Webinar
Case study presentations from session at ICMIF/Americas Annual Conference 2018
Insurers play an integral role in contributing to society. This includes generating economic sustainability and alleviating poverty; building healthy and resilient communities; and tackling climate change - contributions that underpin the UN Sustainable Development Goals (SDGs) set out in the 2030 Agenda. Three ICMIF members share their approach and business case for supporting the SDGs as responsible and sustainable insurers. Read how they have integrated the SDGs into their overall strategy and how they are proactively addressing environment, social and governance factors as part of their day-to-day business activities; and why they are taking a leadership role in achieving the SDGs to positively impact their members and local community.
Sancor’s strategic approach to the SDGs as part of its “Sustainable Citizen” programme
Grupo Sancor Seguros’ (Argentina) sustainability strategy is based on five pillars: dialogue with interest groups; innovation in sustainable products and services; development of CSR practices in prevention, security and health; generation of value through knowledge; and ESG performance measurement.
As a diversified insurance group operating throughout Argentina and other Latin American markets, Sancor began to work on a project to align sustainability strategies and CSR programs in all companies and countries where it operates. In this way it promoted its “Sustainable Citizen” programme, which unifies the organisation’s sustainability strategy. The programme was to portray the perspective of an insurer covering the areas of insurance with a forward-looking conscience; a strong culture of prevention; a healthy lifestyle; ethics in action; and concern for the environment.
In 2015, after the UN first presented the Sustainable Development Goals (SDGs) as part of the 2030 Agenda, Sancor carried out an internal analysis of the 17 SDGs, identifying the goals that are linked to insurance and health management. It then began a five-step ongoing process to address and align the whole organisation with the SDGs.
- Understanding the SDGs: Sancor identified 11 SDGs as either very strategic or strategic for the business. These were prioritised and then targets and goals were set (ensuring commitment of high management).
- Define priorities: SDGs were mapped and analysed across the value chain. Available data and indicators were selected.
- Establish objectives: specific and measurable objectives. Inward and external commitments were announced.
- Integration of the SDGs: anchoring of the Goals within all business operations and linking to strategic planning and strategic objectives. Internal KPIs linked to sustainability strategies across all functions.
- Report and communicate: Matching with fundamental subjects of ISO 26000.
Presenter:
Betina Del Valle Azugna, Sustainability Manager, Grupo Sancor Seguros (Argentina)
The Co-operators’ motivations, opportunities, and process of aligning with the SDGs
Sustainability at The Co-operators (Canada) is embedded in all of its business decision-making, processes and actions. It has taken steps to actively align its long-term strategy and performance with issues and trends impacting the world.
The Co-operators is motivated to align to the SDGs because of both its responsibility as a cooperative and the imperative to its current and future business: the SDGs create opportunities and risks for the insurer, clients, members and communities.
In 2016, its Sustainability and Citizenship Committee initiated a process to determine how to align the organisation to the SDGs. In 2018, the Board endorsed all 17 of the SDGs but decided to focus resources on nine SDGs where it has the greatest expertise and can make the most meaningful impact.
Its 2030 long-term strategic goals are in alignment with the SDGs, linking strategic priorities with a collective global effort to protect the environmental, social and financial well-being of current and future generations. Influenced by its cooperative values and mission, these three strategic goals are to: reduce risk exposure and increase prosperity; incent towards a more sustainable and resilient society; and invest for positive chance to risks and sustainability.
Presenter:
Tom Ewart, Senior Manager, Sustainability, The Co-operators (Canada)
Sustainable development in Costa Rica
Sociedad de Seguros de Vida del Magisterio Nacional (Costa Rica) has integrated three dimensions of sustainability in its business strategy: environmental, social, and economic.
In 2015, the organization became the first carbon-neutral insurance company. It has had a separate CSR strategy since 2017, which are aligned to three SDGs: health and wellbeing (SDG 3); decent work and economic growth (SDG 8) and climate action (SDG 13).
Relevant stakeholders were identified for each of these and several potential or real impacts were identified.
Presenter:
Verónica González Duarte, Responsible for Planning and Quality Management and Corporate Social Responsibility, Sociedad de Seguros de Vida del Magisterio Nacional (Costa Rica)
More information
If you would like more information on the topic or case studies presented above, please contact us. We are here to make tailored introductions to your fellow ICMIF members and we can also share other member-only resources with you based on your specific challenges and interests.
