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Well before the uncertainty of the pandemic, Orion Travel Insurance, a CAA company, decided to change the way travellers access travel insurance online. Working with a team of anthropologists, the goal of the redesign was to better understand how humans think about travel and safety. Researchers scoured opinions online, analyzed media and sat down with travellers to document their feelings around travel. “The traditional way of building an online quoting system just wasn’t sufficient,” says Kellee Irwin, VP, Orion Travel Insurance Company. “We didn’t feel that the online experience was putting the needs of the traveller first, so we turned it on its head and approached things differently. We are confident that this new approach to accessing travel insurance and information about travel insurance online is going to be an industry game-changer.” Traditionally, online quoting systems for travel insurance have been designed with business needs at the forefront, rather than designed to reflect what customers need to confidently purchase the appropriate protection. “As a company founded to deliver the protection that our members deserve, this antiquated way of doing things wasn’t good enough. Our mission was to create an online buying experience that was inspired by what it’s like when a traveller engages with a CAA Associate at a store,” adds Irwin. The end result of this in-depth work is the launch of a reinvented online travel quote and purchase system that makes learning about and buying travel insurance an easy and seamless experience for travellers. "Our research told us that travellers want to feel like 'their own best expert'. This new online experience enables travellers to explore and learn about the different types of travel insurance and compare the cost of various levels of protection all at their fingertips," says Irwin. The new system helps customers clearly understand the protection they are viewing and why qualifying questions are being asked. No longer will customers be forced to click through a series of prompts, only to discover that their selections do not reflect their needs and they must start all over again. As they explore coverage and learn more about what protection is right for them, travellers can get to a price in just seven clicks. Plus, they can alter their choices and the system will give updated quotes in real time. It also allows customers to use our SMART FAQ search engine in which the customer enters a question and immediately receives a matched answer. The new online buy flow is now in effect, click here to experience Orion’s reimagined online travel insurance system.
The economy may be slowing - but remains strong according to Georgia Southern expert
Georgia Southern’s Economic Monitor Q1 reports regional economy slows, retains strength Georgia Southern University’s latest Economic Monitor, which reflects Q1 2022, reports that growth in the Savannah metro economy moderated during the opening quarter of the year. “The broadest indicators of economic activity — overall regional employment and electricity sales to residential, industrial and commercial users — continue to signal strength,” stated Michael Toma, Ph.D., Georgia Southern’s Fuller E. Callaway Professor of Economics. “After good performance in the fourth quarter, there was a mild pull-back during the first quarter in tourism and port activity. In general, the regional economy maintained its forward momentum, but slowed its rate of acceleration. Toma also noted that the Savannah metro economy will grow approximately 2% through the remainder of 2022, noticeably slower as compared to the rebound year of 2021. The economic future is somewhat murkier now as inflation surges, the Federal Reserve tightens, and global energy and commodities markets remain rocked by Russia’s invasion of Ukraine, he said. Overall Strength, but Some Sectoral Weakness The business index for the Savannah metro economy increased 1.3% in the opening quarter of 2022, roughly half the pace of the previous quarter. The index of current economic activity increased to 207.3 from 204.7. The index was buoyed by solid employment growth of 1.6% during the quarter and electricity sales growth of 2.1%. Indicators of port activity, tourism and retail sales slowed during the quarter. Metro Savannah employers added 3,100 jobs pushing total regional employment to 197,500 — more than 5,000 jobs and 3% higher than the pre-pandemic peak of 192,100 in the fourth quarter of 2019. The Georgia Department of Labor recently completed its annual benchmarking process for employment in which the monthly payroll survey data is benchmarked against headcount data. Total employment data did not change significantly but business and professional industry services were revised downward while the information sector, including the film and entertainment industry, was revised upward substantially. A full media release detailing key indicators such as Employment Trends, Housing Market, and that Slowing Regional Growth Expected is attached. About the Indicators The Economic Monitor provides a continuously updated quarterly snapshot of the Savannah Metropolitan Statistical Area economy, including Bryan, Chatham and Effingham counties in Georgia. The coincident index measures the current economic heartbeat of the region. The leading index is designed to provide a short-term forecast of the region’s economic activity in the upcoming six to nine months. Looking to know more - then let us help. The Economic Monitor is available by email and at the Center’s website. If you would like to receive the Monitor by email send a ‘subscribe’ message to CBAER@georgiasouthern.edu. For more information or to arrange an interview - simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.
