InsuraGuest's Hospitality Liability and tech platform enables hotel operators to transfer small property and medical guest claims to lower general liability premiums and generate additional revenue
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2020) - Foundation Risk Partners ("FRP"), one of the fastest-growing insurance brokerage and consulting firms in the United States, and InsuraGuest Technologies, Inc.®'s (TSXV: ISGI) wholly-owned subsidiary, InsuraGuest, Inc. ("InsuraGuest") announce the signing of their agency producer agreement to provide InsuraGuest's Hospitality Liability coverage to FRP hotel clients in the U.S.
InsuraGuest's coverage and platform transfers high frequency small property and medical guest claims to reduce risk, decrease premiums and generate revenue for hotel operators.
A considerable portion of a hotel operator's claims come 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. InsuraGuest then pays out these small claims, avoiding impact to the hotel operator's general liability policy.
"Foundation Risk Partners is excited to partner with InsuraGuest Technologies for the benefit of our hotel and resort customers. The InsuraGuest relationship enhances our comprehensive risk management focus within our hospitality vertical," says Executive Vice President, Southeast Sales, Alan Florez.
"InsuraGuest continues to expand its brand and sales footprint with Foundation Risk Partners, one of the fastest growing insurance broker firms in the U.S. FRP's team can now offer the InsuraGuest Hospitality Liability coverages to its hotel clients and protect those properties from claims made by guests and their occupants on a primary basis," said InsuraGuest CEO and Chairman, Douglas Anderson.
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 70 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 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
The InsuraGuest product can also assist in generating revenue for participating hotels or vacation rental properties. The hotel extends the coverage to each and every guest, which is activated at check in, and automatically places the charge on their 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 keeps 10%.
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 (TSXV: ISGI) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. The Company is 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 https://www.InsuraGuest.com.
About Foundation Risk Partners
Foundation Risk Partners ("FRP") is pushing the boundaries of insurance excellence. FRP is comprised of industry leaders who redefine what clients should expect from their insurance brokers. The company has identified leading platforms and services within the commercial, personal, risk management and employee benefits space. FRP's strength is rooted in the expertise of its selected partners, their innovative approach and the ability to surround clients with these pooled resources.
Foundation Risk Partners is committed to excellence in all facets of insurance and benefits. The company embraces its team members, clients and partners with a culture of exceptional service, personal and corporate growth and innovation. It welcomes companies that align with its goals and exhibit a desire to take their business to new levels of excellence. This is the path the team has chosen at Foundation Risk Partners.
For more information, please visit www.foundationrp.com.
Forward-Looking Statements
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 Foundation Risk Partners (FRP) business relationship or other planned products will be successful, nor is it a guarantee that FRP's 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.
MEDIA CONTACTS:
Foundation Risk Partners
Media Relations
386-999-0001
InsuraGuest Company Contact:
Investor Relations
+1-212-466-6200 ext. 1
Investor@InsuraGuest.com
InsuraGuest Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69183
