Reinsurance Group of America released its Environmental, Social and Governance (ESG) report report, which reflects the global life lender’s commitment to fair and reasonable business practices, sustainable practices, and its diversity, equity, and inclusion (DEI) initiatives. The report shows that many of RGA’s initiatives are driven by digital infrastructure – sustainability, availability, and employee health and development are among the company’s top priorities for digital transformation.
Matt Blakely, vice president, corporate responsibility and sustainability for RGA, says Digital Insurance: “As a global company with offices around the world, digital information sharing is the best and most powerful way for our distributed teams to share their ESG activities and efforts. Digital platforms can also help insurance companies reach customers many to increase access to financial security.”
Digital technology is integral to RGA’s commitment to creating global insurance access. By creating new digital products and customized solutions for customers around the world, RGA reduces costs and improves customer experience. The report highlights the importance and growth of microinsurance, insurance targeted at low-income individuals, and how RGA supports companies and innovations that focus on reaching underserved communities through technology. For example, RGA has invested in insurtech Inclusivity Solutions, for example, which works with mobile phone manufacturers and mass market integrators to provide digital insurance to more than a million uninsured or underinsured people across Africa.
The report stated that “exciting advances in technology are rapidly changing the industry. These have become essential in reducing barriers to delivery and management of products, providing opportunities for millions of customers. RGA is pleased with the efforts to make the service more integrated and enthusiastically supports the upcoming developments.”
COVID-19 also spurred RGA’s digital transformation and use of data analytics to expand insurance coverage, according to the report. In the midst of the pandemic, the lender introduced digital tools for communication, leveraging risk expertise from data scientists and data scientists, as well as data-driven digital solutions to reach consumers and reduce interactions between people.
The ESG report also discusses RGA’s strategies for operational excellence and development through individualized training programs and learning sessions available to empower employees and continue professional development at RGA. A wide range of career opportunities include ESG-related topics, from diversification and integration strategies to sustainable financial practices.
Workforce development and quality of life include “developing a highly skilled workforce through mentoring, training, education and other career development opportunities,” the report says. “Furthermore, [RGA] examines how care is shown to employees through benefits that support physical, mental, emotional, and financial health and work life through technology, education, corporate culture, and compliance.”
Technology also plays an important role in RGA’s environmental testing; this report shows the way in which the company can use technology to deal with the problems caused by climate change and transition to a low carbon economy through various measures and objectives related to the climate. In 2021, the RGA announced plans to achieve zero emissions 1 and Scope 2 and reduce greenhouse gas emissions by the end of 2026, and pledged their commitment to increasing its investment in green and traditional savings.
“We use a variety of digital platforms to support our ESG efforts, whether it’s sharing sustainability performance information through our existing digital channels, digital platforms to support ESG investing, or online platforms to support employee engagement and philanthropy. ,” explains Blakely.