RGA releases ESG report, highlights digital tools

Reinsurance Group of America publishes Environmental, Social and Governance (ESG) report, which outlines the global life and health reinsurer’s commitment to responsible and ethical business practices, sustainability strategies and its diversity, equity and inclusion (DEI) efforts. The report highlights that many of RGA’s initiatives are driven by digital tools – sustainability, accessibility and employee wellbeing and development are just some of the company’s top priorities undergoing digital transformation.

Matt Blakely, RGA’s vice president, corporate social responsibility and sustainability, tells Digital Insurance: “As a global company with offices around the world, sharing information digitally is the most efficient and energy-efficient way for our distributed teams to share their ESG activities and efforts. Digital platforms can also help insurance companies reach more customers, which helps expand access to financial protection.”

Digital technology is central to RGA’s commitment to innovate access to global insurance. By developing new digital products and customized solutions for customers around the world, RGA lowers costs and enhances the customer experience. The report highlights the growing importance and use of microinsurance, targeted insurance for low-income individuals, and how RGA actively supports companies and innovations focused on access for underserved communities through technology. RGA invested in Insurtech Inclusivity Solutions, as an example, which works with mobile operators and mass market aggregators to deliver digital insurance products to over a million uninsured or underinsured individuals across Africa.

The report states that “exciting advances in technology are rapidly transforming the industry. This has been vital in reducing barriers to product distribution and administration, enabling access for millions of customers. RGA is excited by efforts to make the industry more inclusive and is actively supports these emerging innovations.”

According to the report, COVID-19 also accelerated RGA’s digital transformation and use of data analytics to expand insurance reach. During the pandemic surge, the reinsurer introduced digital tools to the claims process, risk modeling capabilities from actuaries and data scientists, and data-driven digital solutions to reach consumers virtually and limit personal interactions.

The ESG report also addresses RGA’s strategies for employee well-being and development through virtual and in-person training programs and learning modules that are available to empower employees and continue professional career development at RGA. Career development opportunities include ESG-related topics ranging from diversity and inclusion strategies to sustainable financial practices.

Employee development and well-being includes “developing a highly skilled workforce through mentoring, coaching, training and other career growth opportunities,” the report states. “Except this, [RGA] considers the extent to which care is demonstrated for employees through benefits that support physical, mental, emotional and financial health and a work-life balance through technology, training, corporate culture and regulatory compliance.”

Technology also plays an important role in RGA’s environmental efforts; the report outlines the company’s strategy to implement technologies to combat the impacts of climate change and transition to a lower carbon economy through various climate-related metrics and targets. In 2021, RGA announced plans to achieve net zero Scope 1 and Scope 2 emissions and reduce greenhouse gas emissions by the end of 2026, and pledged to increase its investments in green and social bonds.

“We use a variety of digital platforms to track our ESG efforts, whether it’s sharing information on sustainability efforts through our existing digital methods, digital platforms to help with ESG investments, or online platforms to support volunteering. employees and philanthropic efforts,” explains Blakely.

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