Due to this “perfect storm” of economic, social and environmental changes, the already rapid pace at which business models become obsolete and market positions decay is now accelerating.
In the context of the nested interdependency of environment, society and business, firms need to manage the returns on environmental, social and financial capital in a balanced way with a view to future-proofing the company and the economy. Sustainability is becoming embedded in corporate behavior, metrics and strategy as companies develop governance structure, system, policies and procedures. Enlightened businesses are focusing on Sustainability practices in terms of products offered, branding, corporate governance, human capital management, social responsibility and community involvement.
Highlighting change imperative, global trends and business case, this proposal offers comprehensive strategies and roadmap to embed sustainability into operating model of an insurance company. It focuses on integrating Environmental, Social, Governance (ESG) into insurance core process such as underwriting, investment, etc., redefining enterprise risk management and humanizing talent management as well as revitalizing corporate mission to drive enterprise-wide alignment. Although it was tailored to a multinational insurer (using maximum acceptable level of soul-based language/expression in the business context), many sections can be recycled and repurposed for other corporations and industries.