The Singapore College of Insurance (SCI) has launched a series of programs for the insurance industry supported by the General Insurance Association of Singapore (GIA), the Life Insurance Association, Singapore (LIA) and the Singapore Reinsurers’ Association (SRA ), to build capacity in sustainability and green insurance.
The Executive Certificate Program in Green Insurance and Sustainable Risk Management, which begins September 6, is a collaboration between SCI and the Institute for Risk and Insurance, Zurich University of Applied Sciences (ZHAW). It is designed for senior executives, officers and board members of general insurance, reinsurance and brokerage companies. It aims to provide them with the tools to guide the development of the green footprint within their companies.
The program is moderated by a panel of six highly qualified lecturers from the Risk and Insurance Institute of the ZHAW School of Management and Law, not to mention various prominent speakers from insurance companies, reinsurance, banks, regulators , universities, etc.
As for the guest speakers, one of them is Butch Bacani who heads the Principles for Sustainable Insurance Initiative (PSI) of the United Nations Environment Program (UNEP), the largest collaboration between the UN and the insurance industry. Other guest speakers are Dr Volker Deville, Professor of International Management at the University of Bayreuth, and Ms Claudia Salem, CEO of Allianz for Asia-Pacific.
In addition, SCI is hosting an upcoming series of three webinars titled “Leading the Green Revolution” to be held later this year.. These webinars are designed for those who cannot attend the Executive Certificate Program in Green Insurance and Sustainable Risk Management and want to have a high level view on the topics.
The target audience consists of CEOs, members of supervisory and management boards and heads of departments of insurance companies. The purpose of this webinar series is to provide insurance executives with a framework and examples to understand and study the emerging change to green insurance.
The three webinars are:
a) “Managing the transformation of insurance towards sustainability”
ESG topics have recently taken center stage for insurance companies, as investors, risk managers and in their own operations. This webinar will discuss ways to deal with the complexity introduced by other ESG stakeholders, potential conflicts of interest, and the need to fundamentally transform into sustainability – a task that spans the entire organization and beyond.
b) “Targeted strategy: an insurance perspective”
This webinar will examine why goal is a “Hot or Not” button problem and why goal is a strategic imperative to take responsibility beyond market position to invest in the need to build people and society. The discussion will further highlight how the goal helps companies redefine the rules of the game and reshape the value proposition and how this affects the business strategy task (making better decisions, advocating for transformation). The goal-driven strategy will be described using steps 1-5 and case examples, in particular the transformation of DSM creating organic growth away from commodity chemicals to more sustainable businesses.
c) “The evolution of customer expectations in insurance”
The needs and demands of retail insurance clients have continued to evolve from pure risk transfer and value for money to a more complex set of services and requirements. higher order. This webinar will examine the broader societal changes, technological drivers and generational differences for this evolution. It will focus on emerging customer sustainability requirements as well as the strategic and operational implications of this evolution with a presentation of examples to meet these needs.
SCI has also launched a new “Certificate in Sustainable Finance in Insurance ”. Finance professionals or interested parties can expect to be equipped with a detailed knowledge of the concepts and principles of sustainability as well as sustainable finance. They will also gain a better understanding of how green financial instruments such as green bonds and CAT bonds can promote a more sustainable future. This certificate is part of a series of trilogies on sustainability and green insurance.
“Environmental risk management for life insurance”Is a 2-day instructor-led course covering environmental risk management for life insurance. Participants will understand the different types of environmental risks; the role of government, financial institutions and businesses in protecting against environmental risks. It will also focus on the areas of underwriting, claims and decision making in the application of environmental risk in asset management, as well as the concept of responsible investment and environmental risk disclosure.
“Environmental risk management for general insurance” is a 2-day instructor-led course covering Environmental Risk Management for General Insurance. Examples of general insurance are used.
The latest in the Green Workshop series is “Environment, Social and Governance (ESG) for Insurers”. Through this 3-day instructor-led course, participants will understand ESG and its importance as well as the role of government in promoting ESG initiatives. Environmental and social considerations as well as opportunities will be covered. This course concludes with a discussion of governance risk considerations and opportunities for insurers, as well as the role of financial institutions and businesses in implementing ESG.
This course will develop the practical knowledge and applications of ESG in multiple functions in risk and compliance, audit, actuarial, underwriting, investing, finance and operations.
SCI will also launch its first Research Hackathon on Green Insurance and Sustainable Risk Management on September 1, 2021. Mr. Daniel Wang, Chairman of SCI and Executive Director of the Insurance Department of the Monetary Authority of Singapore, will honor the event and will present an opening speech on the launch day, i.e. September 1, 2021.
SCI organized this hackathon in collaboration with the ASEAN Insurance Council and ASEAN as a preparatory event for the 4th ASEAN Insurance Summit which focuses on the theme “Building a more resilient and sustainable ASEAN”. The aim of the hackathon is to raise awareness of green insurance and sustainable risk management; and also bringing together the best minds from the industry and beyond to be involved in the discussion and development of various innovative solutions that are needed to meet the growing need and demand for corporate responsibility and environmental sustainability. The Hackathon will run from September 1 to September 30, 2021.
This event has garnered great interest from 7 countries around the world, from students to speakers, management consultants to actuaries, brokers to lawyers, inside and outside the industry. The registration deadline is August 27, 2021.
As a post-Green Research Hackathon activity and to fill gaps in green insurance research, SCI will publish a Green Research Journal focused on sustainability topics that will help support product innovations and promote best practices. .
Karine Kam, Managing Director of the Singapore College of Insurance:
“Humanity has a short window of time to limit climate change. Limiting such a change is a multi-stakeholder endeavor. The insurance industry, with its in-depth knowledge of the risk world, is well placed to play an important role in the sustainable development agenda. At the same time, it is urgent to develop a pool of talents in terms of sustainable development to lead the green revolution in the industry. SCI’s green education master plan was designed to address the current talent gap. In this regard, we deploy a variety of educational strategies and tools to achieve this. These range from webinars to certification-based courses, from the Research Hackathon to the Green Research Journal. Data and technology will be key drivers and enablers as companies increasingly need tools to measure and disclose ESG risks. To this end, SCI is also working with technology partners to develop green insurtech talent platforms. “