According to GlobalData’s 2023 UK Broker Survey, Aviva has distinguished itself among brokers as the industry leader in sustainability and environmental, social, and governance (ESG). Aviva is well regarded, but the fact that 73.7% of brokers did not know a best-in-class shows there is more to do to convince the market of its capabilities. This information highlights the fact that, despite sustainability and ESG playing a bigger role in business today, brokers have only just begun to implement strategies oriented around these principles. Due to its recent approach to sustainability, Aviva is now recognised as a leader in this area.
It is interesting to note that none of the brokers who participated in GlobalData’s 2023 UK Broker Survey cited sustainability and ESG as the most important considerations when selecting an insurer. This begs the intriguing question of whether consumers have yet to give sustainability a high priority in their insurance selections or if brokers have yet to properly recognise the significance of these factors. It is probable that in the context of insurance decision-making, sustainability has not yet attained the prominence it merits.
Aviva has released a digital tool to help brokers embrace sustainability and comprehend the effects their operations have on the environment and society at large in response to this shifting market. The tool, called the Sustainable Business Coach, was designed for brokers wishing to advance their sustainability knowledge. An intriguing finding from Aviva’s Broker Barometer was that 31% of brokers had created sustainability strategies but had not actually implemented them, perhaps again eliciting the poor engagement with sustainability and ESG taken by brokers. With the knowledge and tools needed to make significant changes in their company processes, this tool enables brokers to examine their sustainability concerns in greater detail.
It is not just a corporate obligation but also a necessity that is in line with the interests of customers for brokers and insurers to promote sustainability and ESG. Brokers who place a high priority on sustainability will be better positioned to satisfy their clients’ changing requirements and expectations as consumers increasingly look for partners who share their values. 73.7% of brokers could not name a best-in-class insurer for sustainability and ESG, highlighting that there is more to do for Aviva to convince the market of its capabilities. However, Aviva is taking proactive steps to give brokers the tools they need to make significant strides towards sustainability with the launch of the Sustainable Business Coach. This should allow Aviva to strengthen its presence as a leader, acting in the best interest of brokers who want to commit to ESG goals.
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