WEX Wrap-Up: March 2016

With April well underway, it’s time to take a look back at the last month across each of our business lines across the industries we serve: Fleet, Health, Travel, and more, in this month’s WEX Wrap-Up.

WEX Fleet

• Are You Focusing on Driver Training?: A study performed by Performance Innovation Transport demonstrated that driver training has a measurable impact on employee performance—better anticipation, more consistent shifting, and more. This WEX Fleet blog takes a look into the differences between training and education, the steps needed to implement a training program, and how safety should be at the heart of a good training program. See more in Improve Fleet Performance by Focusing on Truck Driver Training.
• Top Concerns in the Trucking Industry: Driver Shortages, overregulation, time away from home, and decreasing wages top the list of concerns noted by an American Transportation Research Institute (ATRI) annual study. See more about what needs to be done to help the trucking industry in Trucking in 2016: Workforce Concerns
• Hours of Service and Regulatory Debates to Watch in 2016: There is much debate into new or reinstated regulations affecting fleets and truckers in 2016. WEX Fleet breaks down regulations regarding Driver Coercion, Hours of Service, and Electronic Logging Devices in Trucking in 2016 HOS and New Regulations.

New Video: WEX SmartHub

Learn more about WEX SmartHub, an app designed specifically for Fleet Managers to improve efficiencies, help reduce late fees, and provide insight and control over unauthorized spending.

WEX Index: A Delay in the Spring Spike

Retail gasoline prices are averaging $1.74 per gallon nationally, a decrease of 17 cents per gallon from last month and a whopping 64 cents per gallon below last year. However, fleet managers should not get too comfortable with low prices as most analysts predict a slow, but steady uptick in prices. See more in the WEX Index.

WEX Travel

• How Virtual Card Numbers are Fighting Fraud in Business Travel: Virtual Card Numbers have long been regarded for their ability to reduce costs and improve visibility, but one of the biggest benefits is the improvements to security and fraud protection. The travel industry has faced its own share of challenges preventing fraud, but Virtual Card Numbers are combatting it. See how in Virtual Card Numbers Fight Payments Fraud in Business Travel.
• Could Biometrics Replace Passports?: Australia’s Federal Department of Foreign Affairs and Trade wants to take biometrics to the next level with cloud-based virtual passports. Sparked by a call for out-of-box solutions to support the country’s international development aid program, the notion of a “cloud passport” is being endorsed by Australia’s Foreign Affairs Minister, Julie Bishop. See more in The Ups and Downs of Passport-less Travel
• Wellness Travel and the Slow Travel Movement: One consumer lifestyle trend that’s driving changes in the travel industry is an increasing emphasis on health and wellness. But is the hassle of getting to the destination (and sometimes the destination itself) stressing out travelers? Enter Wellness Travel. A new report takes a deeper look into the wellness travel phenomenon and what it means for travel brands. See more in Wellness Travel and the Slow Travel Movement.

New Infographic: European Travel Trends to Watch

European consumers are increasing their number of trips and driving demand for luxury and tailor made packages. They’re in pursuit of more varied experiences, visiting new and multi-centre destinations and even planning activity-based retreats.

Holidaymakers are seeking authenticity—whether they’re enjoying non-conventional accommodations or tasting regional food—and they’re willing to move outside of the mainstream to get immersed into local culture.

Thanks to technology, peer influence and the burgeoning sharing economy, it’s getting easier for consumers to customize their travel adventures. Consider these marketplace statistics to get a closer look at how Europeans are enjoying their holidays today.

Click here to view the entire infographic

WEX Health/Healthcare Trends Institute

Announced April 5, 2016, Evolution1 is now WEX Health! The new name and visual identity reflect the company’s growth, leadership, and innovation in the healthcare account management industry.

“While our name and look are changing, our mission remains the same: We simplify the business of healthcare,” said Young. “The change reflects simplicity, flexibility, and global scalability. We offer the cloud platform and technology solutions that our Partners, employers, and consumers need to ensure they provide the best healthcare and benefits options available.”

News from Healthcare Trends Institute

• 2017 Employer Mandate Penalties: According to recent Mercer L.L.C projections, the penalty for qualifying employers not providing health coverage to their employees in 2017 is expected to be $2,260 for each full-time worker, up from $2,160 this year. See more from Healthcare Trends Institute.
• Six Benefits Tech Red Flags to Watch Out For: With the advent of the ACA, compliance has become a hot topic. For benefits tech vendors, compliance is a necessity. Learn what employers and brokers need to watch out for when choosing a benefits technology vendor.
• Wellness program initiatives continue to evolve: As more organizations look to implement programs in 2016, the popularity of wellness programs has grown over the years, producing studies that now consider uptake, participation rates, and return on investment. See each type of wellness program, and what each means for you and your employees here.
• How FSAs Overcome Coverage Gaps: FSAs have become an important way for consumers to stretch their health dollars—especially for procedures less commonly covered by health insurance like dental and vision care. See how FSAs help consumers here.

Want even more? Download the 2016 Healthcare Benefits Trends Benchmark Study (preview here).

Keep Up with All the Latest in Payments

WEX has long been the leader in payments—whether that’s Fleet, Travel, Healthcare, Media, Insurance, or more. Stay up to date with all of the latest from WEX and its sub-brands by following WEX on LinkedIn.