Overwhelming Majority of Travel Professionals Find Offering Insurance or Assistance Services to Employees Valuable
Alexandria, VA (September 13, 2016) – A majority (53 percent) of travel professionals report their company provides both travel insurance and assistance services to their business travelers, according to a new study released today by the GBTA Foundation – the education and research of the Global Business Travel Association (GBTA) – in partnership with AIG Travel, a worldwide leader in travel insurance and global assistance services. Additionally, almost all travel professionals (95 percent) feel providing insurance or assistance services offerings to employees are valuable for international trips with a vast majority (76 percent) agreeing they are valuable for domestic trips as well.
“While companies of different size, spend and scope certainly have varying interests, there is very little difference among them when it comes to concern around traveler safety,” said Kate Vasiloff, GBTA Foundation Director of Research. “Ensuring the safety and security of business travelers is paramount and travel insurance and assistance services can help protect both employees and the company, assisting in meeting duty-of-care obligations and providing the traveler some peace of mind.”
Currently four out of five travel professionals report their companies offer travel advisories (85 percent), including travel health advisories (82 percent) to their business travelers. Offerings like risk management training (41 percent) and GPS tracking of travelers (26%), however, are much less common.
Travel professionals working at companies offering travel insurance find benefits like emergency evacuations very important with 90 percent feeling that way about evacuations due to a medical emergency and 88 percent feeling that way about evacuations due to a security emergency. Less dire consequences such as trip delays (2 percent “very important” and 42 percent “somewhat important”) or missed connections (4 percent “very important” and 35 percent “somewhat important”) are more often considered only somewhat important.
Similar to travel insurance, services involving assistance with medical or security evacuations were most important with 88 percent and 86 percent of travel professionals, respectively, finding each very important. These benefits were followed closely in level of importance by logistical aid such as referrals to a local hospital (75 percent) or help replacing a missing passport (66 percent). While roughly three in five travel professionals view financial assistance like emergency cash transfers and identity theft assistance important, less than one-half find these benefits very important (36 percent and 38 percent, respectively).
“It’s no surprise that travel professionals find medical and security services most important, when you consider the world we live in today,” said Robert Gallagher, COO of AIG Travel. “However, when it comes to duty of care, these services are not enough. Employees need thorough preparation through education, training and the routine sharing of relevant and real-time information, especially for those who travel to high-risk areas.”
The study is based on an online survey of 167 travel managers in North America, and was fielded from March 22 to April 1, 2016.
The study, Assessing the Prevalence and Value of Travel Insurance and Assistance Services, is available free of charge exclusively to GBTA members by clicking here and non-members may purchase the report through the GBTA Foundation by emailing email@example.com.
A webinar, Benchmarking Your Risk Management Program: Travel Insurance and Assistance Services, featuring experts from AIG and the GBTA Foundation will take a deeper dive into the research on September 27 at 2pm ET. Registration is available now.
About AIG Travel and Travel Guard
AIG Travel, Inc., a member of American International Group, Inc., is a worldwide leader in travel insurance and global assistance services. Travel Guard® is the marketing name for its portfolio of travel insurance solutions and travel-related services, including medical and security services, marketed to both leisure and business travelers around the globe. Services are provided through a network of wholly owned service centers located in Asia, Europe and the Americas. For additional information, please visit our websites at www.aig.com/travel and www.travelguard.com.
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today we provide a wide range of property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services to customers in more than 100 countries and jurisdictions. Our diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York stock exchange and the Tokyo stock exchange. Additional information about AIG can be found at www.aig.com and www.aig.com/strategyupdate | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig.
About the GBTA Foundation
The GBTA Foundation is the education and research foundation of the Global Business Travel Association (GBTA), the world’s premier business travel and meetings trade organization headquartered in the Washington, D.C. area with operations on six continents. Collectively, GBTA’s 8,000-plus members manage more than $345 billion of global business travel and meetings expenditures annually. GBTA provides its growing network of more than 28,000 travel professionals and 125,000 active contacts with world-class education, events, research, advocacy and media. The Foundation was established in 1997 to support GBTA’s members and the industry as a whole. As the leading education and research foundation in the business travel industry, the GBTA Foundation seeks to fund initiatives to advance the business travel profession. The GBTA Foundation is a 501(c)(3) nonprofit organization. For more information, see gbta.org and gbta.org/foundation.
Colleen Lerro Gallagher