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Study: most companies provide business travel insurance

Four out of five travel professionals say their companies offer travel advisories


September 20, 2016
by Travel Management Canada Staff

travel

Alexandria, VA—A majority (53 percent) of travel professionals report their company provides both travel insurance and assistance services to their business travellers, according to a new study from the GBTA Foundation—the education and research of the Global Business Travel Association (GBTA)—in partnership with AIG Travel, a travel insurance and global assistance services provider. 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.”

Four out of five travel professionals report their companies offer travel advisories (85 percent), including travel health advisories (82 percent) to their business travellers. Offerings like risk management training (41 percent) and GPS tracking of travelers (26 percent), 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.

Fewer 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).