Georgia Southern University’s annual economic impact soars to more than $1B
The latest report released by the University System of Georgia (USG) shows that Georgia Southern continues to have a strong economic impact on the region it serves and significantly contributed to the USG’s $19.3 billion total economic impact between July 1, 2020, and June 30, 2021. The report indicates that Georgia Southern’s annual economic impact has soared to more than $1 billion for FY 2021, a 7.4% increase over FY 2020. The report found these economic impacts demonstrate that continued emphasis on colleges and universities as a pillar of the state’s economy translates into jobs, higher incomes and greater production of goods and services. “We faced unprecedented challenges in FY 2021, but we’ve come out stronger than ever,” said Georgia Southern President Kyle Marrero. “With more than $1.03 billion of direct impact on southeast Georgia, Georgia Southern will continue to create more academic programs that meet specific needs for economic development. Informed by our regional academic plan and University strategic plan, we’re committed to making our region a thriving economic hub in Georgia.” There are 3,250 jobs on Georgia Southern’s campuses in Statesboro, Savannah and Hinesville. Because of institution-related spending, 6,363 jobs exist off-campus. Georgia Southern’s “initial spending” is $806,753,630. That breaks down in three areas: $235,513,929 is spent on personnel services $161,882,006 is spent on operations $409,357,695 is spent by Georgia Southern’s students Included in the initial spending by USG institutions are rounds of funding from the Higher Education Emergency Relief Fund (HEERF), which are federal funds allocated by the Coronavirus Response and Relief Supplemental Appropriations Act that provided emergency grants for postsecondary education. The study is conducted on behalf of USG by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business. If you are a journalist looking to know more about the positive economic Georgia Southern is having - then let us help. Georgia Southern President Kyle Marrero is available to speak with media - simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.
The EU-UK Trade and Cooperation Agreement is costly, what does the UK need to do? | Aston Angle
As far as trade is concerned, the EU exit has been rather costly to the UK. At the Centre for Business Prosperity, we have been tracking the performance of UK trade in recent years. The UK’s trade dropped sharply during COVID. Like other nations, this was due to the global recession and supply chain disruptions. However, the UK failed to recover and enjoy the boom, despite the tariff-free terms of trade in goods set out in the EU-UK Trade and Cooperation Agreement (TCA). The UK now trades less with the EU, its largest trading partner, than in 2019. During the same period, Germany and the Netherlands grew trade with the EU by nearly a quarter, and US trade with the EU has also grown considerably. Reports suggest, including those from the British Chambers of Commerce, that exporting to the EU has become much more costly and in some cases, unviable. It appears that the “certainty” provided by the TCA has not reversed the declining trend of the UK-EU trade so far. Our new paper for the Enterprise Research Centre (ERC) has found that UK exports experienced a large, negative, statistically significant decline in 2021 at the end of the transition after the EU-UK Trade and Cooperation Agreement (TCA) was put into force. We estimate that this amounts to a 22% reduction in exports to the EU and a 26% reduction in imports from the EU over the first half of 2021, relative to the counterfactual scenario of the UK remaining in the EU. How did this happen? After all, the TCA ensures that goods moving between the UK and the EU have no tariffs or quotas, so long as the rules of origin are complied with. Rules of origin help you work out where your goods originate from and which goods are covered in trade agreements. Our research found that non-tariff measures (NTMs) were responsible for the adverse TCA effect on UK trade with the EU and that the magnitude of loss was significant. It was equivalent to a reduction of £12.4 billion in UK exports over the first six months period of 2021. This equals 16% of UK total exports in the first half of 2019 and 70% of the documented total reduction in the EU exports in the same period. A number of factors can be attributed to the decline of UK exports to the EU. In particular, the increased trade frictions that occurred mainly due to sanitary and phytosanitary (SPS) and technical barriers to trade (TBT) as a result of entering the TCA. Sanitary and Phytosanitary (SPS) measures refer to the EU controls to protect animal, plant or public health. And technical barriers to trade (TBT) refers to mandatory technical regulations and voluntary standards that define specific characteristics that a product should have, such as its size, shape, design, labelling/marking/packaging, functionality or performance. On average, for the first six months of 2021, a 1% increase