How Insurance Companies Can Become Good Corporate Citizens

Living in an age of online customer reviews, newsfeed discussion groups, and internet forums dedicated to every subject under the sun has necessitated new levels of corporate accountability for their policies.

Increasing the transparency of business practices and demonstrating positive social and environmental impacts are the two most effective actions companies can take to improve public trust in the private sector, according to the “State of Sustainable Business Poll 2011”, a survey conducted by sustainability consultant firms BSR and Globescan. The insurance industry is one that has been particularly tarnished by scandal recently. From bid rigging accusations to the even-more-embroiled banking industry steering homeowners into overpriced policies, there is no time like today for increasing business transparency and touting our own good corporate citizenship. Risk Management Magazine has published an insightful list of steps to improving corporate social responsibility. These can be as basic as paying valid claims efficiently or as global as backing human rights causes. Investments in being a socially responsible corporation may not provide clearly defined financial rewards but can create new business opportunities and greatly strengthen the public perception of your brand