NetworkNewsWire
Editorial Coverage: As global tourism soars, integrated support
services are increasingly important for both travelers and
providers.
InsuraGuest Technologies Inc. (TSX.V: ISGI) (ISGI
Profile) is a SaaS (Software-as-a-Service) company
leading the way on insurtech integration, with a software platform
that covers both insurance and the technology mechanisms to book
that insurance in the hospitality industry. Expedia Group
Inc. (NASDAQ: EXPE) makes bookings easier through
platforms covering accommodation, transport and other aspects of
travel. Booking Holdings Inc. (NASDAQ: BKNG) also
supports bookings, providing diverse and innovative services to
draw customers’ attention. Many of the users of these sites end up
at hotels run by Marriott International (NASDAQ:
MAR), the world’s third-largest hotel chain, or
Hyatt Hotels Corporation (NYSE: H), both of which
have been expanding their portfolios of large mainstream hotels and
more unusual properties.
- The vacation rental market is valued at $87 billion.
- With billions of nights spent away from home every year,
insurance is essential to cover accidents and the unexpected.
- Companies are working to provide integrated services, making
vacation insurance an essential part of the process.
To view an infographic of this editorial, click here.
The Growing Vacation-Rental Market
The vacation-rental market is growing. Valued at $87 billion in 2020, the industry is
expected to reach around $97 billion by 2023, as people make use of
rentals to get away from their day-to-day lives. Even with
COVID-19, the U.S. vacation-rental
market looks, for the most part, unscathed as most of the
impact of cancellations and lower bookings are highly localized,
with the vast majority of vacation-rental markets remaining stable.
While this is, by its nature, an international industry, the United
States has the largest part of the market, generating $18 billion
in revenue and growing at an impressive rate.
Any industry creates a need for insurance, usually specialized
to meet the needs of that market. While some vacation insurance
currently exists, gaps exist in the coverage. These oversights
leave holidaymakers and property owners financially vulnerable. And
so the question arises, how can these gaps be covered?
Integrating Insurance and Technology
New challenges require new business models, and that’s what
InsuraGuest
Technologies Inc. (TSX.V: ISGI) provides for
vacation-rental insurance.
A true insurtech company, InsuraGuest provides the two essential
parts designed to ensure insurance coverages for vacation rentals:
the insurance itself and a reliable, easy way to access that
insurance. With ISGI, the software and insurance come together,
both provided by the company in a packaged offering that makes it
easy to use.
That ease of use is vital. In 2018, more than 6.4 billion nights were spent away from home around
the world. Though many of those stays were seasoned travelers in
big-chain hotels with experienced staff and booking experts, others
stays looked very different, including some individuals on their
first trips staying in small rentals run by owners just getting
themselves established. These novice travelers sometimes lack the
expertise to navigate the vacation-rental market, or even to know
what they’re looking for.
These people rely on third parties to provide support and
services. In the United States alone, an estimated 4.5 million
second homes are managed by rental companies. Every day, travelers
turn to agents to help them with the administration of holiday and
vacation travel. InsuraGuest was established to provide a vital
part of that vacation ecosystem.
Any player in the vacation industry faces the risk of liability
in the event of guests injuring themselves. Additional features and
facilities, which are often crucial to attracting and pleasing
guests, often bring additional liability risks. For example, gym
injuries are one of the most common accidents to take place in
hotels. Without proper protection in place, the owner of a vacation
property could be liable for a lawsuit or personal injury claim,
even after taking every possible step to make things safe.
InsuraGuest’s Hospitality Liability coverages insert a layer of
protection, on a primary basis, should guests experience an
accident or theft during their stay. ISGI helps takes the worry
away, making traveling even more enjoyable and the running of
vacation properties more financially secure.
The insurance provided is specialized coverages underwritten by
the largest, best-rated insurance companies in the world. Policies
cover accidental, in-room property damage; theft of personal
property; accidental medical issues; and death or dismemberment.
While no one wants to think about such terrible possibilities while
planning a vacation, choosing a property that has InsuraGuest’s
coverages for these unforeseen events reduces the stress in the
event of a serious accident while protecting everybody
involved.
The number of vacation-rental users is steadily rising. From
77.3 million guests in 2019, the number is predicted to reach 843.4
million by 2023. That’s the sort of staggering growth that any
industry would be pleased with; it’s also a reason to ensure that
properties have the proper insurance services are rugged and
accessible.