in SPS resulted in a 13–15% reduction in exports to the EU, most notably in the food and drink, wood and chemicals sectors. Furthermore, a 1% increase in TBT led to a 2–3% reduction in exports, especially in metals, equipment, machines and miscellaneous industrial products. What next? Since the post-Brexit dysfunctions are now diagnosed, in theory we could move on. The UK can directly tackle the trade challenges, so long as other things, such as politics, do not stand in the way. Fundamentally, what needs to happen is the removal or relief of the root causes coded by the TCA – the trade barriers newly erected. This is a key task; it is challenging but not impossible. Trade frictions due to the SPS measures are an acute problem of Brexit. Reducing some of the non-tariff measures between the EU-UK would help by exploring other mechanisms such as equivalent SPS measures or other ways to reduce businesses burden to a minimum. The technical barriers to trade are more complicated and challenging and they could potentially cause significant damage to the UK economy. Despite its limitation, maintaining and broadening the established arrangements of the current TCA provision, through some form of mutual recognition of specific practices or international regulations for selected sectors, should be the ambition of UK government to help ease the TBT trade barriers. Future EU-UK co-operation is critical and mutually beneficial but requires political will and strong leadership. In the short and medium term, supporting firms should be the priority, especially small- and medium-sized firms that are productive enough to have exported to the EU in the past, but now face hurdles to continue exporting. These firms tend to be limited on resource but have the infrastructure and ambition to internationalise. Targeted support for specific challenges could be also fruitful. The UK Department for International Trade Export Support Service, the British Chambers of Commerce and local growth hubs have the expertise and experience to help firms export. Therefore, resources should be made available to allow for customised and responsive support with exports, as well as taking advantage of technologies that can identify and reach businesses who require support. Provision should also be made to collect feedback on the quality of the support provided, to enable further improvement. Helping businesses continue to access EU markets, while enabling the economy to take advantage of welfare-enhancing benefits from trade, remains imperative. Given the economic benefits of the roll-out, the new free trade agreements are expected to be limited and effective only in the long term. UK domestic policies should be the focus to improve the competitiveness of exporters and their ecosystem. By Professor Jun Du Director of the Centre for Business Prosperity Professor of Economics, Finance and Entrepreneurship, Aston Business School Lecturer in Politics and International Relations School of Social Science and Humanities Dr Oleksandr Shepotylo Senior Lecturer, Economics, Finance and Entrepreneurship, Aston Business School
New LIV Golf series raises plenty of questions and eyebrows
When the new LIV Golf series backed by Saudi Arabia came into existence, it raised plenty of questions on who would jump from the PGA Tour to this new league. With guaranteed appearance fees in the millions offered, it wasn’t a huge surprise some of the biggest stars like Phil Mickelson, Dustin Johnson Brooks Koepka and Bryson DeChambeau have decided to join. Some of pushback to the new league comes as a result of the Saudis' track record on human rights issues. The PGA Tour had warned players there would be repercussions of playing in those events and responded by suspending those who are, indefinitely. But can they legally do that? Richard Franza, dean of the Hull College of Business said golfers are independent contractors and the suspensions may end up being challenged in court. “Nothing will be resolved until it goes to court,” said Franza. “I think there are three things that could determine if it goes to court or not. First — if someone is playing LIV Golf wants to play in a PGA Tour event and they are barred. Second — if somehow the stance on majors changes, which I think is very plausible. Third — will these guys be included in the official World Golf Rankings? This is important because the OWGR help determine automatic entry into the majors.” Right now, golf’s four majors, the Masters, U.S. Open, PGA Championship and The Open Championship, are not run by the PGA Tour and have indicated they would not bar those playing in the LIV Golf series. It’s apparent to most this is a money move by the players. With the millions of dollars being guaranteed to Mickelson, Johnson and others, they are securing their future. There are also only eight events in the LIV Golf series with a team component. Each tournament is just three rounds, compared to the four in a PGA Tour event. Franza said they may also be challenging the PGA Tour to change how they do business. “I think in the grand scheme of things the guys would like to stay with the PGA Tour. But for some of them, it’s a way to try to get the PGA Tour to change things. I don’t know if they (LIV players) are looking for guarantees or not, but they’re probably looking for bigger purses, although purses have already gotten pretty big. I think they may want different events that aren’t all stroke play events,” added Franza. In fact, the PGA Tour has recently announced significant purse increases for some of their tournaments as a response to the LIV Golf series. If you're looking to know more about what's next for players and the business side of golf, then let us help. Richard Franza is available to speak with media – simply click on his icon now to arrange an interview today.
