Protect Your Hotel and Create Additional Revenue Streams
In 2018, nearly 10% of travellers who did not purchase travel insurance neglected to do so simply because they forgot according to Statista.
Imagine guests were staying at a hotel that provided them Insurance at check-in: not only would they be reminded at the beginning of their stay, but the process of purchasing insurance would mean they could be covered right away and for the duration of their stay.
How Would Having Insurance Benefit the Guest?
Unfortunately, accidents do happen during travel. Typically if a traveller gets hurt without having insurance they would be stuck with a large cost after receiving their treatment.
Now with this new Insurance Technology called 'InsuraGuest', if an accident happens on a hotel’s property, then the guest is able to file a claim immediately with the hotel through InsuraGuest's online claim service.
When a guest stays at an InsuraGuest participating hotel, the guest benefits from personal property, accidental medical expenses, and accidental death and dismemberment coverage.
Plus, the process is made simple and convenient for every guest who stays at an InsuraGuest covered hotel.
In a reviewed Statista study of travellers aged 18-84 every single age category indicated that they would be purchasing more travel insurance in 2019 than they had in previous years.
In this same study, the highest percentage of travel insurance purchase growth was seen in travellers aged 18 - 24 at 30.39% growth. The lowest percentage of growth was seen in travellers aged 75 - 84 at a 4.7% increase.
With InsuraGuest, hotel members can provide a simple and seamless way to cover their guests for lost or stolen personal property, accidental medical expenses, and accidental death and dismemberment.
How Would Offering InsuraGuest Benefit the Hotel?
When a hotel chooses to offer InsuraGuest to their guests, the guest is provided with the value of InsuraGuest protection for their entire stay at the hotel. This offer helps to create a positive guest experience in the event the guest needs to utilize the InsuraGuest Guest Protection product for accident or loss coverage. This reflects well on the hotel.
The InsuraGuest platform integrates with the hotel’s Property Management System through its API. This enables the hotel to transfer certain liabilities to the InsuraGuest carrier by offering a specialized hotel guest protection policy to each registered guest. In addition, the product will lower the properties risk ratio and claims ratio, which in turn could lower and or stabilize the hotel's future G&L premiums. According to Statista, 2018 hotel G&L premiums went up a total of 40%, while hotel occupancies only grew 0.05%, and room rates only increased by 1%.
InsuraGuest also creates a new revenue stream for the hotel. A transaction fee of 10% of all InsuraGuest gross transactions are paid to the hotel as a customer acquisition fee. These fees can be used for room maintenance or to help pay those increasing premiums. Meanwhile, guest satisfaction will increase with the positive guest experiences created by offering InsuraGuest Guest Protection. What kind of revenue can your hotel earn through offering InsuraGuest? In an example of a 400-room hotel at 80% occupancy, the hotel could earn an extra $57,000 USD annually through the InsuraGuest program.
According to Oxford Economics, the hotel industry in the US consists of 54,200 properties. Within these properties, there are more than 4.6 million guestrooms. The American hotel industry records more than 1.1 billion occupied room nights annually. Looking globally, that number jumps to 6.4 billion nights stayed in major markets. These numbers show that at any given time, there are a large number of guests open to potential risk, which may leave hotels open to potential legal action; slip and falls being the number one injury. Thus, InsuraGuest can be used as a first line of defense for both the hotel and the guest.
How Does InsuraGuest Work?
InsuraGuest, Inc. uses its flagship InsurTech software platform, InsuraGuest, to deliver a specialized hotel insurance product. This product provides insurance coverage for a Registered Guest’s personal property, accidental medical expense, and accidental death and dismemberment from the time of check-in at the hotel to the time of check out. This new system replaces brokers and the paperwork traditionally associated with insurance purchasing, providing a seamless and simple purchase process through its InsurTech software. In addition, InsuraGuest can cover areas that travel insurance policies may not address.
When a customer checks into a hotel, the InsuraGuest InsurTech platform interacts with the hotels Property Management System to automatically place a charge directly on the registered guest’s folio. If a claim needs to be filed, the hotel can easily file it through the InsuraGuest Hotel interface, which is found via the hotel’s login section of the InsuraGuest’s website.
InsuraGuest helps hotels create a positive guest experience for the duration of the guest's stay - providing peace of mind, and a quick solution in the event of an issue. Plus, with InsuraGuest the hotel gets the added benefit of an additional stream of revenue.
Written by: CEO - Douglas Anderson info@insuraguest.com
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