InsuraGuest Technologies (TSXV: ISGI) this morning released the first data on the performance of ISG Active, the subsidiary launched recently to capitalize on insurance within the sports industry.
The subsidiary has reportedly generated a total of US$260,879 in gross premiums from digitally delivered events-based insurance products since its launch on December 16. Of that figure, US$160,826 amounted to embedded insurance coverage from one-day ski tickets sold online, while US$100,053 was from upgraded policies that provide additional coverage for participants.
The oncoming 2022-2023 ski season will see the offerings from InsuraGuest within the category expand. ISG Active will see its insurance coverage sold via pre-sold multiple day ski tickets, season passes, and physical ski tickets that are sold on-site at walk-up windows. This compares to the current season, which saw sales sold just via online transactions.
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“ISG Active’s successful launch gives us an additional revenue source and provides us with the data we need to expand our technology platform and sales efforts. We anticipate selling our embedded insurance product into more online ticketed events, including ski resorts, golf courses, organized sports venues, amusement parks, and concert venues,” said company President Reed Wright.
InsuraGuest Technologies last traded at $0.17 on the TSX Venture.
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