Sustainability Initiatives
Sompo Group has a long record of growth by providing solutions to social matters through the insurance business, as well as other groups of businesses. As part of Sompo Group, Berjaya Sompo Insurance Berhad (BSIB) as a socially responsible organisation, has also contributed and continues to commit to assists on social challenges through its insurance business, followed by taking measures of mitigating risk and generating sustainable long-term outcomes.
Embracing Sustainability encompasses Environmental, Social & Governance (ESG) aspects, as well as supporting the global drive and implementation of a more sustainable economy, BSIB has enhanced its ESG scope and activities, not just limited to Climate-related, but has extended to Social (which includes Corporate Social Responsibility initiatives) and Governance (comprising Corporate Governance). This is also BSIB’s commitment to ensure that our business is socially responsible and as a measure of mitigating risk and generating sustainable long-term outcomes.
Governance Structure
A focus on sustainability is essential to BSIB’s ability to deliver on our purpose and positively contribute to the economies and communities in which we operate.
In December 2022, the Board established and approved the Sustainability Framework. In addition, the Board also approved the revision of the Enterprise Risk Management (ERM) Framework to integrate material risk considerations associated with sustainability or ESG into the enterprise-wide risk management process. Both were to assist BSIB drives performance, identifying opportunities and managing risks across the areas of sustainability that are most important to our business and stakeholders, including current and emerging ESG aspects. By building these considerations into our decision-making, we can also help our customers manage their risks through our products and services.
The Sustainability Steering Committee, under the CEO's leadership and oversight by the Board, was established to steer BSIB’s long-term sustainability directive and sustainability targets at the working level to achieve the mentioned.
Purpose and Aspirations
BSIB’s Sustainability purpose is “Journey to a Sustainable Future” as we aspire to support our clients and society on their sustainable journey. We have also defined the following aspirations to focus on our sustainable growth ambition and accelerate our value creation.
a. Environmental: Towards Net Zero Carbon Footprint by 2050
b. Social: Diverse and inclusive society
a. Governance: Robust governance structure and reliable disclosures within the global standards
In terms of sustainability integration towards achieving our aspirations, a mid-term strategy or 3-year Sustainability Implementation Plan was established to align with the Sustainability Framework.
The framework and implementation plan established is in line with the global sustainability standards as well as support Sompo Holdings' Group sustainability efforts. In the Malaysian context, it also supports the direction and initiatives developed by Bank Negara Malaysia (BNM). Read more: https://www.sompo-hd.com/en/csr/
Key ESG Initiatives
Environmental
a. End of Live Vehicle for Own Damage Claims
BSIB remains its collaboration with an Automotive Treatment Facility Company (ATF) on the scrap of vehicles since August 2020. The process involves reusing and recycling vehicle parts components and regulating the use of hazardous or toxic material to prevent adverse impacts on the environment. As to date, BSIB disposes of actual total loss vehicles to the ATF.
b. Restriction of Coal-Fired Power Plants in Underwriting and Investment Activities
BSIB continues to restrict to insure and invest in new construction of coal-fired power plants to curb the development of emitting greenhouse gases and shifts towards energy business with less environmental impact.
c. Integration of CCPT classification in the Underwriting Guidelines
Various underwriting methods are being integrated such as the climate change principle-based taxonomy 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.
d. Windscreen Repair Roadshow
In June 2022, BSIB embarked on a Windscreen Repair Roadshow that was held at One Utama Shopping Centre to encourage a greener environment amongst the public as an alternate solution to control solid waste disposal. During the event, the public was allowed to get their vehicle’s windscreen checked, and complimentary repair was provided for cars that sustained minor windscreen crack damages. After that, this complimentary repair is provided by panel repair workshops to our existing clients.
e. Climate Change Awareness Initiatives
BSIB collaborated with AIESEC at the University of Malaya (UM) on 19 August 2022 to conduct a virtual workshop on how to make compost. The workshop was part of AIESEC’s ‘Clean Our Plate’ Campaign aiming to increase awareness, change attitudes and initiate easy and obvious actions towards reducing food waste in line with United Nation’s Sustainable Development Goal (“SDG”) pillars 4 - Quality Education, 12 - Responsible Consumption & Production and 3 - Good Health and Well Being. A total of 159 BSIB staff joined the virtual workshop.
A Plant Babies Contest was also held from 18 to 29 April 2022 to encourage our staff as well as the public to start planting a potty plant and share how plants contribute towards ‘Innovation of Wellbeing’.
f. LED Retrofitting in BSIB Headquarters
The LED retrofitting in HQ was completed in October 2022. The change from traditional and fluorescent lighting allows lower energy consumption which is expected to have at least a 60% reduction in energy costs in a year. In addition, the longer life span of LEDs reduces waste.
