Practical steps to take insurers from the side lines to the stadium
August 18, 2023
In this ESG Spotlight series, we will outline eight key steps that we believe will help insurers advance their ESG agenda so that they are not in danger of being left on the ESG side lines. These steps will help you respond to both the risks - and opportunities - of the growing scrutiny of your performance and identity through an ESG lens.
It also includes a series of deep dive sessions to provide insight into specific areas to help insurers develop their ESG strategy and approach.
Discover the first of our eight tips to help take insurers from the side lines to the stadium.
From ESG spectator to ESG player
KAREN GROTE: ESG has become quite the hot topic among insurers over the past several years. And as regulators, employees and other stakeholders have increased in their demands on insurers with regards to ESG; so too has insurer interest grown.
To that end, based on our own experiences in implementing successful ESG frameworks, we have developed eight tips to help insurers move from being an ESG spectator to an ESG player. The first tip is to define what each of the three pillars of ESG mean for your company.
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KAREN GROTE: ESG has become quite the hot topic among insurers over the past several years. And as regulators, employees and other stakeholders have increased in their demands on insurers with regards to ESG; so too has insurer interest grown.
To that end, based on our own experiences in implementing successful ESG frameworks, we have developed eight tips to help insurers move from being an ESG spectator to an ESG player. The first tip is to define what each of the three pillars of ESG mean for your company.
Each pillar has its own factors and it's quite a list of things to consider and to prioritize. So what we observe is companies focusing on certain areas, and then establishing goals to add items later, as it makes sense to do so.
The areas in which companies focus on vary significantly depending on a number of variables, including the type of business, its location and its priorities. Companies should assess how ESG principles best fits into their particular values and culture.
Karen is senior director at WTW with 20 years of experience advising clients across the annuity landscape. Her expertise spans nearly every annuity type covered under the new VM-22 framework, including seven years supporting insurers in the pension risk transfer market.
