Wawanesa has recently ventured into a more structured approach to sustainability. This shift towards embracing ESG principles marks a significant milestone in the company’s history. Though Wawanesa is relatively new to the official sustainability world, as a mutual insurer, its foundation has always been rooted in community and purpose.
The company’s journey into sustainability began with a deep understanding of the insurance industry, involving extensive external research and internal discovery. This led to the development of five strategic dimensions, tailored to fit Wawanesa’s unique business model. These dimensions are pivotal in determining where insurance can contribute to a sustainable economy and how the company can focus its efforts.
Over the past year, Wawanesa has concentrated on strengthening climate resiliency, advancing environmental stewardship, and building diversity, equity, and inclusion (DEI). These priorities, aligned with the UN Sustainable Development Goals (SDGs), reflect the company’s commitment to societal and environmental issues.
Wawanesa’s sustainability team is strategically positioned within the company’s new strategy office. This placement not only empowers the team but also facilitates collaboration with departments like member experience and innovation. Integrating member-centricity with sustainability, the team is at the forefront of guiding Wawanesa towards a healthier and more sustainable future.
To manage and communicate sustainability initiatives effectively, Wawanesa has adopted a formalised framework. This approach ensures consistency and clarity in the company’s sustainability journey, avoiding the pitfalls of ad-hoc and reactive measures.
A key aspect of Wawanesa’s strategy is understanding stakeholder expectations and setting actionable goals. The company has engaged in a comprehensive materiality assessment, surveying various stakeholder groups to identify material issues. This process is crucial in shaping Wawanesa’s sustainability agenda.
Wawanesa’s journey so far includes significant achievements in climate adaptation, emission target setting, and DEI initiatives. The company’s new head office, certified LEED Gold and WELL, exemplifies its commitment to environmental stewardship and employee well-being. This is in addition to Wawanesa having become a signatory of the UN Principles for Sustainable Insurance (PSI).
Despite these positive moves, Wawanesa acknowledges the challenges ahead, especially in committing to formal net zero targets. The company is currently drafting an initial transition plan, focusing on understanding and addressing gaps before making definitive commitments.
Recognising that not everyone will read detailed reports, Wawanesa emphasises creative and effective communication strategies to engage diverse stakeholder groups. This approach reflects a broader understanding that language and communication tools must resonate with a wider audience to foster real change.
Wawanesa’s foray into sustainability is not a linear process but an evolving journey marked by interconnected steps and the need for agility. The company’s commitment to bringing sustainability to the strategic forefront exemplifies its dedication to creating a safer and more sustainable future for its members and communities. As Wawanesa continues on this path, its leadership and innovative approach will be crucial in navigating the complexities of sustainability in the insurance industry.
