ICICI Prudential Life Insurance is committed to integrating sustainability with their business processes and as a way of doing business. In this context, they adopted the ESG framework in 2020 and their ESG initiatives are monitored at the highest level by the Sustainability Steering Committee comprising members of the Management Committee. ICICI Prudential Life Insurance believes that embracing ESG is of vital significance for long-term value creation for all stakeholders as it enables them to go beyond profits to encompass people, purpose and the planet.
Keeping ESG vision as a priority, organisation have focused initiatives in place for each dimension of the ESG framework under the Environment (leaving the planet a better place for our next generation), Social (giving back to society) and Governance (transparency in functioning) pillars. As a result of these initiatives MSCI ESG rating has improved from B to A and Sustainalytics ESG rating has improved from ‘Medium risk’ to ‘Low risk’. Currently, ICICI Prudential Life Insurance is the highest ranked ESG Company by both MSCI and Sustainalytics in the Indian life insurance industry.
Also Read: CSR: ICICI Prudential Life Insurance spends Rs. 6 Cr for social development in FY22
ICICI Prudential Life Insurance’s ESG Report highlights below mentioned:
· ESG Risk & Opportunities
· Enabling employee well-being & organisation productivity
· Integrating ESG into investment framework
· Data Privacy & Security: Making Digitalisation Safe
· Offering products in a responsible way
· Initiatives for creating national awareness for insurance
· Meeting Challenges from Sustainability Risks
· Governance: Promoting Accountability, Transparency and Ethical Behaviour
· Commitment to the Environment
· CSR: Contributing to Society
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ICICI Prudential Life Insurance have customer base of 58.1 mn lives covered (in-force) having 84.6% persistency ratios (13th month) in the industry which is one of the best. More than 91% Service requests are executed through self-help modules having only 1.46 days average claim settlement time. Almost 2, 60,000 death claims settled.
At ICICI Prudential Life Insurance 86% of senior management team served >10 years. Employees have received 1.2 mn+ digital learning hours. 11,000+ employees are certified based on their proficiency levels, nearby 40% women employed in process and support roles. ICICI Prudential Life Insurance have 90%+ score on Voice of Employee survey.
ICICI Prudential Life Insurance have covered 45.6 mn lives through micro-insurance till date. 1,558 underprivileged youth underwent training in FY2022 through ICICI Academy for Skills. More than 155,000 children and adults are supported through the COVID-19 vaccination programme. At ICICI Prudential life Insurance 96% of new business applications are logged digitally which saves almost 1,700 tonnes of carbon footprint.
Human Capital: Creating the People Edge
To enable employee well-being, the company has put in place a holistic well-being framework for employees which is focused on both physical and mental wellbeing which in turns helps enabling organisation productivity by growing and building talent from within and offering a long-term career constitute the essence of their employment proposition. ICICI Prudential Life Insurance is also building an engaged and agile workforce where the company has a multi-generational workforce that blends the richness of experience with the energy of youth. Accordingly, the varying need and priorities of each employee cohort are catered to with differentiated propositions.
ICICI Prudential Life Insurance engage with an investee company on corporate actions of material importance. Some of the issues where company may engage are enhancing shareholder value, capital allocation decisions, improving disclosures, treatment of minority shareholders, compliance with regulations, governance issues etc. Depending on merit, company may also collaborate with other investors. Company have a process on managing potential conflict of interest and exercise their voting rights in respect of companies where we have material exposure. Along with this company also disclose its voting actions on a quarterly basis.
During FY2022, ICICI Pru Life augmented and improved their service offerings across the customer life cycle at all their customer touch points. ICICI Prudential Life Insurance is one of the top life insurance brands in the industry with a Net Promoter Score (NPS) of 56.
Energy Efficiency Measures
Some of the initiatives taken by ICICI Prudential Life Insurance to save energy are Inverter AC and VRF AC in place of conventional ACs, Light Emitting Diode (LED) lighting in place of conventional tube-lights, LED signage in place of conventional signage, 15% of overall office space is fitted with Sensor based lighting where company is implementing “Green energy” at major offices in Mumbai to reduce carbon footprint.
Also Read: Corporate Social Responsibility (CSR) in India an Overview – 2022
At ICICI Prudential Life Insurance print services are manged by avoiding unnecessary prints as well as encouraging employees to go paperless. There is centralised call logging facility for office stationery for tracking and reducing consumption. Digitisation of Sales stationary is already in place.
CSR: Contributing to Society
The Company CSR budget for FY2022 was 67.6 million. The Company has spent 68.2 million for support against COVID-19 pandemic and CSR initiatives.
ICICI Prudential Life Insurance have taken many CSR Initiatives into segments like consumer awareness and education, Education and Skilling and sustainable livelihood, Environmental sustainability and ecological balance and Healthcare.
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