A solid start to our Impact24 journey
Just 10 months into our Impact24 journey, and I am happy to already be able to share some early successes.
As a reminder: To help us reach our goals by 2024 we highlighted a set of what refer to as “transversal group-wide initiatives” in the following axes:
- Unlocking the full potential of our Core business
- Tapping into New Growth Engines in Health, Digital Platforms, Reinsurance and Protection
- With Sustainability at the heart of everything we do
- And supported by Technology & Data Development
It is a collaboration between our business experts and the Group that allows us to really tap into our full potential in a disciplined way… and it is leading to some tangible results.
Let’s take a look:
We’re boosting the agency channel
- We’ve been strengthening our physical distribution channel, in a number of key markets in Vietnam, China and the Philippines, by further developing our existing networks alongside a new agency network.
- We closed a partnership with Million Dollar Round Table
We’re developing new capabilities enabling growth opportunities
- We announced a new partnership with eBaoTech allowing us to explore new types of (embedded) insurance covers, new types of customers, new types of next-gen partners. And the Sprout support team was set up to help develop the Digital Platforms business group-wide.
- We expanded our Reinsurance activities through Ageas Re.
We’re bringing Sustainability to the heart of our business
- ESG ratings have progressed positively from bottom to middle of the pack on those rating that we identified in 2019 as of most market relevance. Since then, we have made consistent progress in a short timeframe, but it is very much work in progress.
- Carbon neutrality is moving in right direction:
- We are already measuring everything we do, reducing and avoiding emissions where we can, and we lowered our emissions in our operations by 9% in 2021 (compared to 2020).
- We have engaged in a number of Carbon Capture offsetting projects and we have obtained the CO2-neutral label from CO2 Logic in recognition of our climate commitments.
- We are approaching the EUR 10 billion target for ESG investments thanks to our increasing investments in green bonds, social bonds, solar and wind energy, and environmentally certified building.
We’re creating a Great place to Grow for our People
We are evolving from a great place to work to a Great place to Grow. Our new office locations in Belgium and Portugal all reflect this philosophy providing a practical environment that allows us to work differently to the past and to (re)connect, learn, innovate.
We’re creating efficiencies in key Tech areas by leveraging the power of the Group
- We set up a group-wide Security Operations Centre 24*7, to identify and resolve potential security threats.
- Within the UK, a group-wide AI & Machine Learning support team has been established to serve the whole Group leveraging the considerable expertise that exists in the UK market.
We change the way we measure our success
- We have introduced a broader set of KPI’s and non-financial KPI’s.
- We established a baseline measurement against each key objective so we have a starting point from which our progress and success can be judged.
With CDSO as a key driver, we are leveraging our collective talent to help us implement Impact24. And at the same time, we are delivering strong results in what is a challenging macro-economic context. But there’s much more in the pipeline… so stay tuned!
By: Gilke Eeckhoudt, Chief Development and Sustainability Officer Ageas