Changing the Vacation-Insurance Sector
Ensuring full coverage means addressing the gaps in the
vacation-insurance market. No system provides perfect coverage, but
by identifying the gaps and seeing the business opportunities these
gaps provide, insurers can improve the situation for vacationers
and rental providers alike.
InsuraGuest’s approach is an ideal way to cover these gaps.
Specialized Hospitality Insurance coverages are sold directly to
the property owner, which can address claims from guests and room
occupants the moment they sign in. The ISGI services transfer
covered exposure to liability, removing a potentially significant
burden from property owners, while lowering their claim ratio and
risk profile.
Critically, this insurance also covers gaps in other products,
such as personal property theft and accidental in-room damage. Such
additions to the market remove strains and unpredictability from
the sector as well.
In an increasingly complex world of competing and conflicting
software, integration appears to be critical to making services
accessible, and this integration could affect the way insurance
companies develop over the coming years. If access to insurance can
be integrated into property-management systems, then it becomes
easier for rental owners and hotels to include the insurance as a
benefit to their guests for staying at their properties. In the
case of InsuraGuest, the software is already integrated with 71
different property-management systems, giving them access to
millions of rooms around the world and making it easy for owners to
connect existing software to the tools they already use.
But it’s not just about the integration of different forms of
software — it’s also about integrating different services.
Customers don’t want to have to deal with a range of different
administrative tasks just to take a vacation, and rental owners
benefit from managing everything in one place. The integration of
insurance and the software supporting it, as provided by companies
such as InsuraGuest, helps relieve the administrative burden.
The benefit of insurance has always been as much about peace of
mind as it is about the money involved. Certainty and security
makes it easier for travelers to make lodging decisions, whether
they’re looking for business or vacation accommodations, and to
enjoy the fruits of those decisions. Filling the gaps and
simplifying the process of insurance improves the vacation
experience for everyone involved.
Helping People Get Away
The growth of the travel industry has been a boon for a range of
companies.
Initially founded as a division of Microsoft but now a company
in its own right, Expedia Group Inc. (NASDAQ:
EXPE) provides another form of software-based service. As
an online travel shopping company, Expedia websites help travelers
find hotels and transport as well as schedule activities to fill
the time while they’re away from home. Aggregator and comparison
platforms have become a vital part of many industries, and Expedia
fits into this mold. The company doesn’t just show customers what
options are available, it also makes booking easier and offers advice to help save money on travel. While the
company has succeeded in part by predicting trends in
travel, its real success has come in integrating existing
elements of the travel booking experience, making vacation planning
smoother for travelers and helping rental owners reach their
market.
A global leader in online travel and related services,
Booking Holdings Inc. (NASDAQ: BKNG) owns some
big-name, customer-facing brands including Booking.com and
Priceline. Available in over 40 languages in more than 230
countries, BKNG is truly an international company. Like most
leading companies, Booking has maintained its market position
through crowd-pleasing, customer-facing innovations. For example,
its OpenTable brand now offers diners the chance to make exclusive bookings in hard-to-get restaurants. One of
its most recent additions is KAYAK’s trip builder tool, which makes
it easier to plan multicity travel, again
benefiting customers through a smooth, integrated experience.
The third-largest hotel chain in the world, Marriott
International (NASDAQ: MAR) operates more than 7,000
properties under 30 brands. The company has benefited from the
growth in the travel industry, steadily increasing its global reach
with recent additions such as the first purpose-built Marriott
hotel in South Africa. While consistency has played a large part in
the company’s success, Marriott has also benefited from interest in
the unusual, with its Tribute Portfolio of independent hotels such
as the recently opened
Gekko House in Frankfurt. Integrating the unique and the
familiar under one brand makes it easier for Marriott to maximize
its customer base and for customers to find and book the hotel they
are looking for.
Another global hotel chain, Hyatt Hotels Corporation
(NYSE: H) operates more than 900 hotel, all-inclusive and
wellness resort properties spread across 65 countries. The company
is known for its large hotels, such as the recently announced new Grand Hyatt Miami Beach, an
800-room hotel near a major convention center, due to open in 2023.
Like Marriott, Hyatt also offers more unusual experiences, such as
a newly opened hotel in Charlottesville that
combines a comfortable stay with modern art.
With so many hotel and vacation-rental options springing up,
integrated services such as booking and insurance are going to
become more important than ever.
For more information on InsuraGuest Technologies, visit InsuraGuest
Technologies Inc. (TSX.V: ISGI)
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