As a member of the Sompo Group, which is committed to addressing societal issues, Berjaya Sompo Insurance Bhd continues this legacy by focusing on social challenges through its socially responsible practices.
These commitments are not only a means to address social challenges, it says, but also a strategy to mitigate risks and foster sustainable long-term outcomes.
Driven by its vision and mission, Berjaya Sompo aims to achieve a net zero carbon footprint by 2050, contribute to developing a diverse and inclusive society, and ensure a robust governance structure and reliable disclosures that align with global standards.
It also seeks to address several pillars under the United Nations Sustainable Development Goals (UN SDGs), namely SDG 3 (Good Health and Well-being), SDG 4 (Quality Education), SDG 8 (Decent Work and Economic Growth), SDG 13 (Climate Action), SDG 16 (Peace, Justice and Strong Institutions) and SDG 17 (Partnerships for the Goals).
From policies to planet
From integrating climate risk assessments in underwriting to championing sustainable mobility and directly contributing to environmental conservation, Berjaya Sompo’s environmental initiatives cover many efforts.
It currently integrates various underwriting methods, such as the climate change principle-based taxonomy (CCPT) classification — which is a way to classify and report climate-related risks and opportunities for businesses, thus helping financial institutions identify and manage these factors.
Another more direct initiative is its restriction against insuring and investing in new coal-fired power plants to curb greenhouse gas (GHG) emissions, shifting its focus towards energy businesses with less environmental impact.
Berjaya Sompo’s commitment to environmental conservation also extends through other initiatives, such as incentivising lower emissions through the SOMPO MotorSafe policy, raising awareness of environmental waste through its Windscreen Repair roadshow and DIY Composting Workshop, as well as its tree planting initiative in Gombak with Global Environment Centre (GEC).
Bridging insurance and social responsibility
From educational scholarships to community welfare programmes, Berjaya Sompo extends its role beyond insurance to actively engage in social responsibility.
Its Rising Star Scholarship Programme provides up to RM20,000 per person annually to promising students.
Besides that, through recommendations to the Sompo Welfare Foundation in Japan, local organisations like Persatuan Sindrom Down Malaysia and Silent Teddies Bakery have received grant support.
Berjaya Sompo also actively participates in social projects, including volunteering for Yayasan Generasi Gemilang’s programmes and hosting road safety awareness programmes, such as the Bantuan Car Sear campaign, which aims to raise awareness of the correct usage of child safety seats.
From a governance perspective, Berjaya Sompo updated its Sustainability and Enterprise Risk Management frameworks in 2022 to align with Bank Negara Malaysia’s climate risk policies.
The Good Policy
In line with its Sustainability Framework, Berjaya Sompo recently launched “The Good Policy” campaign to improve the lives of those in need.
Berjaya Sompo CEO Tan Sek Kee says The Good Policy campaign is a testament to the company’s dedication to positive change, demonstrating its commitment to improving the lives of the community at large.
“We believe that a responsible insurance provider should actively contribute to the betterment of the communities it serves,” Tan notes, emphasising the campaign’s focus on fostering positive environmental and societal change.
“The Good Bengkel” is one such initiative under the campaign, aimed at helping the B40 segment — which often faces financial challenges in relation to vehicle maintenance — by subsidising RM250 for car repairs for selected models and years of manufacture.
This initiative promotes inclusivity as it empowers individuals with a safe and well-maintained mode of transport, says Berjaya Sompo.