Is the housing bubble about to burst? Ask our expert about the state and stability of the market
With interest rates on the rise, inflation increasing and home prices out of reach for many, Americans are worried about their financial future. Media now covering the U.S. housing market are seeing signs that the bubble might be ready to burst. With a potential recession looming, some people are looking back to the last housing collapse with trepidation. But economists note that the ingredients causing the 2008 global financial crisis aren't there this time. This is an important issue, and one that will impact millions of Americans. If you’re a reporter interested in covering this topic, let the experts at Florida Atlantic University help with your coverage and questions. Ken H. Johnson, Ph.D., an economist and associate dean in FAU’s College of Business, is available to speak to the media. Simply click on his icon to arrange an interview and time.
Unattainably Perfect: Idealized Images of Influencers Negatively Affect Users’ Mental Health
Filters, Adobe Photoshop, and other digital tools are commonly used by social media “influencers.” These celebrities or individuals have a large follower base and “influence” or hold sway over online audiences. This digital enhancement of images is well-documented anecdotally. Instagram, in particular, has come under growing scrutiny by the media in recent years for promoting and popularizing unattainably perfect or unrealistic representations of its influencers. What’s less understood is the appeal and the actual effect that these digitally enhanced images have on followers–particularly in terms of people’s feelings of self-worth and their mental wellbeing. A ground-breaking study by Goizueta Business School’s David Schweidel and Morgan Ward sheds new light on the real-world impact of digital enhancement, and what they find should be cause for significant concern. Downstream Consequences: Impressions Have Lasting Impact Across a series of five studies with a broad sample of participants and using AI-powered deep learning data analysis to parse individuals’ responses, Schweidel and Ward have unearthed a series of insights around the lure of these kinds of idealized images, and the negative “downstream consequences” that they have on other users’ self-esteem. “Going into the research, we hypothesized that micro-influencers who digitally manipulate their images, offering unrealistic versions of themselves, would be more successful at engaging with other users–getting more follows, likes, and comments from them. And we do find this to be the case, but that’s not all,” says Schweidel. He and Ward also discover that when users are exposed to these kinds of images, they make comparisons between themselves and the enhanced influencers; comparisons that leave them feeling lacking, envious, and often inadequate in some way. In terms of mental health and wellbeing, this is alarming, says Ward. Our research shows unequivocally that when followers consume idealized versions of popular figures on social media there is a social comparison process that results in these users experiencing negative feelings and a substantial decline in their state of self-esteem. On the basis of these insights, is Meta–the owner of Facebook and Instagram–likely to take action to limit the use of digital enhancement on its platforms and apps any time soon? Unlikely, say Schweidel and Ward. “Meta seems to be fully aware of the deleterious effects that Instagram has on its users. However, the success of Instagram–and that of the brands and influencers that appear on the app–is fueled by increased consumer engagement: the very engagement that this kind of digital enhancement of images drives. So the incentive is there to maintain the practices that keep users engaged, even if there’s a trade-off in their emotional and mental health.” This is a fascinating and important topic - and if you're a reporter looking to know, then let us help. David A. Schweidel is professor of marketing at Emory University’s Goizueta Business School. He is an expert in the areas of customer relationship management and social media analytics. Morgan Ward is an assistant professor of marketing at Emory University’s Goizueta Business School and is an expert in consumer behavior. Both experts are available to speak with media - simply click on an icon to arrange a discussion today.
