The meetings and events industry is one of the hardest hit across the globe. But insurance and financial meetings, and events industry leaders, while acknowledging the current state of affairs, are optimistic things will slowly start to improve by mid-2021 and could be on the way to a solid recovery in 2022. We asked three of these leaders for their thoughts on the impact of the pandemic in 2020 and how the industry can begin the recovery in 2021.

Steve Bova, CAE, Executive Director, Financial & Insurance Conference Professionals

Q: How, specifically, has the COVID-19 pandemic affected the financial and insurance meetings industry in 2020? What are the numbers?

A: We know from our own surveys that many meetings and events have transitioned to virtual or been cancelled for 2020, and most incentive programs have been cancelled or rescheduled, resulting in billions of dollars in economic impact. FICP has been regularly collecting point-in-time numbers through our Pulse Surveys that have changed as the circumstances have changed and our industry has learned more about the pandemic. We do know that the hospitality partners who support meetings in our industry say they’ve had about 75% of their 2020 business negatively impacted.

Q: How will the pandemic affect the industry in 2021?

A: We know that the hospitality industry has been one of the hardest hit by the pandemic, and recovery will be dependent on significant improvements to the public health situation, the easing of local and state regulations intended to slow the spread of COVID-19, and increased confidence by the public in the ability to safely travel and attend group activities. It is likely that the first half of 2021 will be much like 2020 with continued measures to reduce risk and disease transmission. In its Fall 2020 Pulse Survey, FICP found that our hospitality partners (industry suppliers) expect 60% of their 2021 business to be impacted by the pandemic. Nearly all of those partners have seen furloughs and layoffs at their companies as a result of 2020 revenue impacts. In that same survey, our meetings professionals indicated they anticipate a return to in-person meetings in Q3 and Q4 2021, both within the U.S. and abroad, which means that the industry will start to experience benefits as a result in the second half of the year. These sentiments are echoed in the just-released Incentive Travel Industry Index (ITII), a collaboration between FICP, the Incentive Research Foundation (IRF) and the Society for Incentive Travel Excellence (SITE), produced with research partner Oxford Economics.

Q: When do you see things returning to “normal?”

A: Within that same ITII survey, a majority of respondents (66%) expected a one- to two-year recovery of incentive travel once post-COVID conditions are reached. Post-COVID conditions were defined as those in which travel can occur safe from COVID, such as with widely available vaccine(s) or disease containment. An interesting note from that survey is that while the levels of travel will return to previous years relatively soon, 65% of respondents expect incentive travel to be moderately changed as a result of the pandemic. In the short term at least, destination selections, program characteristics and program activities are all likely to be different from what we considered “normal” pre-pandemic.

Q: Will virtual/hybrid meetings replace face-to-face meetings?

A: There may be some small meetings and corporate updates that are replaced by virtual meetings, but there is widespread acknowledgement, after many months of widespread remote work, that there is no replacement for a face-to-face experience. This is especially true for incentive programs, for which there is great pent-up travel demand and very little ability to replicate the experience in the virtual environment. I see hybrid meetings as helping to bridge the gap between fully virtual and fully in-person meetings as people become more comfortable with traveling and being in groups again, but not replacing the traditional face-to-face meeting.

Q: Is there room for both virtual/hybrid and face-to-face meetings?

A: It is important that meetings professionals and company executives first look at the objective of a meeting or event, then determine the most appropriate format for meeting those objectives. In a post-COVID world, I believe there is room for multiple formats with those objectives in mind. In-person meetings and incentive programs are essential for improving participant engagement and customer satisfaction, and relationship-building between employees and management and among employees.

Q: What other challenges will meeting professionals face in 2021?

A: Individually, meetings professionals will need to continue to learn and incorporate new technologies, best practices and insight into their efforts so that they may remain relevant and continue to demonstrate their unique impact at their companies. Collectively, they will be challenged by continued uncertainty about conditions related to their meetings and events, increasing difficulties in engaging virtual meeting attendees and risk aversion by both event attendees and their companies’ executives.

Q: What can the industry do to better prepare for seismic events such as this pandemic?

A: I think the current pandemic and the extent of its global disruption would have been difficult to anticipate and prepare for as an industry. It has illustrated how we can all be better prepared for smaller disruptions, ranging from natural disasters to attendee illness, not just with contingency plans for events, but in the areas of business continuity and stakeholder communications. We can and should use the lessons learned from the past year to develop and institute those plans, and revisit them on a regular basis to ensure they are still appropriate.

