Published on 28 May 2024 on Zacks via Yahoo Finance
Marsh & McLennan (MMC) Survey Stresses AI Role in Travel Booking
Marsh & McLennan Companies, Inc.’s MMC business, Oliver Wyman, recently released a report, ‘Why Generative AI Is a Game Changer for Leisure Travel,’ highlighting AI’s role in transforming how travelers plan vacations. It surveyed nearly 2,100 customers in Canada and the United States in March 2024. Highlights from the report are expected to aid Oliver Wyman in enhancing its offerings for its clients.
Per the report, AI’s role in itinerary planning and trip inspiration has increased as 41% of Canadians and Americans are now using it compared with 34% in August 2023. The report also highlights a significant opportunity for online travel agencies (OTA) to increase their booking share up to 17 percentage points by 2029 if suppliers continue to ignore investments into AI capabilities. OTA’s can gain revenues in the form of commissions amounting to more than $2 billion from suppliers. Insights like these can help Oliver Wyman strengthen its relationships and enhance its value proposition for clients.