Beneva (Canada) has a workforce of more than 5,500 employees and offers a wide range of products including group insurance, property and casualty insurance, life insurance, and savings and investments to over 2.7 million members. Beneva is committed to sustainability, positioning it as a core aspect of the company’s operations and strategy. This commitment is reflected in various initiatives aimed at reducing the environmental footprint and promoting social responsibility.
Beneva has implemented several key environmental initiatives to ensure sustainable operations. These include:
- Carbon footprint reduction: Beneva actively measures and reduces its carbon emissions through a variety of green practices. The company invests in renewable energy sources such as solar and wind power to minimise dependence on fossil fuels. Additionally, Beneva has implemented energy-efficient systems in its buildings, reducing overall energy consumption.
- Sustainable products: Beneva offers insurance products that encourage and support environmentally friendly practices among its clients. These products include incentives for obtaining green building certifications, such as LEED, and providing discounts for eco-friendly home upgrades like solar panels and energy-efficient appliances.
- Waste management: Efficient waste management systems are in place within the company to minimise waste and promote recycling and reuse of materials. Beneva has implemented programmes to reduce paper usage through digital documentation and communication, as well as initiatives to recycle office waste and electronic equipment.
- Green supply chain: Beneva ensures that its supply chain partners adhere to sustainable practices. This includes sourcing materials from environmentally responsible suppliers and encouraging sustainable logistics practices to reduce the carbon footprint of transportation.
In addition to environmental sustainability, Beneva places significant emphasis on social responsibility. The company engages in numerous community projects and partnerships aimed at enhancing social well-being and inclusivity.
- Community engagement: Beneva supports local communities through various outreach programmes and partnerships. This includes funding for social causes, educational initiatives, and health programmes. Beneva also sponsors community events and activities that promote social cohesion and well-being.
- Volunteer efforts: Beneva encourages its employees to participate in volunteer activities. The company provides paid time off for volunteering and organises corporate volunteer days where employees can contribute to community projects, such as environmental clean-ups and charity events.
- Inclusive workplace: The company fosters a diverse and inclusive workplace, ensuring equal opportunities for all employees. Beneva promotes a culture of respect and collaboration, implementing policies that support diversity in hiring, career development, and leadership opportunities.
- Employee well-being: Beneva places a strong emphasis on the well-being of its employees. The company offers wellness programmes, mental health support, and flexible working arrangements to ensure a healthy work-life balance.
Despite its strong commitment, Beneva faces several challenges in its sustainability journey. Climate change poses significant risks to the insurance industry, with increasing natural disasters requiring continual adaptation of risk models and product offerings. Navigating the evolving landscape of environmental regulations demands significant resources and expertise to ensure compliance while staying ahead of regulatory changes. Additionally, despite growing awareness, not all consumers prioritise or are willing to pay for green insurance products, necessitating ongoing efforts to educate and incentivise sustainable choices. Implementing advanced technologies for sustainability, such as energy-efficient systems and digital platforms, requires continuous investment. Ensuring that all suppliers adhere to sustainable practices within a global supply chain also presents challenges.
Determined to overcome these obstacles, Beneva aims to achieve ambitious sustainability goals. The company plans to reach carbon neutrality by increasing investments in renewable energy, enhancing energy efficiency, and offsetting emissions through verified carbon offset projects. Expanding its range of green insurance products is also a priority, with plans for new solutions like coverage for electric vehicles and renewable energy installations. Beneva intends to deepen community involvement by increasing funding for social causes, expanding volunteer programmes, and partnering with more organisations. Committed to diversity and inclusion, the company will implement robust training programmes and support for underrepresented groups.
Leveraging technology, Beneva aims to develop digital tools to track sustainability metrics, improve climate risk assessments using AI and big data, and offer easier access to green insurance products. Additionally, Beneva will work closely with suppliers to ensure adherence to sustainable practices through stricter criteria, regular audits, and collaborative initiatives.
