WEX Wrap-Up: September 2016

Another month in the books at your leaders in corporate payments. Following a busy month from our business lines in fleet, travel, healthcare, and more, we would like to share with you the latest from WEX in this month’s WEX Wrap-Up.

Some of the biggest news includes the update to our parental leave program, a benefit which adds to the company’s existing maternity leave allowance, which provides six to eight weeks of leave as short-term disability. Learn more about the announcement here.

WEX Fleet

• Are Alternative Fuels Still Part of the Big Picture?: Ten years ago, biodiesel seemed like the next big thing for fleets. Four years ago, natural gas took its place, with a number of truckstop chains making the investment in installing LNG or CNG pumps. With environmental concerns spurring a lot of decisions in the past decade, concerns by fleet managers about availability and initial investment may have loomed larger. We take a look at the current state of alternative fuels here.
• How a Traditional Landscape Company Joined the On-Demand Movement: Twin Pines got its start in landscaping, but during the past year-and-a-half it has acquired a number of small businesses in the construction, electrical, plumbing and painting trades. Since then, the company has moved to a mission in which they hope to be able to provide 24/7 service. See how WEX Fleet is helping them reach these goals.
• Four Painless Ways to Prepare for Fall Weather: Summer is over, and fall is here. With winter right around the corner, fleet managers need to start looking at the challenging road conditions ahead. We take a look at four painless steps to prepare your fleet for fall and winter.

WEX Index: Challenges Arise Post-Summer

September started with the lowest Labor Day retail prices since 2004, and with the summer driving season in the rearview mirror, prices are more than likely heading lower. See what to look forward in pricing, demand, and what one can expect during hurricane season by checking out the WEX Index.

Additional challenges to note include the fuel shortages in the southeast, concerns about which were partially allayed (for WEX customers) through use of WEX Connect.

WEX Travel

• Communication and Feedback Critical to Business Travel: Corporate travel managers are constantly working to balance their travel program’s budget needs with their employees’ needs—and the latter is in a state of evolution. Enabling road warriors to remain productive—as well as safe and comfortable—is a job that’s made easier by understanding employees’ behaviors and preferences while out of town. Learn more about improving communication and feedback loops with business travelers
• Improving International Payments to Support Business Goals: Making payments always affects a company’s cash flow and corporate budgeting and money management. Doing business internationally inevitably adds further complication with fluctuations in foreign exchange rates having an impact. Learn how to balance payments, fees, and goals for business success
• Top Trends in Business Travel: One of the big words in business travel continues to be “experience.” From managed travel programs trying to make their processes more user-friendly to travel suppliers providing perks to better serve their corporate customers, it seems every player in the industry wants to leave business travelers happy and satisfied. Learn what business travelers want and how to offer it here.
• How to Minimize FX Risks: Each form of money is only legal tender in certain countries, making conversions from one form to another—foreign exchange—essential to international business. The fluctuations in these exchange rates create risks that businesses need to manage. See some of the unique challenges that travel has, and how to thrive in a globalized environment.

WEX Health/Healthcare Trends Institute

• How Telehealth is Changing Medicine for the Better: One of the hottest trends in employee benefits for 2016 is telemedicine. According to Employee Benefit News it’s ranked as one of the top three industry trends that have emerged in 2016 thus far. As 70% of doctor’s visits and 40% of ER visits could be handled with a telehealth visit, the idea of promoting telemedicine is imperative. Learn the statistics and initiatives heading into 2017 here.
• How Health and Wealth Are Tied Together: The relationship between health and wealth seems to be getting stronger over the years. This is why financial and healthy well-being education and programs have become more of a necessity in organizations today. Helping employees plan has become an important stepping stone for them to reach both positive health and wealth. Learn what it will take to bring better financial literacy, and in turn better health, in How Health and Wealth are tied together.
• Healthcare Trends Institute Introduces Kevin Robertson to Advisory Board: Big news from the Healthcare Trends Institute, who recently announced a new Editorial Advisory Board member who brings the experience, skills, and passion for improving the healthcare benefits industry, as well as a new voice from the perspective of a financial services leader. Meet Kevin Robertson and learn more about the HTI Advisory Board here.

HTI Announces Healthcare Benefits Consumer Survey

With consumers increasingly responsible for their healthcare benefits many still don’t understand the options. This short, 14-question, anonymous survey looks to gain insight on consumer frustrations, health plan familiarity, communication preferences, financial and retirement preparedness, and more. Take the survey here, and stay tuned for the results in November.