Younger generations seek unique incentive trips with Instagrammable moments and never-done-before experiences. Photo courtesy of Jon Anders Wiken

Looking back three, five or even 10 years, incentive meetings and events within the financial and insurance sector have undergone significant changes. From simple luxury perks to strategic, purpose-driven experiences, incentive travel has evolved to focus on cultural immersion, CSR and personal growth, all while delivering measurable ROI. As incentive travel continues to evolve, what does the future of this segment of the insurance and financial meetings industry hold?

“Ten years ago, incentive travel wasn’t just a reward for hitting production anymore. For agents, it became a relationship builder – something that kept top producers engaged and connected to the brand. It was also about building loyalty, strengthening your partnership and creating memorable experiences,” says Ann Luketic, CMP, CMM, senior event management specialist at Progressive Casualty Insurance Company. “In insurance and financial services, trust and relationships are everything – so creating that sense of community really matters.”

Five years ago, budgets tightened and costs increased, so insurance and financial meeting planners learned to design smarter programs. Hotels, flights and F&B ate up almost half the budget, and per-person costs rose mostly to keep pace with inflation – not to add extra bells and whistles.

“That meant focusing on quality and finding creative ways to stretch the budget, so the experience still felt special and memorable. To reduce stress and complexity, meeting planners shifted toward destinations that were easier to reach – often domestic – with strong lift and reliable partners, that offered plenty of fresh options without the hassle of long-haul travel,” Luketic says. Program vibes evolved too: attendees wanted more downtime, authentic local experiences and cultural activities instead of packed agendas. Inviting spouses or partners remained important, and adding a simple “give back” component, like a local charity project or community initiative, turned the trip into something attendees remembered for more than just postcard moments.

In the last three years, Luketic says the incentive meeting industry has stayed resilient but has grown more complex as costs are up, risk is up and expectations are higher than ever. As she explains, incentive travel is still growing, but the excitement has cooled a bit as planners are asked to do more with less, making creativity essential.

“Demographics have also shifted, with a bigger share of qualifiers now Gen Z and Millennials, who want wellness experiences, Instagram-worthy moments and trips that feel fresh and fun – those ‘never been done before’ experiences in standout destinations,” Luketic says. “At the same time, planning has become more tech-driven, with AI tools helping behind the scenes to personalize programs, keep budgets on track and manage risk. Nothing flashy – just practical ways to make programs smarter and more efficient in a world that feels unpredictable.”

The biggest instigators in driving the change in today’s incentive travel arena can be found within the rising costs across hotel, airfare and F&B, which have pushed planners to protect quality while staying on budget. Travel volatility (geopolitics, weather, airline disruptions) have also made closer-to-home destinations more attractive and diversified options.

“Shifting demographics changed preferences – more wellness, more shareable experiences and less ‘jampacked agenda,’” Luketic says. “In addition, connection matters. Attendees want to meet like-minded peers, swap ideas and feel part of a bigger community – so the networking moments now carry more weight than ever.”

At Progressive, Luketic has moved away from cookie-cutter agendas and started asking key questions during registration like “What’s your favorite hobby?” or “What’s something you’ve always wanted to try?” Then, she uses those answers to create personalized touches, like a welcome gift that fits their interests or even a custom experience during the trip. “It makes the whole program feel tailored and special,” she says.

One of the biggest things Luketic tries to do is send attendees somewhere that feels special – a destination they’ve never been to or one that’s on their bucket list. And if it’s a popular spot, she makes sure the experience is something they couldn’t easily do on their own. That might mean privileged access to a landmark, a behind-the-scenes tour or a unique local experience that makes the trip unforgettable.

“More and more, attendees want to make a positive impact, and we’re finding ways to make that happen,” Luketic says. “It’s not just about volunteering or supporting a local charity during the trip – it’s about making it personal and giving them tools to carry that spirit home. It turns a one-time experience into something lasting and meaningful.”

Cassie Brown, CSEP, is a seasoned meeting and event planner with extensive insurance and financial meeting industry experience. As owner and Chief Experience Officer of TCG Events, Brown has experienced the evolution of the incentive travel segment within the industry.

Brown notes that the pandemic was ultimately the single most significant recent temporary disruptor of the incentives industry within the insurance and financial meetings space.

“Risk and compliance pressures in financial services require continued vigilance and adaptability from planners,” Brown says. “Remote work showed us that nothing beats live events for building genuine, lasting relationships. Today’s incentive programs must now appeal to multiple generations, capturing the interests and needs of a broader age range than ever before.”

She also notes that data and AI are changing the field, allowing every incentive experience to be adjusted and personalized. Using AI-driven personalization, activities, dining preferences and even gift choices can be easily matched to individual attendee profiles.

Brown agrees that domestic destinations are preferred over going abroad among incentive travel attendees. “This change shows a focus on managing risk,” Brown says. “Domestic destinations reduce visa issues, geopolitical risk and travel disruptions, while still offering high-value, memorable experiences.”

Continuous Changes

As incentive travel programs have continued to evolve during the last decade, it is important to evaluate what the future may hold for these programs. Bonnie Boyd, president and founder of BBC Events, A Global DMC Partner, says that while experiences, education and networking remain important across all generations, the biggest catalyst for change within the incentive travel space has been the shift in what attendees – especially Gen X, Millennials and Gen Z – value and expect from travel as a reward.

