Thu. Dec 1st, 2022

Max Financial Services launches its ESG Report

Max Financial Services

Max Financial Services Limited has launched its Environment, Sustainability, and Governance (ESG) Report today. The ESG Report is a transformational and long-term strategy reflective of the Company’s purpose, values, and leadership essence in the life insurance industry in India.

Some of the highlights of the performance of Max Life Insurance  for FY21, basis the ESG report include Gender diversity,
Cumulative digital learning hours for upskilling and reskilling programs, 56000 tree plantations over the year and claims paid ratio achievement of 99.35%.

India’s recent announcement of a net-zero target by 2070 in the COP26 summit this year is a significant signal of climate action. Max Financial Services Limited and Max Life is planning to achieve carbon neutrality by the financial year 2028. This goal underlines our commitment to being a completely ESG compliant organization.

With the world resetting itself after Covid-19, the report comes at an opportune time to help shift the focus of businesses back to some key ESG strategies

Working ethically and sustainably

This pillar introduces robust corporate governance with a diverse composition of board structure, ethics and compliance frameworks through policies and awareness programs, digital initiatives to impact sustainable working, ethical usage of data including privacy, and security and risk and crisis management to the strategy.

Caring for people and community

Max Life centers its business strategy around its people and the community it serves This pillar incorporates strategies across hiring, retention, and training to increase diversity and inclusion composition. Max Life is set to augment its gender footprint with 30% gender diversity ratio by 2025. The pillar also includes career development training programs and health and wellness programs for employees. The “caring for community” strategy focuses on CSR drives impacting society and the environment and enabling financial empowerment across communities. Through its initiatives, Max Life plans to touch more than 5 lakh beneficiaries by 2025 from more than 1 lakh in 2021.

The graph shows the jump in rankings of Max Life among ‘India’s best companies to work for through the years.

Financial responsibility

This pillar focuses on integrating ESG in investment decision making, product responsibility and customer feedback integration to provide a transparent means of marketing and pricing the products and services. MFSL and Max Life have set out goals for 100% ESG integration in all equity investment research and decision-making by 2023.

Green operations

This pillar places waste and water management, energy usage and efficiency, emissions control as one of the major focus areas of the strategy. MFSL Corporate Office – Max Towers is a certified green building that is enabled with many environment-friendly factors.

Commenting on the report launch, Mohit Talwar, Managing Director at MFS,  said, “Max Life Insurance has developed its ESG Strategy with the ambition to develop a focused and impactful ESG program, maximizing the value we bring to the communities and the planet. The strategy has been developed based on feedback that we have received from both our internal and external stakeholders. The ESG strategy aims to address the company’s material sustainability issues, with an ambition to combat ESG risks and drive meaningful impact”

Prashant Tripathy, CEO and Managing Director, Max Life, says: “We have always focused on a triple bottom line of People, Planet, and Performance. The current global scenarios have made it more pertinent for companies like us to play a greater role in building a sustainable future. It is this sense of responsibility that drives our inherent ESG agenda. The culture of care for people, the environment, and communities have enabled us to earn the trust of our customers over the past two decades. Our ESG strategy aims to build on this trust to make Max Life more diverse and inclusive for all our stakeholders while continuing to play a constructive role in delivering sustainable growth for all.”

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