Expressing Our Love for the Environment: Toward Net Zero Carbon Footprint
Our world has undergone profound changes, with the legacy of land excavation and insufficient environmental conservation in the past resulting in a series of devastating natural disasters that have left countless individuals grappling with substantial financial losses.
In response, we are committed to taking an active role in transforming our land into a safer and more sustainable place to call home. Our mission is driven by a desire to do more, to make a meaningful impact on our environment, and to safeguard the well-being of present and future generations.
Our Initiatives
Flood Mitigation
River Slope Mitigation through Tree Planting Initiative at Klang River Basin
On July 25th, 2023, BSIB together with Global Environment Centre (GEC), in partnership with the Department of Orang Asli Development (JAKOA) Gombak and Petaling District, Jungle School Gombak Malaysia and Friends of Sungai Gombak Batu 12, Gombak embarked on a river slope mitigation through a tree planting initiative to protect water resources at the Klang River Basin initiative. The initiative kicked off with over 40 volunteers from both BSIB and the Orang Asli community members coming together to plant over 730 trees. Following the tree planting activity, GEC’s Programme Officers conducted a river monitoring demonstration as part of the river education initiative and follow-up monitoring.
Flood and Landslide Preparedness Plan & Implementation
In the planning for flood and landslide preparedness, BSIB in its corporate website had provided a specific assistance guide on actions to be taken such as calling 24-hour hotlines for assistance, checking product coverage from flood damages in current policies, product offerings for flood protection and financial losses as well as some useful tips on what to be done prior to a flash flood happening.
Integration of CCPT classification in the Underwriting Guidelines
Various underwriting methods are being integrated such as the climate change principle-based taxanomy or CCPT classification and natural disaster protection in the Underwriting Guidelines to ensure BSIB understands and considers climate related risks and opportunities in its business.
Reducing CO2 Emissions Initiatives
Solar Panel Installation at Branches
In supporting the renewable energy initiative, BSIB has successfully installed solar panels in three branches (Melaka, Johor Bahru and Kuantan) in the first half of 2023. As to date, the company has managed to reduce utility bills by approximately 46% as of the third quarter 2023.
Reducing CO2 Emissions Initiatives
Raising Climate Change Awareness via Agency Photo Challenge - “Recycling-Transform and Rebirth”
In introducing ESG and raising awareness of climate change impact amongst the agency workforce, a photo challenge contest was launched in September 2022. “Recycling – Transform and Rebirth” was the theme which was intended to capture the essence of breathing new life into old and unused items. Not only does it encourages creativity, but it also promotes sharing and provide awareness of recycling initiatives to create a sustainable future.
Reduce, Reuse and Recycle Initiatives
EV Financial Solutions
In May 2023, BSIB with its banca partner, CIMB teamed up to offer their customers greater value and first-in-market complimentary electric vehicle (EV) benefits on motor insurance, Motor EV Pack on Sompo Motor products. The benefits are available to both new and used EVs of up to eight years old. As part of the collaboration, CIMB customers will enjoy a 5% discount on EV premium rates, as well as 10% cash rebates on premiums. BSIB also has partnered with its franchise partner, Bermaz Auto by offering Mazda Insurance Premium to their car dealers.
Reduce, Reuse and Recycle Initiatives
Buy Nothing Platform via Sompo Workplace and Physical Events
BSIB introduced the BSIB Buy Nothing Platform, an online exchange platform hosted on Sompo Workplace, for our staff to give away, request or exchange items. The initiative aims to inspire our staff towards a zero-waste lifestyle, in line with BSIB's aspiration for the Environment Pillar, Towards Net Zero Carbon Footprint by 2050. Physical Beli Nothing Marketplace was held twice in 2023, in March and August. The event received encouraging support from donors and recipients.