Q: What encouraging signs do you see ahead for the meetings industry?

A: One of the silver linings of the pandemic, in my opinion, is that while we demonstrated as a global economy much of our work can be done remotely and our workforces can be dispersed, it is not the most effective or satisfying way to work for many people. Additionally, the value of in-person meetings and events, and the people who make them happen, has been reinforced to company executives, and the inability to travel has created significant pent-up demand. All of these signs point to a full recovery that happens soon after COVID has been contained.

Q: How did your 2020 Annual Conference differ from previous years?

A: We canceled our 2020 Annual Conference due to the challenges created by the COVID-19 pandemic. In its place, we hosted FICP: Reimagined, a fully virtual event with the same high-quality education FICP is known for, along with creative new virtual networking opportunities. We were fortunate in that we were able to retain many speakers we had confirmed for the in-person event, and included virtual versions of popular event features, such as our Speakers Showcase and Meetings Professional Exchange. To allow our meetings professional attendees to reconnect with each other and hospitality partners, we hosted virtual networking activities that included Icebreaker speed networking, one-on-one or group meetings, and a virtual entertainment and networking-filled event at the National Cathedral in Washington, D.C. In spite of the challenges many in our community are facing due to COVID-19, we hosted our 19th Annual Silent Auction and raised more than $50,000 for the Above and Beyond Foundation, as well, to support hospitality professionals impacted by the pandemic.

Q: What are the key takeaways you hope planners received at the conference?

A: Ours is a very close-knit community, with members who have known each other for decades. Equally important to the knowledge gained on how to better host meetings now and in a post-COVID world was the need for our attendees to connect with each other, build and maintain relationships, and experience support and reassurance from each other. We know from feedback that attendees valued both elements of the virtual event and left more equipped and inspired to face the challenges that lie ahead in 2021.

Q: In your opinion, what are the biggest new trends for the meetings industry in 2021?

A: Virtual attendee engagement and creative group networking in the virtual environment remain significant challenges for our industry. Providers are seeking to catch up and meet this need through a combination of new technologies and new activities. I think we will continue to see a strong emphasis on combatting virtual meeting fatigue, and providing meaningful stakeholder recognition activities into 2021.

Q: How has technology impacted the meetings industry, and what do you expect 2021 to hold in terms of the use of technology to enhance meetings?

A: As I’ve mentioned previously, we are all understandably tired of and frustrated with spending so much time interacting with content and people through our computers. Meetings are going to have to go beyond the traditional Zoom-type format next year. For meetings and events to continue to deliver value and engage attendees, we need to continue to find new technologies and means for achieving those objectives in creative new ways.

 Sherri K. Lindenberg, Senior Vice President, Marketing Communications, Crump Life Insurance Services, Past FICP board member and committee chair

Q: How, specifically, has the COVID-19 pandemic affected you/the industry in 2020? 

A: The COVID-19 pandemic has had an enormous impact on our world and our country, and it has been especially hard on the meetings and events industry. None of today’s generations have experienced a year like 2020, forcing businesses, communities and individuals to revisit our fundamental approach to our daily lives. The rapid pace of change across the economic, environmental, financial, political and social spectrums has made impossible many long-standing processes, products and programs, while at the same time creating new opportunities for those nimble enough to respond to the changes. The initial short-term thinking — ‘This will be over in a few weeks’ — and lack of digital readiness that paralyzed many industries led to strategic and creative solutions to keep businesses of all types afloat. For meetings and events specifically, programs that were initially canceled or postponed have been reinvented as virtual, and increasingly hybrid, events. This evolution was largely driven through the support of strategic partners — technology vendors for delivering on virtual platforms, and creative ideas from speakers, speakers’ bureaus, destination management companies, gifting vendors, hotel companies — along with industry associations such as FICP and the Events Industry Council, who have collaborated to support training and development of event professionals to grow our skills in this new world.

Q: How will the pandemic affect the industry in 2021? 

A: As I write this, COVID-19 is surging in most of the U.S. and Europe, so it’s hard to feel confident that 2021 will look much differently than 2020, but I do think it will because of a few things. Firstly, as we gain more knowledge from our health-care professionals about how the virus spreads, we can make better informed choices about how and where we gather. Secondly, by establishing and adhering to standards and protocols, facilities, venues and destinations are creating comfortable environments for people to meet. Thirdly, success stories from the pioneers of in-person events during the pandemic are helping us to understand how events can be held safely, making more risk-averse industries (like insurance and financial services) more likely to follow suit. And lastly, pent-up demand for human connection will push us to get together — assuming we can create comfort levels from the prior three steps.

