Travel and expense (T&E) insurance policies are having a heyday as journey managers replace their insurance policies to raised align with enterprise goals. The updates have two important impetuses: a resurgence of enterprise journey, as reported in a Mastercard traits article from 2023,1 and predictions of upper spending by 2025, in keeping with a Mastercard survey of enterprise journey managers in 2023.2
Predicted worth will increase,3 new traveler expectations and a rising want for sustainable journey are forcing firms to rethink how they handle journey, talk insurance policies and management prices. Companies and workers are bringing a brand new understanding of the worth of face-to-face conferences and enterprise journey to this unchartered surroundings.
How are firm leaders balancing the necessity to management prices towards traveler calls for for flexibility? How are they balancing requires productiveness towards the return on funding of face-to-face interactions?
Mastercard labored with the BTN Group to survey two cohorts: journey decision-makers at giant firms, and enterprise vacationers who take six or extra enterprise journeys a yr. About half of the surveyed decision-makers handle journey globally; the remainder function regionally.
In this white paper, we talk about:
- What is new in T&E insurance policies
- The drive for compliance and price financial savings
- The significance of sustainability and “duty of care”
- What enterprise vacationers need in T&E insurance policies
- Key reserving insurance policies for air and floor transportation, meals and lodging, and funds and expense administration
1. “Travel industry trends 2023.” Mastercard Economics Institute, 2023. 2. “Navigating global business travel.” Mastercard, 10 August 2023. 3. “Global business travel and events costs expected to remain elevated through 2024, reflecting ‘true new cost of travel’.” CWT, 10 August 2023.