How can Travel and Health Insurance Found Corporate Success?

Insurance CIO Outlook | Friday, July 24, 2020

Travel and Health Insurance can improve employees’ productivity as well as a firm’s overall market image.

FREMONT, CA:  Increasing globalization and expansion in the world economy are resulting in a massive rise in overseas travel. An interconnected world is also propelling growth in the number of corporate trips. Thus, it is becoming essential for firms to manage their employee’s travel insurance undertakings. Employee insurance becomes even more important when the employees are working in potentially dangerous locations where medical facilities and local security can be expected to be insufficient.

Top Insurtech Startups 

Safety, security, and the health of employees are essential to staff well-being and productivity. Moreover, ensuring health security for the employees is also essential for the protection of a company’s reputation and brand. Organizations need to adopt some of the best practices in medical and security insurance assistance to gain employee trust, thereby boosting the probability of retaining employees.

It is essential for the firms to provide their mobile employees access to security and medical resources around the clock. Thus, the traveling employees must have direct access to nurses, doctors, and security professionals in case of crisis or concerns. Further, employees must be ensured that their calls will be answered by professionals that can address employee needs without unnecessary delay. With access to medical facilities, employers are putting an investment in their human capital, protecting their reputation and brand, while also decreasing corporate liability.

Further, it’s also important for the firms to realize the security and risks involved in travel and health insurance. For instance, effective evaluation of the risks enables the department head or the traveler’s supervisor to be aware of the funds, activity, and situations that are liable to reimbursement. Deploying a risk management team that monitors and assesses health and travel insurance can be an invaluable risk management approach for the firms. Further, a dedicated risk management team for travel and health insurance can also enable the firms to enhance employee productivity, and loyalty as the employee's financial needs will be met in case of a crisis. 

According to a report, 47 percent of the business leaders said that travel and health risks had increased over time. The firms are increasingly upgrading their risk management capabilities, which will be useful for the firms as well as the employees in the long run.

Check out:  Financial Services Review

Check out: Top Corporate Finance Technology Companies in APAC

Weekly Brief

Read Also