“Incentive programs increasingly need to reflect priorities such as work-life balance, diversity and inclusion, digital fluency, social impact and sustainability,” Boyd says. “As a result, planners and suppliers must stay attuned to these evolving expectations and intentionally design programs that feel relevant, values-aligned and meaningful – not just memorable.”

Luketic expects that budget pressure will stick around, so planners need to keep favoring experiences that punch above their weight – quality over quantity.

“Flexibility will be nonnegotiable,” Luketic says. “Having backup plans and solid contracts, and trusted DMCs will help planners pivot quickly. Also, it will involve smarter planning with tech – AI for rooming, transfers and itinerary shaping will make personalization easier and keep programs efficient.”

She also expects smaller cohorts, yet bigger moments. Expect more intimate groups with deeper experiences instead of large, diluted agendas.

In five years, Luketic envisions easy, stress-free programs: Trips will be designed to be simple and smooth – closer destinations, fewer connections and strong local partners to make everything seamless. Plus, participants will get to customize a sizable chunk of their agenda, so the experience feels personal and flexible.

“Also, expect more ways to preview the experience – think virtual tours and rich digital content that help people feel excited and informed before they even pack,” Luketic says.

So what about 10 years from now? Luketic points to smaller, high-impact groups. Instead of huge, one-size-fits-all programs, the industry will see more boutique trips with big “wow” moments. Wellness and community impact will be woven in, making the experience feel meaningful and memorable.

“And personalization will be at the core,” Luketic says. “The focus will be on creating trips that feel unique – bucket-list destinations, behind-the-scenes access and experiences agents couldn’t easily do on their own.”

In Brown’s experience, safety and travel risk will continue to be top of mind for attendees and planners. The ongoing news reports of air travel disruptions, tourists being targeted, significant weather events, etc., make completely carefree travel challenging. “These topics will remain at the forefront of planning,” Brown says. “The software to manage delays, lost luggage and cancelled flights continues to improve, helping mitigate some of the stress.”

Brown also expects AI-driven personalization will change incentives by making it possible to offer custom gift bags, special experiences and fully tailored events. “As AI makes work easier, planners will have more time to personalize every detail for a truly individualized experience,” she says. “In the future, smaller, focused group events will become more common, along with flexible and local reward options that fit different participants’ preferences. We can also expect highly personalized experiences, with dynamic rewards, small, unique experiences, and better safety and quicker compliance becoming the standard. Technology will change every step, from monitoring risks to delivering custom rewards.”

Boyd also foresees that incentive travel programs will face increasing logistical and cost-related headwinds, including travel restrictions, transportation costs, passport and documentation requirements, potential public-health disruptions and geopolitical or political instability.

“At the same time, programs will continue to evolve toward more purpose-driven and locally rooted experiences – with greater emphasis on sustainability, meaningful give-back opportunities and culturally authentic activities that engage and benefit the local community,” Boyd says.

Evolving With the Times

As the incentive travel programs within the insurance and financial sector continue to evolve, so too will meeting and event planners within the industry. Luketic recommends planners start with the “why,” rather than the schedule. Decide if the trip’s goal is retention, recruitment or recognition – then build the experience to match.

“Don’t be afraid to try something new. Just because it was always done this way does not mean you can’t rethink your approach,” Luketic says. “Also, keep it flexible and fun. Give people choices and plenty of free time. That’s a big deal for younger qualifiers – they want options, not a packed agenda.”

Be sure to plan for the unexpected. Things happen, so having solid backup plans and flexible contracts is key. Be sure to work with trusted partners and ensure every detail is managed seamlessly.

“Test out tech where it helps. Let AI manage the heavy lifting – rooming, transfers and light personalization – so your team can focus on the moments that matter,” Luketic says. “And focus on quality over quantity. If budgets are tight, smaller groups with amazing experiences beat big programs that feel watered down. People remember the “wow” moments, not the size of the crowd.”

And as safety and reputational risks will stay top priorities for the near future, Brown recommends planners know your contracts, understand your insurance options, and always have contingency plans – these aren’t just niceties anymore, they’re essential for protecting both your attendees and your company’s reputation.

“There are special insurance policies that cover cancellations for reputational reasons (versus weather). Since COVID, contracts and insurance have become stricter, so it’s essential to understand vendor contract terms, especially those on force majeure and attrition clauses, to properly assess potential losses from unexpected cancellations or delays,” Brown says.

And remember that networking is everything in this industry. Luketic recommends connecting with your peers and joining industry associations – they’re your best resource for vendors, partners, and fresh ideas and the incentive travel industry continues to evolve.

“We are all busy and have been tasked with doing more with less resources. You must make time to attend conferences, sign up for every industry publication you can, and give yourself an hour each week to catch up on headlines,” Luketic says. “I even started an informal networking group for Ohio planners. We hop on a call once a month with no set agenda – just talk about whatever’s hot that month. I’m part of a few of these groups, and they’re fantastic for brainstorming and sharing ideas. The key is treating this like a career, not just a job. Stay on top of trends, keep in touch with your peers and hospitality partners – even when you don’t have immediate business. You never know which conversation will spark your next big idea or connect you to the perfect partner.”

At the end of the day, Boyd says incentive travel is still about people – belonging, recognition and the stories we create together. “If we stay curious, keep learning from one another and intentionally design experiences that bridge generations, we won’t just keep pace with change,” Boyd says. “We’ll elevate what this industry is capable of, one meaningful connection at a time.” I&FMM