The rapid advance of technology, changing guest habits, andtrends like the sharing economy are driving major changes in thehospitality industry. The impact? Hospitality companies must adaptby thinking outside traditional business practices and models. Inturn, new risks must be considered as these companies evolve theiroperations in an effort to attract and retain customers.

Today's consumers have high expectations — especially when itcomes to services accessed through their mobile devices. It's nodifferent in the hospitality industry. Guests expect to be able tobook and manage stays, order room service, access Wi-Fi, and evenlock and unlock their rooms. And high consumer expectations gobeyond technology. As trips for business increasingly mix withtrips for leisure — a phenomenon known as “bleisure” —customers expect amenities, quality, and customer service to matchthis blended experience. Finally, use of sharing-economyhospitality services is growing. Travelers appreciate the ease,convenience, and price of these types of experiences. In fact, 25%and 23% of leisure and business travelers, respectively, arepredicted to use Airbnb in 2017.

In response to these challenges, hospitality companies areinvesting resources to understand and adjust to travelers' quicklyevolving expectations—and as a result are assuming new andunfamiliar risks. It's critical for hospitality companies to notonly identify and analyze what these new risks are, but to partnerwith the right insurance brokers and carriers to help manage andtransfer these risks effectively.

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