InsuraGuest Inc. Signs Sales Contract with Renowned Hotelier, Moves Forward in $58 Billion Vacation Rental Market
The deal with Roger Bloss and his company will help expand the reach of InsuraGuest’s insurance platform
- InsuraGuest’s platform can integrate with 71 hotel and vacation rental property management systems, giving it access to millions of rooms worldwide
- Vacation rental revenue stood at $57,669 billion in 2019 with a market growth rate of 6.9%
InsuraGuest Inc., developers of a proprietary InsurTech platform to deliver insurance products to the hotel and vacation rental market, has signed an international sales contract with world-famous hotelier Roger Bloss and his company Cal-Vegas, Inc. The contract with InsuraGuest will help Bloss leverage his vast network and experience to boost hotel sales and onboarding of InsuraGuest’s platform around the world.
“InsuraGuest is unlike any other InsurTech product on the market, and Roger Bloss is unlike any hotelier,” Douglas Anderson, chairman and CEO of InsuraGuest stated in a news release (http://nnw.fm/1VZ7j). “We are proud and honored to work with someone of Roger’s caliber to provide the benefits of InsuraGuest to many more hotels around the world.”
Bloss has over four decades of experience in the hospitality industry. He founded Vantage Hospitality Group in 1996 and has held executive positions with several major hotel franchise companies. Cal-Vegas was formed to own and manage lodging facilities throughout the U.S. on behalf of third-party owners as well as for its own account.
The contract will allow InsuraGuest to further expand its international reach. The company has already gained a firm foothold on the rapidly growing vacation rental market with its proprietary software platform offering specialized insurance coverage to all guests from check-in to check-out (http://nnw.fm/7zcFl).
Vacation rental revenue was $57.669 billion with a market growth rate of approx. 7% in 2019. U.S. travel to overseas markets totaled 35.1 million, up by 7%. About 25 percent of Americans report engaging with short-term rental platforms (23 percent), up 277 percent. The vacation rental market is projected to reach $63 billion by 2024, advancing at an annual growth rate of 5.51 percent in 2020.
InsuraGuest entered the vacation rental sector at the end of September 2019 by signing a software integration deal with San Francisco-based Hostfully, Inc., rated as one of the best property management systems in the world. InsuraGuest’s InsurTech platform can integrate with around 71 different property management systems, giving it access to millions of rooms worldwide.
The company’s proprietary software platform delivers a specialized guest protection policy to the hotel or vacation rental property to protect the guest during their stay while on the property. Hotels and vacation rental properties purchase an InsuraGuest Guest Protection Policy, which is automatically extended to each of their guests, including their room occupants, at the time of check-in; similar to a resort or amenity fee. The specialized policy covers accidental in-room damage, theft and damage of personal property, as well as accidental medical expenses and accidental death and dismemberment.
The policy was created to fill a gap left by traditional traveler’s insurance, which doesn’t cover a number of things that can happen inside hotels or vacation rental properties, putting both the guest and the hotel or property owner at risk. InsuraGuest Guest Protection Policy is complimentary to homeowners and/or general liability insurance coverage, serving as the first line of defense for the guest and the property.
InsuraGuest is working to expand the scope of its insurance products to cover European Union member states and the United Kingdom, as well as Asia before mid-2020. Europe’s hospitality stay market is more than double the market size in the United States, which means the InsuraGuest insurance platform has even greater potential in serving hotel and vacation rental guests. Europe accounts for 60 percent of all the vacation rental companies in the world, and the rest of the world accounts for 20 percent.
For more information, visit the company’s website at www.InsuraGuest.com
NOTE TO INVESTORS: The latest news and updates relating to InsuraGuest are available in the company’s newsroom at http://nnw.fm/InsuraGuest
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