Learn about actual and potential costs
How much should I pay for Travel Risk Management Services?
What is the average price of Travel Risk Management Services?
This procurement report includes pricing information to help you purchase Travel Risk Management Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Travel Risk Management Services been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Travel Risk Management Services yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Travel Risk Management Services?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Travel Risk Management Services with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
In 2020, ProcurementIQ estimates that there are about 700 travel risk management firms operating in the United States. Of these, the top four companies account for a combined 40.0% of market revenue, indicating a medium level of market concentration. American Express and Carlson Wagonlit Travel have the highest market shares,... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
How do you recruit and retain senior staff?
What level of experience or certification do you require your senior staff to have?
How much access will I have to senior staff members?
How much of the assessment and consultant work is done by low-level employees?
Where are your technical staff based? Do technical staff members perform site visits?
Which major companies do you maintain relationships with to help assist with travel disruptions?
In which locations do you have strong third-party relationships for risk management? In which locations do you have weak relationships or no contacts at all?
Have you ever had trouble contacting a supplier to get an issue resolved? If so, what was the outcome?
How do you determine when third-party suppliers become unreliable? What contingency plans do you have in place for such occurrences?
Amidst widespread health concerns, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
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Key elements for every RFP
What should my RFP include?
Buyers should state their total annual budget for the contract.
Buyers should request a detailed breakdown of the subscription costs, including overage fees.
Buyers should request a detailed breakdown of the risk assessment, software and other setup costs.
Buyers should indicate their total annual travel budget, which will be used to pay out emergency travel services contracted on behalf of the buyer.
Buyers should clarify the billing process, including how emergency travel costs will be approved and passed though.
Buyers should evaluate the vendor’s experience and reputation when serving other clients.
Buyers should consider the vendor’s ability to meet the service requirements laid out in the RFP, including their ability to supply value-added services like travel-booking.
Buyers should weigh the strength of the vendor’s third-party relationships, including how such partnerships work with their own partnerships and needs.
Buyers should consider the ease of use of the vendor’s software that will be used by traveling employees.
Buyers should reference the Buying-Decision Scorecard section of this report for key criteria to consider when evaluating providers.
Buyers should state the deadline for proposal submissions.
Buyers should indicate when award information will be available.
Buyers should specify their desired start-date for services, as well as the length of the contract and options for extension or renewal.
Evaluate major factors to mitigate risk
How risky is the supply chain?
Supply chain risk is moderate for the travel risk management service market. Suppliers face significant risk from domestic and international airlines. During economic downturns, airlines take on a significant amount of debt, and can struggle financially for years, with major mergers occurring relatively frequently. Airlines, therefore, face a significant risk... Subscribe to learn more.