InsuraGuest Technologies (TSXV: ISGI) this morning provided data on the initial results of its newest product, ISG Active. The product provides insurance coverage for sports activities, with the initial agreement being focused around ski resorts.
The launch of the new product saw the company enter a partnership with Pacific Group Resources, whom began offering the new insurance products at three of their five resorts early this year. Since the start of that arrangement, ISG Active has reportedly provided insurance coverage to over 200,000 participants at the resorts.
The product provides $10,000 in coverage to winter lift tickets sold online, which can be upgraded at time of checkout to $25,000. Coverage will also now reportedly be provided to both winter and summer events, with activities such as skiing, snowboarding, tubing, and golf to be covered among other activities.
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The sale of summer event embedded coverage will begin at the end of the ski season, while next month the firm has indicated it will begin selling advanced 2022-2023 winter sport prepaid season pass insurance coverage, which is to be delivered digitally.
“InsuraGuest is pleased to see the acceptance of this new revolutionary digitally embedded insurance product in the marketplace and the higher than forecasted purchase rates for the Company’s upgraded coverage. InsuraGuest looks forward to achieving the same success starting next month with the season pass insurance product for the 2022-23 ski season,” commented Reed Wright, President of InsuraGuest, on the early success seen by the product.
InsuraGuest Technologies last traded at $0.20 on the TSX Venture.
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