A COASTAL COMMUNICATIONS CORPORATION PUBLICATION DECEMBER 2022 VOL. 29 NO. 5 $15.00 INSIDE 2023 INDUSTRY FORECAST HEALTH & WELLNESS PROGRAMS NEW ORLEANS FLORIDA It Takes the Right Incentive to Truly Motivate A SPECIAL REWARD The Ritz-Carlton Paradise Valley, The Palmeraie in Scottsdale, AZ is set to open in the fall of 2023. The Best Sunsets. Experiences. Meetings. Waterfront Views. Contemporary Hotels. Yacht Receptions. Rooftop Decks. Outdoor Dining. Poolside Networking. Make Marina del Rey your next L.A. meetings destination. Experience 100,000 square feet of total meeting space and an abundance of flexible outdoor spaces – just 4 miles north of LAX and minutes from Santa Monica and Malibu. Contact us to learn how you can save up to $2,000 in incentives for your next meeting. VISITMDR.COM/MEETINGS GROUPS@VISITMARINADELREY.COM A the Best Marina del ReyINSURANCE & FINANCIAL MEETINGS MANAGEMENT | DECEMBER 2022 themeetingmagazines.com 3 DECEMBER 2022 Vol. 29 No. 5 10 16 26 20 departments features 10 20 26 4 12 16 ‘A Year of Great Opportunity’ Respected Industry Insider Optimistic for 2023 By Steve Bova, CAE Get Moving Meetings With Health & Wellness Activities Excite Attendees By Maura Keller A Special Reward It Takes the Right Incentive to Truly Motivate. By Maura Keller New Orleans A Stunning Blend of History, Culture, Food and Amenities By Maura Keller Florida Planners and Attendees Keep This Destination Atop Their Lists By Keith Loria destinations 6 7 8 34 Publisher’s Message News & Notes Snapshots The State of Travel The “What Ifs” That Should be Considered Throughout the Industry By Jeremy Murchland Corporate Ladder 12 ISSN 1095-9726USPS 012-991Harvey Grotsky A COASTAL COMMUNICATIONS CORPORATION PUBLICATION PUBLISHER/EDITOR-IN-CHIEF Harvey Grotsky harvey.grotsky @ themeetingmagazines.com CREATIVE DIRECTOR Kristin Bjornsen kristin.bjornsen @ themeetingmagazines.com MANAGING EDITOR Henry Fitzgerald henry.fitzgerald @ themeetingmagazines.com EDITORIAL COORDINATOR Rachel Galvin rachel.galvin @ themeetingmagazines.com CONTRIBUTING EDITORS Sophia Bennett Cynthia Dial Dan Johnson Maura Keller Christine Loomis Keith Loria Nancy Mueller David Swanson PRESIDENT & CEO Harvey Grotsky VICE PRESIDENT OF OPERATIONS David Middlebrook david.middlebrook @ themeetingmagazines.com ADVERTISING SALES OFFICES 2500 N. Military Trail, Suite 283 Boca Raton, FL 33431-6322 561-989-0600 Fax: 561-989-9509 advertising@themeetingmagazines.com REGIONAL MANAGERS Bob Mitchell Lisa Turner DIRECTOR OF SPECIAL PROJECTS Michael Caffin 914-629-5860 michael.caffin@themeetingmagazines.com Did You Return Your Phone Calls Today? It’s an obvious fact that our day-to-day business lives are becoming more and more complex. Competition grows fiercer, the problems and solutions we face in planning successful events are now more intricate, and the subsequent demands on your time even greater. As meeting plan- ner professionals, you no doubt do the best you can and manage to get the job done. However, you probably sometimes overlook one of the basic elements of successful business — good communication. In particular, I am addressing one form of communication — phone calls. It’s not all that complex, it’s not all that dif- ficult to do, and it may even ring a bell with you. Just return phone calls instead of hid- ing behind voice mail and your computer. Let’s face it, in failing to return a phone call within a reasonable period of time, or in dodging a call, or ignoring a call-back message, you are sending a negative mes- sage by telling the caller that he or she is just not important enough to warrant your time and attention. Taking or making the time to return a phone call during a busy crowded day is im- portant. By not doing so, a crucial planning element, business opportunity or an opportunity to reinforce an existing business relationship may be missed. What is infuriating to the caller, in all probability, may prove to be costly, as delays and lack of timely response may be taken as lack of in- terest. Service, courtesy and prompt attention to the needs of others are essential to the meeting planner in the midst of a need to complete a suc- cessful event. No meeting planner or supplier, regardless of schedule or task, can af- ford to ignore the simple, but highly important business practice