- Foundation Risk Partners is one of the fastest-growing insurance brokerages and consulting firms in the US that uses platforms and services within the commercial, personal, employee, and risk management industries to provide their clients with a pool of resources.
- The InsuraGuest Hospitality Liability coverage will help reduce the number of smaller claims that Foundation Risk Partners clients make to their general liability providers, which may lower their premiums, decrease risks and generate additional revenue
- InsuraGuest’s insurtech platform integrates with over 70 property management software platforms. The company is committed to continue expanding its brand and sales footprint
Innovative insurtech provider InsuraGuest Technologies (TSX.V: ISGI) is continuing its efforts to revolutionize the insurance industry by harnessing the power of technology, and more specifically, its proprietary software platform, to deliver digital insurance across multiple sectors. Committed to the idea that insurance should be bought, not sold, the company recently signed another Agent Producer Agreement that would allow it to extend the reach of its novel Hospitality Liability Coverage to more hotel and vacation rental properties.
The latest agreement was signed by the company’s wholly owned subsidiary InsuraGuest, Inc. with Foundation Risk Partners, one of the fastest-growing insurance brokerage and consulting firms in the United States, and an industry leader in its own right, dedicated to pushing the boundaries of insurance excellence (https://ibn.fm/D4qrz). The company leverages leading platforms and services in the commercial, personal, risk management and employee benefits sectors, as well as selected partnerships, to provide its customers with pooled resources.
According to Foundation Risk Partners Executive Vice President, Southeast Sales, Alan Florez, the brokerage was excited to partner with InsuraGuest Technologies for the benefit of its hotel and resort customers. “The InsuraGuest relationship enhances our comprehensive risk management focus within our hospitality vertical,” Florez added.
Under the Agent Producer Agreement, Foundation Risk Partners will begin to provide InsuraGuest’s Hospitality Liability coverage to its U.S. hotel clients. The coverage and platform will allow the transfer of frequent property and medical guest claims to InsuraGuest’s policy, which will significantly reduce risk, decrease premiums and help generate additional revenue for hotel operators.
Small property or medical claims currently make up a sizeable portion of hotel claims applied to the general liability policy, leading to higher premium prices. Through InsuraGuest, the risk is transferred from the hotel, by having guests pay a nominal fee per night. These small claims are then paid by InsuraGuest, thus limiting impact on the hotel’s general liability policy.
Foundation Risk Partners hotel clients will extend the InsuraGuest Hospitality Liability coverage to every guest, which is activated upon check-in. This activation automatically places the charge for the coverage on their folio or bundles it with the fees associated with the stay. The complete fee for coverage is $4.95 per night. The hotel will get to keep 10% of this, generating extra revenue.
InsuraGuest CEO and Chairman Douglas Anderson welcomed the agreement with Foundation Risk Partners, as part of InsuraGuest’s continued drive to expand its brand and sales footprint. The agreement with Foundation Risk Partners came shortly after a similar deal with USI Insurance Services, a leading insurance brokerage which will distribute the Hospitality Liability coverage through its network of more than 7,5000 professional brokers nationwide (https://ibn.fm/KNW4r).
These partnerships can help InsuraGuest to further cement its leading position on the fast-growing insurtech market. With technology touching almost every industry worldwide, the insurance industry has been no exception. Valued at $5.48 billion in 2019, the global insurtech sector is expected to reach $10.14 billion by 2025, with a CAGR of 10.8% during the forecast period of 2019-2025 (https://ibn.fm/mRJFQ). This growth offers multiple opportunities to InsuraGuest Technologies in terms of expanding its technology outward to cover a wide range of industries asides from the hospitality sector, reaching a larger audience and creating additional revenue.
For more information, visit the company’s website at www.InsuraGuest.com.
NOTE TO INVESTORS: The latest news and updates relating to ISGI are available in the company’s newsroom at http://ibn.fm/ISGI
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