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New and evolving risks are changing the shape of travel and businesses must adapt to a new normal. As borders reopen and employees look to restart their travel plans, how can your business maintain a robust risk management framework to protect its most valued asset?

Balancing risk and reward

Global mobility drives the wheels of growth. From visiting colleagues and clients to managing projects internationally, business travel plays an important role in everyday working life. Yet the risk landscape is constantly changing and businesses need to be ready.

 

The role of insurance and risk management

Insurance and risk management play a vital role for businesses to deliver profitable growth while keeping their employees safe. A well-managed insurance programme should respond to the needs of every business traveller in today’s changing risk landscape.

 

Time to Fly: The Impact of COVID-19 on the Present and Future of Business Travel 1

Chubb commissioned a global survey of the impact of Covid-19 on business travel. Among the findings are:

80%

 of business travellers believe they are missing something important when they cannot see body language or other visual cues that you can only get in an in-person meeting.

84%

 of business travellers say they cannot wait to travel again for work.

74%

 of respondents stated that the inability to travel has had a negative impact on their ability to generate business or sales.

82%

 of survey respondents believed that the pandemic will have lasting impact on business travel.

 

 

Vaccination roll-outs coupled with relevant safety measures and pent-up demand are paving the way for a return to travel.

A recent survey reports 96% of business travellers said they were willing to travel in the next year (SAP Concur)2

Travel recovery will occur in phases:

  • Certain industries will likely be first to return, and these include manufacturing, pharmaceuticals, construction, and logistics

  • Local and regional travel will pick up first, followed by international travel

  • According to McKinsey & Co, travel for in-person sales and client meetings will return first, followed by internal meetings and conferences/events

   

84%

 of Global Business Travel Association (GBTA) member respondents would be comfortable resuming business travel when vaccinated3

Resumption of activities by phase

Source: McKinsey & Co

 
  • Enhanced safety measures, including, COVID-19 testing, proof of vaccination or recovery, quarantine, use of PPE and more have become the new “norm”.
  • Many countries and industries (manufacturing, construction, travel) are developing digital health passports/ certificates (e.g. EU certificates, QR codes, vaccine cards).
  • Prevention is far more effective than reaction. Communication and training are key to ensuring employees are prepared for all situations - the expected and the unexpected.
  • Firms must consider how employees will slowly begin to travel again and how an added level of safety and security will be implemented to protect their employees. Some of these new layers of protection include revising insurance and assistance policies as well as requiring new training modules and seminars.
  • Firms must evaluate and amend their protocols to stay agile; multinational firms should do this on an international scale.
  • Employers must ensure they have a comprehensive insurance and risk management programme in place given the constantly changing travel environment.

Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk. Published 11/2022.

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