rentals, sports and ticketed events, hotels, and resorts.
CA / LIC: 6001686
For more information, visit the company's website at: www.InsuraGuest.com
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.
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InsuraGuest Technologies, Inc.