October 15, 2020
- The partnership will help InsuraGuest’s coverage potentially reach more than 9,300 hospitality customers in the United States and Canada by the middle of 2021
- Hospitality Liability coverage allows covered properties to transfer certain liabilities, lowering claim ratio and risk profiles
- InsuraGuest’s product can also help properties generate revenue by keeping a percent of the nightly software fee
Innovative insurtech leader InsuraGuest Technologies (TSX.V: ISGI) (OTC: IGSTF) has sealed a premier preferred partnership with leading global insurance brokerage Hub International Limited (“HUB”), to provide InsuraGuest’s Hospitality Liability coverage to properties in Hub International’s portfolio. Signed via wholly owned subsidiary InsuraGuest, the deal will help HUB hotel clients significantly lower their insurance premiums, transfer small property and medical guest claims as well as generate additional revenue (http://nnw.fm/L5iop).
The coverage will start with HUB clients in the United States, with the goal of expanding to Canadian hotel clients by the middle of 2021. According to InsuraGuest CEO and Chairman Douglas Anderson, the premier preferred partnership with HUB will allow the company to expand its product offering to more than 9,300 hospitality customers in the U.S. this year and into Canada in 2021.
The InsuraGuest Hospitality Liability coverage will allow HUB hotel clients to benefit from an extra layer of protection in case a guest experiences an accident, in-room property damage, accidental medical and death and dismemberment or theft while staying at an InsuraGuest-covered property.
Currently, InsuraGuest integrates with approximately 70 different property management systems through the proprietary API. The integrated use allows for the organization to transfer liabilities that fit specific criteria to the InsuraGuest carrier. The transfer of these liabilities to the InsuraGuest Hospitality Liability coverage enables hotel properties to lower their risk profile and claim ratio, thus decreasing General Liability premiums.
Most of a hotel client’s claims are from a small property or medical claim, which frequently gets applied to the General Liability coverages. With InsuraGuest, the risk is transferred from the hotel client through the small fee applied per night to the guest’s bill. InsuraGuest will then pay these small claims, keeping them off the hotel client’s General Liability policy.
The higher frequency of claims drives up the premiums paid by a hotel client for their General Liability policy coverage. With the transfer to InsuraGuest, the hotel client presents less risk for their general liability policy, lowering premiums.
In addition, hotels properties using InsuraGuest’s product will be able to generate additional revenue through the platform’s implementation. When a hotel offers the InsuraGuest Hospitality Liability coverages, an automatic charge is placed on their folio or bundled into their resort/amenity/urban fee upon check-in. The fee for coverage and software is $4.95 a night.
“Given the current state of the hospitality industry, it is nice to have a new and exciting tool such as InsuraGuest, which will help us lower a hotel’s overall liability costs through claims avoidance,” said Kevin Eggleston, the Managing Director of HUB’s Hospitality Specialty Practice. “InsuraGuest costs a hotel owner nothing. In fact, it actually generates new revenue while giving us the means to reduce General Liability premiums by improving guest loss ratios. By minimizing the frequency of a hotel’s claims, we are able to have better underwriting conversations with the marketplace.”
The hospitality industry is only one of the sectors InsuraGuest serves. The company’s goal is to disrupt the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. The company aims to transform the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
For more information, visit the company’s website at www.InsuraGuest.com.