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Strategies in Travel Risk Management

Duty of Care, often used as a synonym to “Travel Risk Management” (see correct definition at the end of the article), is more than buying insurance.


How can the Travel Insurance Industry increase its reach in the field and create additional value for corporate travel?


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The illustration presents a few non-exhaustive list of measures allowing to mitigate risks, based on an organization’s, travel profile, business needs and risk appetite.


Defititions


Duty of Care: is a common law concept, part of tort law, that is a) much wider than travel risk, and b) not relevant as a legal concept in most countries.


Travel Risk Management: is a subset of operational risk management, and ultimately aims to protect the company against the risks it is being exposed to by having people move around the world.



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