of return- ing phone calls. The greatest successes of years gone by, prior to digital communication, were the result of a phone call. Looking back at the good old days, it’s still a winning way to communicate today! Insurance & Financial Meetings Management is published bi-monthly by Coastal Communications Corporation, 2500 N. Military Trail, Ste. 283, Boca Raton, FL 33431-6322; 561-989-0600. Single copies $15.00 U.S.A.; back cop- ies $17. Yearly subscription price is $70.00 in the U.S.A.; $135.00 in Canada. Distributed without charge to qualified personnel. Periodicals Postage Paid at Boca Raton, FL, and additional mailing offices. POSTMASTER: Please send address changes to Insurance & Financial Meetings Management, 2500 N. Military Trail, Ste. 283, Boca Raton, FL 33431-6322. Nothing contained in this publication shall constitute an endorsement by Coastal Communications Cor- poration (Insurance & Financial Meetings Management), and the publication disclaims any liability with respect to the use of reliance on any such informa- tion. The information contained in this publication is no way to be construed as a recommendation by I&FMM of any industry standard, or as a recommenda- tion of any kind to be adopted by or binding upon any corporate/incentive travel planner or agent. Reproduction of any portion of this publication by any means is strictly forbidden. Editorial contributions must be accompanied by return postage and will be handled with reasonable care. However, the publisher assumes no responsibility for return of unsolicited photographs or manuscripts. Subscriber: Send subscription inquiries and address changes to: Circulation Dept., Insurance & Financial Meetings Management, 2500 N. Military Trail, Ste. 283, Boca Raton, FL 33431-6322. Give old and new addresses including zip codes. Enclose address label from most recent issue and allow five weeks for change to become effective. Printed in U.S.A. © 2022 www.themeetingmagazines.com BUSINESS 3.0 WHILE RESORTS WORLD LAS VEGAS IS NEW, OUR APPROACH TO MEETINGS BOASTS DECADES OF EXPERIENCE. A high-tech suite of spaces and tools designed with a new perspective on meetings. Exclusively developed by Resorts World Las Vegas, this truly innovative paradigm sets the stage for seamless work sessions and unprecedented productivity. To learn more about Business 3.0, and how it can help your company to succeed, please contact a member of our Group Sales team today. Please call (702) 802-6460 or email us at hotelsales@rwlasvegas.com or visit us online at rwlasvegas.com to Book Your Next Meeting at RESORTS WORLD LAS VEGAS AT RESORTS WORLD LAS VEGAS LAS VEGAS’ NEWEST HOTEL & CASINO DON’T JUST MEET. EXCEED. NEXT GEN MEETS 4 DECEMBER 2022 | INSURANCE & FINANCIAL MEETINGS MANAGEMENTthemeetingmagazines.com PUBLISHER’S MESSAGEBUSINESS 3.0 WHILE RESORTS WORLD LAS VEGAS IS NEW, OUR APPROACH TO MEETINGS BOASTS DECADES OF EXPERIENCE. A high-tech suite of spaces and tools designed with a new perspective on meetings. Exclusively developed by Resorts World Las Vegas, this truly innovative paradigm sets the stage for seamless work sessions and unprecedented productivity. To learn more about Business 3.0, and how it can help your company to succeed, please contact a member of our Group Sales team today. Please call (702) 802-6460 or email us at hotelsales@rwlasvegas.com or visit us online at rwlasvegas.com to Book Your Next Meeting at RESORTS WORLD LAS VEGAS AT RESORTS WORLD LAS VEGAS LAS VEGAS’ NEWEST HOTEL & CASINO DON’T JUST MEET. EXCEED. NEXT GEN MEETSSAN FRANCISCO, CA — Hyatt Regency San Francisco, San Francisco’s premier waterfront hotel in the city’s Embar- cadero, announces the completion of a $50 million guest room renovation. As one of the city’s lead- ing destinations for meetings and events, the hotel is home to 72,000 sf of space. With on-site professionals to help with planning, it’s the perfect venue. The hotel features 821 rooms, including 45 suites, which offer modern and sophisticated accommodations. themeetingmagazines.com 6 DECEMBER 2022 | INSURANCE & FINANCIAL MEETINGS MANAGEMENTthemeetingmagazines.com 6 BETHESDA, MD — Marriott Inter- national Inc. recently announced plans to introduce more than 35 luxury hotels worldwide in 2023, delivering the unique and mean- ingful experiences desired by today’s luxury