Q: When do you see things returning to “normal?” 

A: Normal is a relative word, as in my mind what was normal in the past will not be normal again with the knowledge and experience we all now have about both virus transmission and people’s ability to function in an increasingly digital world. There are many things we are experiencing today that have been very well received and will likely survive long beyond the virus. For example, when industry conferences that once had hundreds of participants now have thousands logging in, we have to acknowledge that there are some benefits to this. Don’t mistake this for my advocating against live events! However, I also believe we need to understand the appeal of virtual events, and make sure we continue to deliver on these benefits.

Q: Will virtual/hybrid meetings replace face-to-face meetings? 

A: In my opinion, ideally virtual or hybrid meetings should not replace face-to-face meetings; they should supplement them. I think our future will exist with a combination of these programs. Just like defining the purpose and objective of any event before planning, it will be increasingly important to evaluate the best delivery vehicle(s) for achieving those objectives.

Q: Is there room for both virtual/hybrid and face-to-face meetings? 

A: There is certainly room for both types. Virtual/hybrid events are not new, as they have existed for years, having risen to popular prominence in the Zoom era of 2020. Many of us have been involved in various aspects of virtual and hybrid events for years — building on webinars, focus groups, video replays and social media, in collaboration with our marketing teams. What’s different is that we now look at virtual and hybrid events as a key tool in our overall events arsenal, supported by stronger technology infrastructure, increased user receptivity and creative vendors to partner with for engaging, interactive and unique programs.

Q: What other challenges will meeting planning professionals face in 2021?

A: In 2021, I think meeting planning professionals will be further challenged to balance our business’ needs for getting back to in-person events with the companies’ and communities’ needs for risk management and mitigation. Meeting professionals are getting pushed and pulled in many directions, and companies will be looking to us for guidance on what makes sense for the expressed business need.

Q: What can the industry do to better prepare for seismic events such as this pandemic?

A: Given the unprecedented scope and magnitude of the pandemic, it’s not surprising that the pandemic has taken all of us by surprise. The expression ‘Hindsight is 20-20’ really applies here. I believe we should be taking a look back at this year to see how we can learn from it for the future, by examining best practices that developed and areas where we were slow to respond. For example, while there is unlikely ever to be a single point of view when looking at the path forward, having industry coalitions (the formal associations that exist, key vendor partners and the informal networks around them) at the ready to guide the industry is critical. Coming together with a central voice for guidance, advocacy, recovery and direction is unifying and empowering. Additionally, it could help us identify creative solutions to problems faced ahead of time and get the messages out to enable others to get onboard. For example, I’ve heard anecdotal stories of hotels being used for extended dormitories and classrooms to reduce population density for students or restaurants pivoting to makeshift food banks. While likely not a hotelier’s dream client, role-playing these scenarios in advance as part of business continuity planning alternatives could help impacted businesses bounce back more quickly and keep more people employed in various scenarios.

Q: What encouraging signs do you see ahead for the planners in the meetings industry? 

A: For meetings professionals who are open to evolving their roles, embracing technology solutions, and growing their proficiency with technology and data analytics, I see the future as very busy. As we come up on a year of most businesses not having in-person events, I see the need for event professionals’ skills growing, but not necessarily in traditional event categories. For example, new virtual events needs are developing for employee engagement, onboarding, recognition, communication and connection. And analytics opportunities arising from virtual and hybrid events allow us to assess content and speakers in more quantifiable ways beyond what we have done before, which can help drive decisions in the in-person event world as well.

Q: In your opinion, what are the biggest new trends for the meetings industry in 2021?

A: I think trends from 2020 will continue in 2021, including: continually improved virtual event delivery technology; increasing number of gifting, entertaining and speaker options; local and smaller business events leading the way; continued flexibility and creativity, from venues and hotels, to support the transition back to in-person and hybrid programs; and improved data from events leading to analytics opportunities. Increased expectations about what we can do virtually — pushing the envelope — will keep us all on our toes as well. For events themselves, trends I’m seeing include: shorter sessions, longer breaks, shorter event days overall, more panels and co-presenters vs. lecturers, and expanded use of gamification and engagement activities.

