Journey 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 essential impetuses: a resurgence of enterprise journey, as reported in a Mastercard traits article from 2023,1 and predictions of upper spending via 2025, in response to a Mastercard survey of enterprise journey managers in 2023.2
Predicted value 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. Firms and staff are bringing a brand new understanding of the worth of face-to-face conferences and enterprise journey to this unchartered setting.
How are firm leaders balancing the necessity to management prices in opposition to traveler calls for for flexibility? How are they balancing requires productiveness in opposition to the return on funding of face-to-face interactions?
Mastercard labored with the BTN Group to survey two cohorts: journey decision-makers at massive 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.
On this white paper, we talk about:
- What’s new in T&E insurance policies
- The drive for compliance and value financial savings
- The significance of sustainability and “obligation 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. “Journey business traits 2023.” Mastercard Economics Institute, 2023. 2. “Navigating international enterprise journey.” Mastercard, 10 August 2023. 3. “World enterprise journey and occasions prices anticipated to stay elevated via 2024, reflecting ‘true new price of journey’.” CWT, 10 August 2023.
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Alison Berman
MasterCard Worldwide