traveler. Boasting an unrivaled portfolio of luxury brands, including The Ritz-Carlton, Ritz-Carlton Reserve, St. Regis, W Hotels, The Luxury Collection, EDITION, JW Marriott and Bulgari Hotels & Resorts, Marriott International continues to push the boundaries, reimagining travel with a globally inspired perspective that defines the future of luxury. With an unparalleled footprint of nearly 500 luxury hotels and resorts in 68 countries and territories today, Marriott International is poised to further its position as the global leader in luxury hospitality with more than 200 luxury properties in the development pipeline. From Kenya to Singapore and Japan to Mexico, the new hotels are slated to open in sought-after and emerging destinations. The world has experienced a seismic cultural shift following the events of the last several years, according to a study exploring the impact on the values and aspirations that matter most to guests, conducted in collaboration with creative agency Team One. ARLINGTON, VA — Knowland, the world’s leading provider of data-as-a- service insights on meetings and events for hospitality, released its U.S. monthly meetings and events data, reporting that November 2022 achieved 103.1% of November 2019 volume, exceeding monthly pre-pandemic levels for the first time. The report also includes fur- ther highlights, such as an increase over 2019 in average attendees per event. The average number of attendees per event for November 2022 was 118, com- pared to 105 in November 2021 and 104 in November 2019. Also, the top five growth markets for November 2022 (in order) compared to October 2022 were Las Vegas, NV; San Juan, PR; Fort Myers, FL; Miami, FL; and the Kauai Islands, HI. The corporate market segment repre- sents 53.5% of the meetings and events business, with healthcare taking the lead as the largest industry segment. MCLEAN, VA — Hilton recently announced the signing of the Waldorf Astoria Hotels & Resorts brand’s third property in Mexico, the new-build Waldorf Astoria San Miguel de Allende, expected to open in early 2025. Located in the heart of one of the most sought-after vacation destinations in the country, Waldorf Astoria San Miguel de Allende will offer 120 hotel guest rooms and 24 best-in-class Waldorf Astoria-branded residences in the colonial city, known for its architecture, thriving art scene and rich history. With the arrival of Waldorf Astoria San Miguel de Allende in 2025, Hilton will bring yet another world-class destination to its prestigious Waldorf Astoria global portfolio of more than 30 iconic hotels and resorts. WASHINGTON, DC — The Incentive Research Foundation’s Industry Outlook for 2023: Merchandise, Gift Cards and Event Gifting reports an optimistic outlook for 2023 despite continu- ing challenges to the global economy. With a focus on attract- ing and retaining talent, businesses consider non-cash incentive programs to be a valuable tool to motivate a changing work- force. The IRF surveyed 543 industry professionals, with 239 coming from North America and 304 originating from Europe. In North America, overall incentive budgets are expected to increase by 44% in 2023, with merchandise increasing 44% and gift cards 48%. In Europe, overall incentive budgets are expected to increase by 52% in 2023, with merchandise increas- ing 50% and gift cards 55%. Visit theirf.org for more. LONDON, UK — Air Monitor 2023, published by AMEX GBT, forecasts air fare price rises around the world, due in part to inflation, rising fuel costs and capacity issues. The report is an annual forecast of air fare movements on key business travel routes. Price changes are likely to vary widely by region, with distinctions across the two hemispheres. Europe-North America routes are expected to see modest rises of 3.7%, while intra-European flights could see stronger price rises (6% in the business cabin, 5.5% in economy). HILTON CONTINUES EXPANSION OF WALDORF ASTORIA HOTELS & RESORTS HYATT REGENCY SAN FRANCISCO UNVEILS $50 MILLION GUEST ROOM RENOVATION IRF’S 2023 INCENTIVES INDUSTRY OUTLOOK PAINTS POSITIVE PICTURE AMEX GBT FORECASTS INCREASED AIR FARES ON KEY BUSINESS ROUTES MONTHLY U.S. MEETINGS AND EVENTS VOLUME BEATS 2019 LEVELS MARRIOTT INTERNATIONAL TO INTRODUCE MORE THAN 35 HOTELS IN 2023 The Ritz-Carlton Paradise