Q: How has technology impacted the meetings industry, and what do you expect 2021 to hold in terms of the use of technology to enhance meetings?

A: The virtual events world we find ourselves in would not have been possible without strong technology at multiple touchpoints. Aside from the numerous vendor platforms we have to choose from to support different types of event needs, having available bandwidth in people’s homes has been central to our delivering these programs successfully. Beyond that, we have quickly come to rely on the full digitization of so many processes — from gifting, content sharing, gamification, education and certification, shopping, feedback options, site visits, etc. And since digital solutions produce electronic data trails, this creates analytics opportunities to evaluate what works well, fine-tune the processes and offer improvements — knowledge that will benefit events of all types.

 Wayne M. Robinson CMP, CMM, Assistant Vice President, Programs & Exhibits, FM Global

Q: How, specifically, has the COVID-19 pandemic affected you/the industry in 2020?

A: Like everyone else, we were devastated and forced to cancel all but our early first quarter meetings worldwide. We had to then quickly pivot to virtual, reschedule or cancel many of our meetings and take a wait-and-see approach, which is still the case on certain meetings.

Q: How will the pandemic affect the industry in 2021? 

A: As if factors such as the availability of the vaccine, safety, travel restrictions and government regulations weren’t daunting enough, we’ll also be faced with the level of comfort by the attendees to travel as well as the provisions made at each destination and venue. So many of the lessons we’re learning in 2020 will come into play in 2021 and beyond.

Q: When do you see things returning to “normal?” 

A: I don’t know if the old normal will ever apply again in the traditional sense. We’ll definitely return to face-to-face meetings, but I think the changes in technology that have become common during the pandemic will be a part of our world from now on.

Q: Will virtual/hybrid meetings replace face-to-face meetings?

A: I don’t believe they will replace all face-to-face meetings, but virtual and hybrid meetings will be a consideration in just about every aspect of meeting planning for the foreseeable future. Will there be meetings that will become totally virtual or have a hybrid component simply because of cost savings and convenience? Absolutely. But when we return to face-to-face meetings, we’ll have plenty of opportunities to continue to do what we do best.

Q: Is there room for both virtual/hybrid and face-to-face meetings? 

A: Yes. In fact we’ll increase attendance by providing this option at appropriate meetings and events. It’ll be clunky in the beginning because our specs and logistics will have to catch up to all the change, but it could very well be a win-win once we become adept at this approach to meetings.

Q: What other challenges will meeting planning professionals face in 2021?

A: The challenges we’ll face will continue to be driven by factors outside of our control, such as recovering from the pandemic and the stability of the economy. We’ll have to continue to use technology as one of the main components of our meeting strategy as opposed to a useful logistical tool; and once confidence in travel returns, we’ll have the mad scramble to reschedule and secure hotels, venues, as well as vendors and ancillary services.

Q: What can the industry do to better prepare for seismic events such as this pandemic?

A: We have an established lobby in Washington, D.C. that has it’s finger on the pulse of the industry and this has never been more important than right now. We have to find a way to help companies and individuals who have been devastated to get back on their feet through legislation if necessary and band together with other hospitality entities, such as restaurant associations and ancillary service providers affected most by the devastation to travel and hospitality.

Q: What encouraging signs do you see ahead for the planners in the meetings industry?

A: I see our value only growing in this new environment with the need to look at meetings and events through a completely different lens, and then have the know-how to procure the resources to get the job done for our respective companies. This is all within our sphere of influence. It won’t be easy, but we should own this opportunity.

Q: In your opinion, what are the biggest new trends for the meetings industry in 2021?

A: The first thing that comes to mind is the technology and planning associated with virtual events, and in some cases hybrid events as well, whether live or video. This can affect everything from destination choices, budgets, attendee counts, agendas, content and specs. Also what is transferable from face-to-face meetings and how do we create an experience virtually with a similar anticipated outcome. Also, the turnaround time for sourcing will be a challenge because so many meetings have pivoted from 2020 to 2021 and beyond.

Q: How has technology impacted the meetings industry, and what do you expect 2021 to hold in terms of the use of technology to enhance meetings?

A: In many cases, technology will continue to be the driving force in 2021 as it has in the latter part of 2020. Virtual meetings aren’t going away and technology will continue to expand to accommodate it. I am confident we’ll get back to face-to-face meetings and, yes, technology will play a major part in everything we do moving forward, but this will only add more value to our positions within our organizations as we continue to grow and learn more valuable skills. I&FMM