Editorial Board   

Ms. Sarmiento

Fran Sarmiento

Executive Vice President, Venture Insurance Programs

Fran Sarmiento is the Executive Vice President of Programs for Venture Insurance Programs, a national program administrator for select industries, including the hotel and resort industry. At Venture, Ms. Sarmiento manages more than $75 million of insurance premiums and is responsible for overseeing the underwriting, development and expansion of all programs. An outspoken proponent of providing insurance coverage that is specifically tailored to meet the needs of the ever-changing hospitality industry, Ms. Sarmiento's 30 years of commercial insurance experience includes positions with Liberty Mutual Insurance Company and CIGNA Insurance. She has spent the last 10 years focused on industry specific insurance programs, with one of her main areas of emphasis being the hotel and resort industry. Ms. Sarmiento maintains an active involvement in several community service and insurance industry organizations. Most recently she served on the Board of Directors of the Target Markets Program Administrator Association. Ms. Sarmiento attended the University Of Pennsylvania and has earned numerous insurance designations including the Chartered Property and Casualty Underwriting (CPCU), the most prestigious insurance designation, and her Associate in Risk Management (ARM). She is married and has three children.

Ms. Sarmiento can be contacted at 800-282-6247 or fsarmiento@ventureprograms.com

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.