Source: sustainabilitymag
Insurers Zurich Insurance and Allianz are structuring their procurement processes to gain a competitive edge through sustainability and ESG
Zurich Insurance Group is committed to reducing emissions across its operations. The group aims to become net-zero by 2030 — a goal far ahead of its original 2050 target. Its Climate Transition Plan rests on four main pillars: enabling an economy-wide transition to net-zero, enhancing societal resilience, advocating for supportive policies and transforming operational practices.
Mario Greco, Group Chief Executive Officer at Zurich Insurance Group, states: “Supporting a successful transition offers the prospect of a stronger, more prosperous future that will ultimately benefit our customers, the companies we invest in and our own business. There will be setbacks and challenges, but the price we pay for inaction is far higher than the price of protection. As a global insurer, Zurich will be part of a collaborative solution. We are supporting the net-zero transition while helping make society more resilient, so that together, we can build a better future for the next generations.”
Allianz also embeds ESG standards across decision-making to ensure they have a positive economic and social impact on communities.
Piril Kadibesegil Yasar, Head of Sustainability at Allianz Trade, explains: “Our sustainability roadmap is based on objective and measurable criteria, according to which we can track our progress and see where there is room for growth. I am proud to share that as of 2023, we are sourcing 100% of our electricity from renewable sources and we are on track to cut 50% of our GHG emissions/employee by 20252 from our own operations.”
Phil Soderberg, Former Global Head of Procurement and Vendor Management at Zurich, explains: “We encourage our suppliers to establish a diverse supplier program with the objective of providing fair access to supply opportunities for companies that are owned and operated by at least 51% by one or more minority, woman, LGBTQ+, veteran, service-disabled veteran, person with a disability, aboriginal-indigenous person or a historically underutilised business defined under applicable country specific rules. We encourage our suppliers to establish a social procurement programme which the objective of proving fair access to supply opportunities for social enterprises. Social enterprises are businesses with a social or environmental mission. Like traditional businesses they aim to make a profit, but they reinvest them so that society benefits.”
Linda Freiner, Chief Sustainability Officer at Zurich Insurance, says: “Sustainability is about how we do business today in a way that safeguards the future of our company and our society.”