On 21 June, the UNEP Rules for Sustainable Insurance coverage Initiative (PSI) introduced collectively the life & medical health insurance business and supporting stakeholders for “Well being is our best wealth: Setting the worldwide sustainability agenda for the life & medical health insurance business.” The half-day occasion hosted by Vitality, a PSI signatory firm, at their London workplace centered on amplifying sustainability motion and ambition for the life & medical health insurance business on this UN Decade of Motion. (Recording out there right here)
Opening Remarks:
Butch Bacani, Programme Lead, UNEP PSI, Mark Tucker, Group Chairman of HSBC Holdings, and Adrian Gore, Founder & CEO, Discovery set the tone for the occasion specializing in the necessity for continued collaboration within the life and insurance coverage business to drive a extra inclusive insurance coverage mannequin globally and the facility of know-how in addressing ESG challenges and alternatives.
Keynote Deal with:
Dr. Tedros Adhanom Ghebreyesus, Director Normal, WHO supplied the keynote deal with on key position life and well being insurers have in closing the safety hole. Dr. Tedros urged insurance coverage firms to incorporate well being alongside ESG danger and implement the plan outlined within the paper to contribute to a more healthy and extra equitable world.
“Well being doesn’t start in a hospital or a clinic. It begins in our houses and communities, within the meals we eat, the water we drink and the air we breathe”
Dr Tedros Adhanom Ghebreysus, Director-Normal of World Well being Group.
Launch of PSI Life & Well being Paper:
The principle focus of the occasion was the launch of “Well being is our best wealth: How life & well being insurers can drive higher well being outcomes and deal with the safety hole”, a collaborative effort by the PSI’s Life & Well being Working Group—comprised of 10 main insurers and reinsurers from Africa, Asia, Europe, and North America—co-led by HSBC Life and the UN, and supported by Ernst & Younger LLP. (25 minute mark of the recording)
Teresa Fung, Head of Sustainability, World Insurance coverage at HSBC supplied an outline of key findings from the paper in addition to the paper’s “4-Level Plan for Life & and Well being Insurers”—a set of 4 methods and 15 underlying approaches, illustrated by case research, that insurers can comply with to deal with the safety hole and drive higher well being outcomes.
The four-point plan for all times & well being insurers promotes:
Providing appropriate, inexpensive, and accessible insurance coverage merchandise
Participating with policyholders and different stakeholders to advertise preventative healthcare.
Leveraging know-how and moral use of knowledge to increase entry to insurance coverage and assist prevention measures.
Collaborating with healthcare suppliers, policymakers, and native communities.
Her presentation highlighted that ESG dangers are growing extra related to life & well being insurers and the chance for all times & well being insurers to deal with the safety hole by investments in preventative well being care.
The presentation was adopted by a panel dialogue with members of the working group on how the findings from the paper could be utilized by life and well being insurers globally by embedding higher well being into transition plans and discovering new methods for reaching weak communities by embracing know-how and constructing inclusiveness.
CEO Panel Dialogue:
The occasion additionally featured a CEO panel dialogue, bringing collectively main firms’ CEOs and different senior representatives from the insurance coverage business, in an interesting high-level panel dialogue on the important thing sustainability challenges and alternatives for all times & well being insurers. The panel strengthened the paper’s name for collaboration, discussing the necessity for insurance coverage firms to steer by instance by investing in preventative healthcare for his or her employees and eradicating boundaries to assist prospects entry psychological healthcare. The dialogue additionally touched on the necessity for regulators to play a job by bridging well being and insurance coverage regulation to make sure prospects obtain the appropriate care the primary time.
Closing Remarks:
In her closing remarks, Diana Diaz, PSI Programme Supervisor referred to as on the life and well being business to show the insights of the paper into motion, highlighted the facility life and well being insurers have to remodel life, form higher behaviors, and contribute to a extra sustainable future.
Click on right here to view the total recording of the occasion. Thanks to Vitality UK for internet hosting the occasion and to Dr. Katie Tryon, Director of Well being Technique at Vitality for serving because the occasion MC.