Social
Employees’ Engagement Initiatives
BSIB continuously conducts employee engagement initiatives since 2020 to enhance awareness and understanding of being environmentally and socially responsible in our daily lives.
Communication, campaign and awareness activities are shared through the internal BSIB newsletter, BSompo Buzz, in the hope of influencing behaviour and mindset synchronised with relevant ESG’s related aspirations daily. This includes encouragement to use their shopping bags and energy-efficient appliances at home, cultivating a recycling or repurposing habit and snippets of relevant topics on the environment, social responsibilities and governance at the workplace.
a. ESG Week in August 2022
For the first time, BSIB has organized the ESG week from 15 to 19 August 2022. The objective was to promote awareness of ESG’s related aspirations among the staff, including contributing and giving back to society. The whole week was fully utilized with a series of programmes namely the Blood Donation Campaign, Windscreen Repair Awareness Campaign, DIY Compost at Home and Food Donation Drive, Clothes Donation, Personal Accident Awareness, Child Safety and Parenting Talk as well as the Importance of CSR for Future Generation Seminar. The event enjoyed a high participation rate from employees.
b. Volunteer Initiatives with Yayasan Generasi Gemilang (GenGemilang)
BSIB has collaborated with Yayasan Generasi Gemilang (GenGemilang) in four “Makan Sihat” CSR programmes in 2022. We understand the hardship of vulnerable children and families in Malaysia, as such, this programme aims on providing better nutrition to the children which could foster them to grow, learn and create a better future for the families, especially to break the poverty cycle in Malaysia.
c. Food Donation Drive with Kechara Soup Kitchen
Aside from that, BSIB also organised a Food Donation Drive from 1st August to 25th September 2022. This initiative aims to collect dry provision food and collaborate with NGOs such as Kechara Soup Kitchen to distribute surplus food to the B40 community. In total, 4.79 kg worth of dry food provision was collected and donated to Kechara Soup Kitchen.
Governance
In December 2022, the Sustainability Framework was established and the Enterprise Risk Management (ERM) Framework was revised based on BNM’s Climate Risk Management & Scenario Analysis Policy Document. In addition, the Climate Related Risk Policy was enhanced and revised to be an internal guide, in line with BNM’s Climate Change Principle Based Taxonomy (CCPT) Guidance Document.
Sompo Group has a long record of growth by providing solutions to social matters through the insurance business, as well as other groups of businesses. As part of Sompo Group, Berjaya Sompo Insurance Berhad (BSIB) as a socially responsible organisation, has also contributed and continues to commit to assists on social challenges through its insurance business, followed by taking measures of mitigating risk and generating sustainable long-term outcomes.
Embracing Sustainability encompasses Environmental, Social & Governance (ESG) aspects, as well as supporting the global drive and implementation of a more sustainable economy, BSIB has enhanced its ESG scope and activities, not just limited to Climate-related, but has extended to Social (which includes Corporate Social Responsibility initiatives) and Governance (comprising Corporate Governance). This is also BSIB’s commitment to ensure that our business is socially responsible and as a measure of mitigating risk and generating sustainable long-term outcomes.
Governance Structure
A focus on sustainability is essential to BSIB’s ability to deliver on our purpose and positively contribute to the economies and communities in which we operate.
In December 2022, the Board established and approved the Sustainability Framework. In addition, the Board also approved the revision of the Enterprise Risk Management (ERM) Framework to integrate material risk considerations associated with sustainability or ESG into the enterprise-wide risk management process. Both were to assist BSIB drives performance, identifying opportunities and managing risks across the areas of sustainability that are most important to our business and stakeholders, including current and emerging ESG aspects. By building these considerations into our decision-making, we can also help our customers manage their risks through our products and services.
The Sustainability Steering Committee, under the CEO's leadership and oversight by the Board, was established to steer BSIB’s long-term sustainability directive and sustainability targets at the working level to achieve the mentioned.
Purpose and Aspirations
BSIB’s Sustainability purpose is “Journey to a Sustainable Future” as we aspire to support our clients and society on their sustainable journey. We have also defined the following aspirations to focus on our sustainable growth ambition and accelerate our value creation.
a. Environmental: Towards Net Zero Carbon Footprint by 2050
b. Social: Diverse and inclusive society
a. Governance: Robust governance structure and reliable disclosures within the global standards
In terms of sustainability integration towards achieving our aspirations, a mid-term strategy or 3-year Sustainability Implementation Plan was established to align with the Sustainability Framework.