Professor Jun Du and Dr Oleksandr Shepotylo from Aston University analysed the effects of the end of the Brexit transition period on UK exports This equals to a nearly 16% of UK total exports in the first half of 2019 and 70% of the documented total reduction in the EU exports in the same period The research suggests non-tariff measures (NTMs) are responsible for the fall in trade between the UK and EU. New research by experts at Aston University for the Enterprise Research Centre (ERC) has found that UK exports experienced a large, negative, statistically significant decline in 2021 at the end of transition after the EU-UK Trade and Cooperation Agreement (TCA) was put in force. The TCA is a free trade agreement signed on 30 December 2020 between the European Union (EU), the European Atomic Energy Community (Euratom) and the United Kingdom (UK). Professor Jun Du and Dr Oleksandr Shepotylo used a Synthetic Difference in Differences (SDID) estimator to construct a counterfactual of the UK had it not exited the EU and entered the TCA, to compare its trading performance. This was done by comparing the actual performance of the UK with the modelled performance in 2021 with the same periods of 2018-2020. They also examined the extent to which the overall TCA effect has been due to the increased frictions due to non-tariff measures (NTMs). They estimate that this amounts to a 22 per cent reduction in exports to the EU and a 26 per cent reduction in imports from the EU over the first half of 2021, relative to the counterfactual scenario of the UK remaining in the EU. The research confirmed that NTMs are responsible for the adverse TCA effect on UK trade with the EU and that the magnitude of loss was significant. It was equivalent to a reduction of £12.4 billion in UK exports over the first six months period of 2021, notably in food and drink, wood and chemicals sectors. This equals to 15.6% of UK total exports in the first half of 2019, and 70% of the documented total reduction in the EU exports in the same period. Jun Du, professor of economics at Aston University, lead on internationalisation research at the ERC and director of the Centre for Business Prosperity (CBP), said: “These results underscore the heavy costs of erecting trade barriers on the UK’s side with its largest trade partner. “Trade frictions, due to sanitary and phytosanitary (SPS) measures (measures to protect humans, animals, and plants from diseases, pests, or contaminants), are acute problems due to the EU exit. “Reducing some of the NTMs between the EU-UK, by exploring mechanisms such as equivalence in SPS measures or other ways to reduce businesses’ burden to the minimum level possible. “More complicated and challenging are the technical barriers to trade, but they could potentially cause significant damage to the UK economy. Maintaining and broadening the established arrangements of the current TCA provision, despite being limited, through some form of mutual recognition of specific practices or international regulations for selected sectors, should be the ambition of UK government to ease the TBT (technical barriers to trade). “Future EU-UK co-operation is critical and mutually beneficial but requires political will and strong leadership.” Dr Oleksandr Shepotylo, a senior lecturer in Economics, Finance and Entrepreneurship Department at Aston Business School, co-wrote the working paper and said: “Continued alignment with the EU regulations was a demand from many businesses throughout the Brexit process, and it is expected to be still important post Brexit. This must be conveyed to policy makers. “In the short term, preparedness and adaptability have rewarded and will continue to reward businesses facing challenges and disruptions. The need for learning and training remains paramount. “In the medium and longer term, businesses will have to stay competitive to retain access to the global market, to perform better in it, and to gain more benefit from it. This is the case for all firms even if the ways to achieve it may differ. In addition, businesses need to consider adopting new business models through which they can balance the need for lean production with resilience, as well as weighing up economic, social, and environmental gains. Despite the many considerable challenges, there are boundless avenues where opportunities for breaking through are present.” You can read the full report on the ERC website here.