Valley, The Palmeraie in Scottsdale, AZ is set to open in the fall of 2023. INDUSTRY NEWSINSURANCE & FINANCIAL MEETINGS MANAGEMENT | DECEMBER 2022themeetingmagazines.com 7 SNAP SHOTS FICP 2022 From future-focused education to networking opportunities, the recent 2022 FICP Annual Conference held in Boston was one of the best ever. Breakout sessions spanned all areas of interest that are most important to the professional growth of insurance and financial meeting planners and their ability to deliver truly impactful events. Attendees were even able to earn CMP-eligible hours in the process.The “What Ifs” That Should be Considered Throughout the Industry G enerations upon generations have defined travel, inventing and reinventing trends, top destinations, attractions and much more. From the classic family trip, to solo travel and international travelers, to business travelers and road-trip enthusiasts, we’ve seen just how peoples’ knack for adven- ture and learning has evolved in more ways than one. Internally, we’ve also been witness to the transformations that have taken place for travel insur- ance providers. This is largely thanks to technological growth felt throughout the world as well as the diversification of product offerings and a greater emphasis on consumer awareness. Considering the travel insurance market grew from $1.3 billion in consumer spend in 2006 to $3.8 billion in 2019, the general expectation throughout the industry was that this growth would continue on a similar trajectory. Little did we know, at that time, the implica- tions of the upcoming pandemic would both challenge and promote growth. As I reflect over these innumerable changes, I am even more motivated to consider a number of “what ifs” that can or could have disrupted the travel industry as we know it. There were a number of questions that I’ve asked myself; however, I find that four key scenarios remain top of mind as their resulting impact would be particularly influential on the travel industry. What if the pandemic had not occurred? This “what if” is incredibly weighted as the pandemic affected the world in many negative ways. In terms of the state of travel, the entire industry was halted, and consumers and vendors alike found themselves in varying finan- cial states. Consumers lost quite a bit of money that they had invested into their travel plans due to the pandemic. While the possibility of disruptions has always existed and impacted some travelers, many had never antici- pated that cancellations, changes and interruptions would affect them. Now, 8 THE STATE OF TRAVEL JEREMY MURCHLAND has more than 20 years of experience building high-performing teams, and growing revenue and profitability across a variety of businesses. In 2018, he joined Seven Corners as vice president of sales and was appointed president in January 2020. You can reach Murchland through LinkedIn or via email at marketing@ sevencorners.com. themeetingmagazines.comDECEMBER 2022 | INSURANCE & FINANCIAL MEETINGS MANAGEMENT INDUSTRY INSIDER BY JEREMY MURCHLANDtravelers are finding themselves in the position of having to consider “What happens if I get sick or injured when I travel?” and recognize the potential dangers of being in that situation without the proper coverage. There was a portion of travelers that didn’t even realize that travel medical coverage existed; however, the pandemic generated greater consumer aware- ness and, in particular, a stronger awareness that domestic health insurance may not provide the coverage they need. Over the last two years, I’ve interacted with a number of people who have come to me for guidance on their next trip because they had never purchased or even considered pur- chasing travel insurance in the past. These interactions have ranged from my friends, extended family and even one of my daughter’s teachers. Individuals who have lived and interacted with an executive in this industry for years are now finally recognizing the need for this coverage. Had the pandemic not occurred, it is very unlikely that this increase in consumer awareness would have been possible to achieve in such a short period of time. On the flip side, what if something similar and/or unforeseen occurs again? While the pandemic seems to be far from over with new cases and influxes being reported