Page 31 - Insurance Times July 2023

AXA: AXA has established a number of sustainability to manage risks and support sustainable business
targets, including a goal to become carbon neutral by practices.
2040. The company has also developed a number of
Develop and implement sustainability policies:
products and services focused on sustainability, such as Insurance companies can develop and implement
a program to help customers reduce their carbon
sustainability policies that outline their commitments to
footprint. addressing ESG issues and set targets for improving their
Zurich: Zurich has established a number of sustainability environmental and social performance.
targets, including a goal to become carbon neutral by Engage with stakeholders: Insurance companies
2025. The company has also developed a number of
should engage with stakeholders, including customers,
initiatives to support sustainability, including a program employees, and investors, to understand their ESG
to support the development of renewable energy concerns and preferences and to ensure that their
projects.
business practices align with these expectations.
Disclose ESG information: Insurance companies can
Some specific examples from India
transparently disclose information about their ESG
include: performance and practices to stakeholders, including
HDFC Life: HDFC Life has developed a number of through the use of sustainability reporting frameworks
initiatives to support sustainability, including a program such as the Global Reporting Initiative (GRI).
to promote the use of renewable energy and a Collaborate with industry partners: Insurance
commitment to reduce the company's carbon footprint. companies can also collaborate with other industry
ICICI Prudential: ICICI Prudential has established a partners and participate in industry initiatives focused
number of sustainability targets, including a goal to on addressing ESG challenges in order to drive broader
become carbon neutral by 2030. The company has also change and achieve collective impact.
developed a number of initiatives to support
sustainability, such as a program to promote the use of How can ESG goals add customer value?
renewable energy.
ESG goals can add customer value in a number of ways.
Bajaj Allianz: Bajaj Allianz has developed a number of Some specific examples include:
initiatives to address ESG challenges, including a 1. Meeting customer needs: By addressing ESG issues,
commitment to support the transition to a low-carbon insurance companies can demonstrate a commitment
economy and a focus on promoting diversity and to sustainability and corporate responsibility, which may
inclusion within the company. be important to customers who value these issues.
Max Life: Max Life has established a number of 2. Enhancing reputation: By meeting their ESG goals,
sustainability targets, including a goal to become insurance companies can enhance their reputation and
carbon neutral by 2030. The company has also build trust with customers, which can lead to increased
developed a number of initiatives to support customer loyalty.
sustainability, such as a program to promote the use of
3. Providing new products and services: Insurance
renewable energy.
companies that are focused on ESG issues may be able
to develop new products and services that address
How can Insurance Industry sustain long
customer needs related to sustainability and corporate
term through ESG? responsibility.
The insurance industry can sustain itself in the long term 4. Supporting social and environmental causes: By
through ESG by taking a proactive approach to managing supporting social and environmental causes through
environmental, social, and governance risks and their ESG goals, insurance companies can provide value
opportunities. Some specific steps that insurance companies to customers who are interested in supporting these
can take to sustain themselves in the long term through ESG causes.
include:
Incorporate ESG considerations into underwriting By meeting their ESG goals and demonstrating a
and investment decisions: Insurance companies can commitment to sustainability and corporate responsibility,
consider environmental, social, and governance factors insurance companies can add value to their customers and
in their underwriting and investment decisions in order build strong, long-term relationships.

28 July 2023 The Insurance Times