ESG in Insurance Sector Training and Study Tour in Germany

ESG in Insurance Sector Training and Study Tour in Germany 2024

Program Introduction

The environmental, social, and governance (ESG) agenda has started shaping the strategy of many businesses. Financial services organizations, including insurance companies, are growingly recognizing the role of ESG in advancing their competitive edge. ESG considerations are being implemented not only through products and investments but also within organizations themselves and across the wider ecosystem. Being one of the largest groups of asset owners (only second to pension funds), commitment to the ESG in insurance industry is pivotal to the transition to greener economies.

This training program has been exclusively designed by Risalat to help insurers integrate ESG considerations into investment strategies and across their insurance portfolios. Upon the completion of this program, you will be able to view strategic decision-making via an ESG lens and contribute to the formation of more sustainable and responsible business practices.

Target Audience

This training can benefit a broad range of professionals from the insurance sector including but not limited to the following:

  • CEOs, CFOs, and other senior executives across the insurance sector
  • Professionals in underwriting and actuarial roles
  • Investment and asset management teams
  • Compliance and regulatory affairs specialists
  • Risk management professionals
  • External consultants and advisors to insurance companies
  • Sustainability professionals

Program Objectives

This training program has been designed to help you align your organizational goals with an ESG perspective. It is entirely contextualized to the needs, challenges, and trends in the insurance sector. Upon the successful completion of the program, its delegates are expected to:

  • Comprehend the relevance of ESG in insurance industry.
  • Align and integrate ESG considerations into core business strategy and planning.
  • Incorporate ESG factors into traditional risk management models and profiles.
  • Factor in ESG perspective into product development and underwriting processes.
  • Ensure regulatory compliance with the changing ESG landscape.
  • Incorporate ESG into investment strategies, especially relevant for insurance companies holding investment portfolios.

Program Contents

First Day

  • Definition and historical context of the ESG
  • Relevance of ESG in insurance sector
  • Overview of global and regional ESG policy and regulatory landscape
  • ESG regulatory impact on insurance operations
  • Compliance and disclosure frameworks
  • ESG reporting requirements

Second Day

  • ESG risk management
  • Integrating ESG into risk assessment and profile
  • Embedding ESG in insurance product development
  • Practical examples of ESG-aligned products
  • Underwriting based on ESG criteria
  • Pricing models considering ESG in insurance industry

Third Day

  • Stakeholder engagement and communication regarding ESG
  • Data collection, analysis, and interpretation
  • ESG board oversight
  • Governance structures and ESG integration
  • ESG and ethical decision-making
  • Striking the right balance between profitability and responsibility

Fourth Day

  • Making Investment decisions that are aligned with ESG goals
  • ESG risk assessment in investment portfolios
  • ESG reporting frameworks
  • Creating and communicating ESG reports
  • ESG trends monitoring
  • Adaptation to ESG challenges

Fifth Day – Practical Application Exercise and Study Tour

The last day of the program in Berlin shall entirely be dedicated to the hands-on application and real-world exchange on ESG best practices in the insurance industry. It shall cover:

  • ESG risk assessment simulation.
  • ESG-friendly insurance product prototyping.
  • Stakeholder Engagement role play.
  • Corporate governance and ethical decision-making simulation.
  • Meeting with the representatives of regulatory bodies in the host country.
  • Roundtable discussion with the representatives of partner insurance company with ESG focus.

Program Methodology

The program focuses on the development of practical skills and knowledge regarding the ESG-centric transformation of the insurance industry. The presentation, exercises, simulations, case studies, and discussion questions are explicitly tailored to insurance professionals working on incorporating ESG perspectives into their organizations.

Proven adult-learning methodology and principles guide the entire process intending to maximize the effectiveness of the delivery and create a long-lasting impact. Practical exposure and focused discussions target enhancing real-life capabilities.

Host Country Profile

Insurance companies in Germany, as institutional investors, are increasingly integrating ESG criteria into their investment decisions and portfolio management. This includes considerations related to climate risk, ethical investing, and social impact. Moreover, the country’s insurance providers are exploring ways to incorporate ESG perspectives into their product development and underwriting processes. Operating under SFDR and German ESG regulatory framework, industry players are expected to perform a pivotal role in greening the economy.

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