When Robert Frosh defined the concept of Industrial Ecology (EI), explained that its implementation is based on reducing the use of raw materials and minimizing the production of waste in the processes to mitigate the impact that the sector has on the environment. The concept of cleaner production is part of a strategy that established the United Nations Environment Program, which aims to change production systems to generate less waste or less polluting waste.

This method helps to discover optimization opportunities in individual companies and can focus on products, processes or services.

Taking as a starting point the clear evidence of how human activities, since the pre-industrial era, have been impacting the health of the planet, from Seguros SURA they decided to welcome the planetary boundaries, the limits of health and the existing social gaps to manage the impacts they generate as a company, to be promoters of sustainable transformation in stakeholders and to contribute through research and development with knowledge in this area.

“SURA is committed to sustainability under the concept of Social and Planetary Health, understood as the impacts generated by human activities on the natural systems of the earth and society, which therefore deals with identifying, characterizing and managing through actions around mitigation and adaptation”, introduces Alejandro Acevedo, who is part of the Social and Planetary Health team at Seguros SURA.

This translates into caring for and being guarantors of the decisions made in the company by integrating environmental, social, corporate governance and economic criteria (ASGE criteria), influencing interest groups under the same intention and connecting with the Paris Agreement and the Sustainable Development Goals (SDGs).

At SURA, 4 work fronts have been defined to address Social and Planetary Health:

1) Value Proposition

Under this axis, ASGE criteria are integrated into the transformation and creation of new portfolios and the development of new markets, based on the interest in the well-being and competitiveness of people and companies, in addition to the importance of a long-term relationship between the company and its customers.

It begins by providing elements of visibility on how the daily lives of people and companies impact social and planetary health and vice versa, in order to raise awareness and mobilize action, through the identification of trends, risks and opportunities as a starting point for decision-making in risk management, transformation and transfer.

From this perspective, different tools and services are developed to facilitate informed decision-making, risk management and the enhancement of opportunities, as well as products that support clients' assets and the transition towards an economy that is more friendly to the environment, society and the economy.

2) Capital Management

SURA manages and allocates the company's capital through strategic investments, investment portfolios that support technical reserves, free investment portfolios and, in general, the development of projects and its activity as an insurer and manager of trends and risks.

To achieve this, it integrates ESGE criteria into management and decision-making in order to ensure that said capital is managed sustainably. Likewise, the support (engagement) of the issuers and counterparties with which it interacts seeks to promote the implementation and dissemination of these factors in the market.

Additionally, the company is developing an understanding of the sensitivity of expected, unexpected and external losses, which arise from the main risks associated with Social and Planetary Health, under a framework called Sustainable Solvency.

3) Operating Model

SURA is committed to the impacts it generates through its own operations and services, and those generated by the suppliers involved in its supply chain. For this reason, the integration of ASGE criteria in the purchase of goods and services, and the support of suppliers, are an essential focus of its management, which is currently under development.

It also operates in an eco-efficient physical infrastructure that generates optimal consumption of resources and of course. As part of the commitment, SURA is currently structuring a plan towards carbon neutrality by 2026, which contributes to the global fight to reduce the effects of climate change.

The comprehensive development of human talent as the company's main player, the operation under a code of good governance, an ethics and compliance system, and the company's risk management, among others, are essential elements that are part of this work front.

4) Research and development

SURA is working to become a relevant player in the characterization of opportunities and risks associated with Social and Planetary Health, to build a path that guarantees sustainability within a national, regional and global framework. To achieve this objective, the formation of applied research alliances in company-university or company-university-state schemes is proposed. For this purpose, the SURA Social and Planetary Health research and development (r&d) front was created.

This focus contributes to the development of applied knowledge to achieve the characterization (identification, quantification and management) of opportunities and risks through the analysis of sensitivity scenarios that consider the possible implications of the deterioration of planetary boundaries on health, human well-being and on social, environmental and economic aspects in the territories.

The impact on the organization

Currently, SURA has 13 prioritized key performance indicators (KPIs) to measure the achievement of objectives in these 4 work fronts and, by the beginning of 2023, they will have their respective contribution goals that will be harmoniously connected to the Nationally Determined Contributions (NDC) defined by the governments of the countries where SURA is present.

Social and Planetary Health is a strategic focus that resides in the 4 work fronts mentioned and, therefore, reaches all areas of the company as a mobilizer of good intentions that connects all its collaborators in a common objective in favor of society and the planet.

“Likewise, it is an enabler that allows us to expand the scope of action and impact towards people and companies, issuers, suppliers and other interest groups with whom we interact, which makes SURA a relevant actor to influence this transformation,” says Alejandro Acevedo.

Additionally, by connecting employees and stakeholders under this concept that generates loyalty and a sense of belonging, SURA Insurance seeks to spread the word to their families and people close to them in this way to broaden the impact. At a time when the planet requires measures that guarantee sustainability, It is essential that the industrial sector takes action from a competitiveness perspective.