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By applying a shared value lens, insurance companies can do more than just protect against risks. They can help prevent risks from occurring in the first place, while simultaneously creating economic value.
Skandia is a major provider of insurances and products for long-term savings and investments in the Nordics. Their development of a unique underwriting model and rehab services network enabled them to reduce preventable sick-leave time in Sweden, while dramatically improving their bottom line.
Top Takeaways
- When performing at its best, the financial sector can enable societal progress by providing new financial solutions to social or environmental challenges.
- By researching how the healthiest corporations work, Skandia helped lower their clients’ percentage of sick-leave time to 2% (compared to a national average of 7%). Skandia chose to “pay back” unused reserves to customers in the form of reduced premiums.
- Companies in almost all industries can use similar strategies to make the business case for tackling social problems.
The time is right for business to step up and offer innovative solutions to solve the challenges the welfare state is grappling with.
Frans Lindelöw, CEO, Skandia