The framework and implementation plan established is in line with the global sustainability standards as well as support Sompo Holdings' Group sustainability efforts. In the Malaysian context, it also supports the direction and initiatives developed by Bank Negara Malaysia (BNM). Read more: https://www.sompo-hd.com/en/csr/
Key ESG Initiatives
Environmental
a. End of Live Vehicle for Own Damage Claims
BSIB remains its collaboration with an Automotive Treatment Facility Company (ATF) on the scrap of vehicles since August 2020. The process involves reusing and recycling vehicle parts components and regulating the use of hazardous or toxic material to prevent adverse impacts on the environment. As to date, BSIB disposes of actual total loss vehicles to the ATF.
b. Restriction of Coal-Fired Power Plants in Underwriting and Investment Activities
BSIB continues to restrict to insure and invest in new construction of coal-fired power plants to curb the development of emitting greenhouse gases and shifts towards energy business with less environmental impact.
c. Integration of CCPT classification in the Underwriting Guidelines
Various underwriting methods are being integrated such as the climate change principle-based taxonomy 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.
d. Windscreen Repair Roadshow
In June 2022, BSIB embarked on a Windscreen Repair Roadshow that was held at One Utama Shopping Centre to encourage a greener environment amongst the public as an alternate solution to control solid waste disposal. During the event, the public was allowed to get their vehicle’s windscreen checked, and complimentary repair was provided for cars that sustained minor windscreen crack damages. After that, this complimentary repair is provided by panel repair workshops to our existing clients.
e. Climate Change Awareness Initiatives
BSIB collaborated with AIESEC at the University of Malaya (UM) on 19 August 2022 to conduct a virtual workshop on how to make compost. The workshop was part of AIESEC’s ‘Clean Our Plate’ Campaign aiming to increase awareness, change attitudes and initiate easy and obvious actions towards reducing food waste in line with United Nation’s Sustainable Development Goal (“SDG”) pillars 4 - Quality Education, 12 - Responsible Consumption & Production and 3 - Good Health and Well Being. A total of 159 BSIB staff joined the virtual workshop.
A Plant Babies Contest was also held from 18 to 29 April 2022 to encourage our staff as well as the public to start planting a potty plant and share how plants contribute towards ‘Innovation of Wellbeing’.
f. LED Retrofitting in BSIB Headquarters
The LED retrofitting in HQ was completed in October 2022. The change from traditional and fluorescent lighting allows lower energy consumption which is expected to have at least a 60% reduction in energy costs in a year. In addition, the longer life span of LEDs reduces waste.
Social
Employees’ Engagement Initiatives
BSIB continuously conducts employee engagement initiatives since 2020 to enhance awareness and understanding of being environmentally and socially responsible in our daily lives.
Communication, campaign and awareness activities are shared through the internal BSIB newsletter, BSompo Buzz, in the hope of influencing behaviour and mindset synchronised with relevant ESG’s related aspirations daily. This includes encouragement to use their shopping bags and energy-efficient appliances at home, cultivating a recycling or repurposing habit and snippets of relevant topics on the environment, social responsibilities and governance at the workplace.
a. ESG Week in August 2022
For the first time, BSIB has organized the ESG week from 15 to 19 August 2022. The objective was to promote awareness of ESG’s related aspirations among the staff, including contributing and giving back to society. The whole week was fully utilized with a series of programmes namely the Blood Donation Campaign, Windscreen Repair Awareness Campaign, DIY Compost at Home and Food Donation Drive, Clothes Donation, Personal Accident Awareness, Child Safety and Parenting Talk as well as the Importance of CSR for Future Generation Seminar. The event enjoyed a high participation rate from employees.
b. Volunteer Initiatives with Yayasan Generasi Gemilang (GenGemilang)
BSIB has collaborated with Yayasan Generasi Gemilang (GenGemilang) in four “Makan Sihat” CSR programmes in 2022. We understand the hardship of vulnerable children and families in Malaysia, as such, this programme aims on providing better nutrition to the children which could foster them to grow, learn and create a better future for the families, especially to break the poverty cycle in Malaysia.
c. Food Donation Drive with Kechara Soup Kitchen
Aside from that, BSIB also organised a Food Donation Drive from 1st August to 25th September 2022. This initiative aims to collect dry provision food and collaborate with NGOs such as Kechara Soup Kitchen to distribute surplus food to the B40 community. In total, 4.79 kg worth of dry food provision was collected and donated to Kechara Soup Kitchen.
Governance
In December 2022, the Sustainability Framework was established and the Enterprise Risk Management (ERM) Framework was revised based on BNM’s Climate Risk Management & Scenario Analysis Policy Document. In addition, the Climate Related Risk Policy was enhanced and revised to be an internal guide, in line with BNM’s Climate Change Principle Based Taxonomy (CCPT) Guidance Document.