Experts in the Media: How to keep loyal customers in post-pandemic world
The COVID-19 pandemic forced many firms to revisit how they look after loyal customers. Enforced border restrictions impacting many countries meant millions of people have been unable to redeem points or enjoy the privileges associated with customer loyalty programs. But with the world opening back up two years later - how those loyalty programs need to adapt has become a hot topic for journalists covering business and travel. Recently, the work of Hyunju Shin, Ph.D., associate professor of marketing at Georgia Southern University, was featured in Mirage, an article that detailed how big players like Singapore Airlines and Marriot managed to keep key customers still incentivized and loyal even though they were stuck at home. If you're a reporter looking to know more - then let us help. Hyunju Shin, Ph.D, is available to speak with media - simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.
It Works on TV - Do Property Rehabs Drive Up Prices in Surrounding Neighborhoods?
When a house is distressed, the negative impact tends to ricochet around its surrounding neighborhood. Distressed homes (e.g. foreclosures) can significantly bring down the value of other homes in the area, as these properties are often poorly maintained and then typically sold at discounted prices In the past, and particularly in the wake of the 2008 subprime crisis, federal and local governments sought to mitigate this negative effect by incentivizing the rehabilitation of distressed properties through programs like the Neighborhood Stabilization Program (NSP). Until now, there has been some skepticism as to whether or not these kinds of initiatives actually work. New research by Goizueta Foundation Term Associate Professor of Finance Gonzalo Maturana and Goizueta’s Assistant Professor of Finance Rohan Ganduri might change the narrative definitively. They have analyzed new data that shows that rehabilitation projects not only help to stabilize housing prices in affected neighborhoods but can also actually increase the value of neighboring properties by as much as four percentage points. Using highly robust, non-parametric statistical analysis methods, Maturana and Ganduri parsed more than 10 years of information on rehabilitated property transactions and real estate prices across the United States. The effect of renovating dilapidated or derelict houses in these areas pushes prices up between 2.3 and four percentage points in their surrounding blocks, they find. And that’s not all. While the average amount spent by authorities on these renovations comes in at roughly $36,000, their study estimates a societal welfare gain of $134,000 per rehabilitated property—almost four times the cost of the rehabilitation. These insights should provide interesting food for thought for the U.S. Congress and local governments, Maturana notes. After the housing crash in 2008, Congress allocated $6.9 billion in funding to the NSP to help stabilize communities affected by high vacancy and foreclosure rates, but the Department of Housing and Urban Development didn’t find any positive impact on local housing markets at the time. “Our findings suggest that rehabilitation projects do drive a positive uptick in prices that can help revitalize distressed neighborhoods,” says Maturana. “And they provide very timely support for policy interventions, such as President Biden’s infrastructure spending program which proposes an allocation of $20 billion to rehabilitate 500,000 single-family homes in low-income neighborhoods in the United States.” With the current economy facing some uncertain times - this is a topic that is important for everyone. And if you're a reporter looking to know more then let us help. Gonzalo Maturana is an associate professor of finance at the Goizueta Business School. He is an expert in the areas of corporate, household and real estate finance. Rohan Ganduri's research interests include banking, credit risk, real estate, household finance, and corporate finance. Both Gonzalo and Rohan are available to speak to media regarding this topic – simply click on either icon now to arrange an interview today.
