SIA GROUP ALIGNS WITH INSURAGUEST TO HELP LOWER INSURANCE PREMIUMS AND TRANSFER RISKS FOR HOTEL CLIENTS
InsuraGuest's Hospitality Liability and Insurtech Platform Enables Hotel Operators to Transfer Small Property and Medical Guest Claims to Lower Risk and Generate Additional Revenue
Vancouver, British Columbia, December 19, 2022 – SIA Group (SIA), one of the largest privately owned full-service insurance agencies in the United States, and InsuraGuest Technologies, Inc.®’s (TSX-V: ISGI) (OTCQB: ISGIF) (“InsuraGuest”) announce they have created an alliance to provide InsuraGuest’s Hospitality Liability coverage to SIA hotel clients.
InsuraGuest coverages and platform transfers high frequency small property and medical guest claims to reduce risk, help decrease premiums, and generate revenue for hotel operators.
A considerable amount of a hotel operator’s claims is from small property or medical claims that are frequently applied to the general liability policy. This high frequency in claims drives up premium prices. The InsuraGuest solution transfers the risk from the hotel operator by having guests pay a nominal fee per night. The InsuraGuest program pays out these small claims and keeps them off the general liability policy for the hotel operator.
“Given the current state of the hospitality industry’s ever increasing insurance premiums, it is nice to have a new and exciting solution provided by InsuraGuest, which will help us lower a hotel clients overall liability cost through claims avoidance. InsuraGuest also has no upfront set up fees. In fact, it generates a new marketing fee revenue while giving SIA the means to help reduce General Liability premiums by improving guest loss ratios,” said Ed Smith, Executive Vice President for SIA Group. “By minimizing the frequency of a hotel’s claims, we are able to have better underwriting conversations with the marketplace underwriters.”
“We look forward to our new premier alliance with SIA Group. This alliance will help us to expand our product offering to SIA’s 500 plus hospitality customers, while helping those hoteliers create new revenue and control their future premium costs” said InsuraGuest President Reed Wright.
InsuraGuest is an insurtech company that utilizes a proprietary software platform to deliver specialized Hospitality Liability coverages to member hotel properties. With InsuraGuest custom coverages, properties benefit from an additional layer of protection should a guest experience an accident, in-room property damage, accidental medical and death & dismemberment or theft while staying at an InsuraGuest-covered hotel property.
Property Management System Integration
InsuraGuest integrates with approximately 82 different property management systems through its proprietary API, which enables the organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to the InsuraGuest Hospitality Liability coverages, the covered hotel property can lower their claim ratio and risk profile, which may decrease their General Liability premiums.
Generating Revenue for Hotel Operators
Additionally, the InsuraGuest product can help generate revenue for participating hotels or vacation rental properties. The hotel extends the coverage to each guest, which is activated at check in, and automatically embedded on the guest’s folio or bundling it with their resort/amenity/urban fee. The complete fee for coverage and software is $4.95 a night, of which the hotel is then paid a percentage of the costs as a marketing fee.
Created specifically for InsuraGuest, the Hospitality Liability policy is issued by InsuraGuest Risk Purchasing Group, LLC., and is administered by InsuraGuest Insurance Agency, LLC. CA / LIC: 6001686
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 rental, sports and ticketed events, hotels, and travel reservations.
CA / LIC: 6001686
For more information, visit the company’s website at: www.InsuraGuest.com
About SIA Group
Founded in 1975, SIA Group has grown into one of the largest privately owned full-service insurance agencies in the United States, with multiple locations throughout North Carolina and Virginia. We are an award-winning firm and have been listed as a Top 100 Privately Held Property Casualty Agency by the Insurance Journal.
Challenged by an increasingly complex and regulated environment, businesses and families need a trusted advisor who provides solutions that protect their assets. Always on the leading edge, SIA Group has evolved from a traditional insurance agency to an extensive resource for all of your insurance needs.
Our strong understanding of your needs enables us to offer a complete range of business strategies as well as traditional insurance products and services including:
- Risk Reduction with our Proprietary Risk Navigation System™
- Industry Specialization
- Consulting Services
- Business Insurance
- Employee Benefit Packages
- Personal and Private Insurance
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 relationship or other planned products will be successful, nor is it a guarantee that hotels will sign up for the InsuraGuest Hospitality Liability coverages. Additionally, 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 it 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.