regularly around the world, it is important to consider how the industry would react to a new, similar situation. COVID-19 was impressionable on every generation, particularly for the younger generations that are just getting a taste of travel. Travel tips and suggestions that are currently standard to the industry will likely stick with them for years to come. In Seven Corners’ case, we saw the larg- est increase in baby boomer and millennial purchases driven mainly by their desire for travel medical insurance and cover- age for interruptions or cancellations. I foresee the future of travel to be widely influenced by cost-conscious consumers who are looking to protect their investment, no matter the duration of the trip. As it relates to company operations, the pandemic forced organizations throughout the industry to build in stronger preparedness and crisis response plans. We’ve dealt with the initial panic and confusion surrounding drastic change; there- fore, our future response to adversity will come from the les- sons we’ve learned through this past experience. What if we’re on the cusp of a recession? Inflation greatly impacts travel insurers, which creates a domino effect throughout organizations as well as impacts the consumer. Trip protection products are priced based on trip costs; therefore, as trip costs go up, so does the cost of insur- ance for consumers. Additionally, insurance providers would likely need to increase compensation for resources across their company from sales to claims to customer service, which in turn would increase rates. This dips into all industries that are connected to travel. For example, the hospital and medical providers that provide services to those insured will now cost more, driving up claims cost and resulting in rate changes. No company is immune to the impacts of global infla- tion, and it is certainly something that the travel industry is concerned about. This is one of the many reasons why it is important to focus on improving processes and incorporating greater technological reliance as it promotes efficiency and can help offset some of the costs associated with travel. For now, we’re monitoring the macroeconomic trends closely and developing long-term forecasts for sales. What if we fully bridged the gap between the consumer and the travel insurance provider? Organizations need to implement a wide range of improve- ments as they prioritize their relationship with customers. Increased flexibility, expansion of “non-insurance services” and modifications to travel insurance products are just the beginning. More travelers are purchasing insurance now, and insurers need to compensate for that increase by investing in technology and support teams to drive the best customer experience following each sale. Closing the gap and priori- tizing customer relationships means placing more focus on educating consumers on offerings and simplifying policy language to make them much more consumer friendly. The movement of paper throughout the claims process also needs to be addressed as the complex jargon and excessive number of forms result in customer complaints that must be handled through time-consuming human interaction. Improving the claims process will provide a more positive experience and maintain a loyal customer base you’ve worked so hard to build. In our case, investments in additional support staff for claims and customer service was a given. We’ve made sig- nificant investments into technology that encourages multi- channel communication with our customers. This includes our well-rounded mobile app, SMS/Text, WhatsApp and Sven, our chatbot for 24/7 policy questions and assistance. While these are just a few of the many internal and external changes we have incorporated, I am in the unique position of operating on a forward-looking mentality and searching for capabilities that will add to the travel experience. With each new trend or obstacle that comes our way, our main focus will remain the same — meeting the customer where they are and giving them the best possible service. I & FMM INSURANCE & FINANCIAL MEETINGS MANAGEMENT | DECEMBER 2022themeetingmagazines.com 9 Now, travelers are finding themselves in the position of having to consider “What happens if I get sick or injured when I travel?” Next >