ESG is one of the themes that will have a significant impact on life insurance companies. Credit: PeachShutterstock/Shutterstock.com.

Technology is a crucial enabler for robust environmental, social and governance (ESG) reporting in business, says Jessica Tan, co-CEO of Ping Insurance.

Tan said this on a recent podcast of the United Nations Environment Programme Finance Initiative (UNEP FI). She is part of the UNEP FI Leadership Council, a group of leaders in the financial services sector.

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ESG and technology

“Simply put, [ESG] is important for our clients, and it’s important, therefore, for our business and increasingly important for our employees,” Tan said.

Since 2018, Ping An has been building a suitable internal ESG reporting process and, in 2021, it announced its commitment to expand green finance and its goal to achieve carbon neutrality in its operations by 2030.

In 2022, Ping An’s responsible investment and financing grew 47% year-on-year (YoY), including green investment and financing of more than RMB282.3bn ($39.5bn).

Furthermore, responsible banking grew 124% YoY, including green banking of RMB182.9bn. Sustainable insurance premiums were up 4.6% YoY, including green insurance premium income, which exceeded RMB25.1bn. The Group also saw a 23% decrease YoY in carbon emissions in its operations.

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In addition, Ping An is driving social responsibility programmes, which are important to investors and employees. Over 570,000 employees and agents are working as community volunteers for things such as health, poverty alleviation, rural revitalisation, and education.

“Ping An has been a leader in technology innovation to scale up its ESG performance, working with regulators and the market to make reporting on environmental, social and corporate governance (ESG) factors transparent, with consistent standards,” added Tan.