InsuraGuest Technologies Inc. (TSXV: ISGI) continues to add innovative and disruptive products to its suite of insurance services aimed at making life simpler for business and recreational travelers. On Wednesday, the company announced the launch of its own travel insurance website, ISGTravel.com.
ISGTravel bills itself as a state-of-the art platform powered by InsuraGuest’s proprietary insuratech engine, which enables travelers to conveniently purchase a range of the company’s proprietary travel insurance products. Offerings on the platform include trip delay, interruption or trip cancellation, accidental and medical expense, and medical evacuation or repatriation of remains.
A number of enhanced coverages such as lost baggage, rental car damage or theft and others are also available for purchase from the ISGT platform. The platform offers its services across all states in the US, including the District of Columbia. As with InsuraGuest’s other product offerings, the ISGT platform can be easily and seamlessly integrated into online travel booking or destination portals via its proprietary API.
This development follows a number of recently announced initiatives that are laying a solid foundation for revenue and profit growth. ISGT enables retail consumers to directly purchase their preferred travel-related insurance coverages, while continuing to build upon the existing InsuraGuest insurance coverages that can be purchased through hotels, resorts, and vacation rental companies when travelers book their accommodations.
InsuraGuest’s primary revenue model is based on leveraging the number of hotel rooms and vacation property accommodations that are occupied on a per-night basis; more rooms equal more revenue. A key aspect of InsuraGuest’s growth strategy is to integrate its proprietary API into the property management systems of as many vacation property management companies as possible to facilitate exponential revenue growth.
In recent weeks, the company has announced a number of integration agreements with vacation property management companies, including Suitelife, OwnerRez, TravelNet, iGMS, and Lightmaker Property Management (LMPM). In many instances, the nightly fee for InsuraGuest coverage is shared between ISGI and the host. With the addition of the ISGT platform, the company now has the added dimension of also generating retail consumer revenues.
The travel and hospitality sector, which was devastated by the Covid-19 pandemic lockdowns, travel restrictions, and other mitigation efforts to stop the spread of the virus, is poised to make a rapid and massive recovery as consumers and corporations rush to return to their pre-pandemic business and leisure travel. InsuraGuest is well positioned to capitalize on this rebound – and its expected that revenues should follow.
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