HOW DOES SCOR APPLY SUSTAINABILITY PRINCIPLES TO CREATE SOLUTIONS THAT HAVE A REAL IMPACT? M.L. SCOR’s sustainable solutions are brought forward organically from the business teams after they identify a protection gap and see the possibility of building resilience among local communities. From the first internal conversations around a new idea to the full design of a solution, collaboration with internal and external stakeholders is key to getting these solutions off the ground. Technical design from Product & Innovation teams goes hand in hand with impact assessment by the Sustainability team. SCOR remains very mindful of the risk of greenwashing. A solution answers a need, not the other way around. WHY DOES THERE SEEM TO BE MORE OF A FOCUS ON DEVELOPING SUSTAINABLE SOLUTIONS ON THE P&C SIDE OF THE BUSINESS? M.L. The features of P&C insurance inherently involve addressing environmental risks like those driven by natural catastrophes, pollution, or ecosystems degradation. This gives our teams many options to develop sustainable solutions that hold up when it comes to additionality, measurability, and intentionality. On the other hand, L&H reinsurance is inherently sustainable: its primary goal, to help people live healthier and longer lives, already aligns with sustainability. However, measuring impacts on individuals is not straightforward from a reinsurance perspective and limits reinsurers’ ability to demonstrate actual impact. ARE SUSTAINABLE SOLUTIONS PROFITABLE? M.L. We should not oppose sustainability and profitability and teams constantly work together to design solutions that can be scaled up and provide viable contribution. Sustainable solutions aim to create positive social and environmental impacts and SCOR’s parametric microinsurance program in Rwanda is a great example. Even if this solution operates on a smaller scale than less purpose-driven products, it is designed to be profitable and, importantly, has the potential to make a huge difference in the lives and financial stability of policyholders. Other areas, like renewable energies, continue to grow and show great potential to create value for shareholders on a large scale and be part of the climate crisis solution. “From the first internal conversations around a new idea to the full design of a solution, collaboration with internal and external stakeholders is key to getting these solutions off the ground.” M.L. MICHÈLE LACROIX Group Head of Sustainability CONTRIBUTOR INTERVIEW TRANSFORMING TOMORROW WITH OUR VISION 31
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