The insurance industry is rapidly embracing sustainability, driven by the need to address Environmental, Social, and Governance (ESG) concerns. With the global impact of the COVID-19 pandemic and the escalating effects of climate change, insurance companies are recognizing the importance of integrating sustainable practices into their operations. They are actively incorporating ESG considerations into their risk management, product design, internal operations, long-term strategies, and workforce management. This shift toward sustainability positions these companies as purpose-driven organizations, aligning their core businesses with sustainable practices. By embracing sustainability, insurance firms not only comply with evolving regulatory requirements but also drive innovation, enhance brand reputation, and contribute to a more sustainable and inclusive society.
This report explores the emerging sustainable practices within the insurance industry, highlights the challenges that enterprises face along the ESG maturity continuum, examines the projected growth in IT spending on sustainability services by the insurance industry, and explores the role of technology and sustainability ecosystem enablers in helping insurance enterprises drive the sustainability agenda.
Scope
Industry: insurance
Geography: global
Contents
In this report, we:
Highlight the growing importance of sustainable practices in the insurance industry and examine the challenges faced in meeting sustainability goals
Define a three-step framework to understand insurance firms’ sustainability maturity
Analyze the sustainability ecosystem enablers for insurance firms, including technology providers, data and analytics providers, service providers, and consulting providers
The incorporation of Environment, Social, and Governance (ESG) principles has been a topic of discussion for years, with questions surrounding its cost, business case, and long-term implications. However, businesses now recognize that sustainability…
