2021 Press Release: ESG - Social Considerations for Insurers
Conning is Pleased to Announce its Newest Focus Series-
ESG: Social Considerations for Insurers
HARTFORD, CT – July 20, 2021 – ESG (environmental, social, and governance) concerns have been increasing for years, and issues regarding DEI (diversity, equity and inclusion) are being discussed in all industries, including insurance. Insurance companies that do not stay out in front of the issues will quickly find themselves at a disadvantage.
The Conning Focus Series, “ESG: Social Considerations for Insurers” examines how insurers are measuring and disclosing their progress in addressing social concerns. The study discusses DEI initiatives, and delves into automated underwriting and how such systems impact the fairness of underwriting. The study also reports on social scores for the industry and presents some case studies of companies and how they are addressing social concerns. This report is Conning’s second in a series of four reports which will be released this year covering ESG topics.
“Replacing humans with an automated underwriting system driven by artificial intelligence can help remove bias from the process but can also inadvertently embed biases in the system. An embedded bias can be introduced in almost any part of the development process, and can be difficult to detect and remove,” said Terence Martin, a Director, Insurance Research at Conning.
“Based on our analysis, the insurance industry is making progress on DEI issues. Some insurers have aligned their DEI programs with their business models, helping the company and employees remain engaged and supportive of the causes, leading to more sustained involvement and more progress on the social issues,” added Steve Webersen, Head of Insurance Research.
“ESG: Social Considerations for Insurers” is available for purchase from Conning by calling (888) 707-1177 or by visiting www.conningresearch.com.
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Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.
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