Sustainable insurance operations take into account environmental, social, and governance (ESG) considerations. In personal insurance, the socioeconomic impacts generated by the business are particularly significant. In practice, this is reflected in the solutions companies offer to help individuals prepare for serious illnesses or accidents, thereby safeguarding the financial situation of clients and their families when facing adversity.
Mandatum’s insurance services cover:
Mandatum actively provides entrepreneurs, private clients, and corporate clients with advice and services to complement their financial security.
Personal risk insurance services provide financial security in case of serious illness, disability, or death. Mandatum’s services for entrepreneurs secure the continuity of business operations and supplement the statutory cover of entrepreneurs and their families, as entrepreneurs are responsible for their own pension cover and the company’s risk management.
Employers can play a key role in ensuring the financial security of their employees during and after their careers. In Mandatum’s view, insurance taken out by the employer is an effective way to supplement the financial security of employees. In return, the employer increases employees’ commitment and improves its employer image.
Mandatum’s personal risk insurance underwriting is based on the internal Underwriting Policy approved by the Board of Directors of Mandatum Life Insurance Company Limited, Mandatum Group’s subsidiary in charge of personal risk insurance. The purpose of the policy is to ensure that insurance risks are proportionate to the company’s insurance premiums and that clients are always treated fairly. Insurance premiums are based solely on data relevant for assessing the premium. In accordance with the company’s Product Governance Policy, the CEO approves all insurance products and changes to them based on a proposal made to the Management Team. Mandatum also ensures that its employees’ competence is up to date in offering insurance and risk insurance that meets client needs.
Mandatum serves its clients by phone and through the web service. The company’s goal is that clients receive good service and compensation quickly, efficiently, and in accordance with the terms of the insurance. Mandatum processes around 47,000 insurance claims each year. The quality of claims handling is continuously monitored through internal control, dialogue with employees, and client feedback. In addition, the company continuously strives to improve its solutions and investigate the underlying causes of complaints to improve its processes, communications, and advisory services. The company offers paperless services to ensure clients an environmentally friendly and agile way to keep track of insurance matters.
Mandatum Life Insurance Company is committed to the UN Principles for Sustainable Insurance (PSI). The PSI offers a global framework in which environmental, social, and governance issues are embedded in the activities of insurance companies. The PSI requires a company to:
Mandatum reports on its progress in sustainable insurance as part of its annual sustainability reporting.
Mandatum’s Sustainable Insurance Policy describes how the company takes ESG factors into account in the various functions of its insurance value chain. The policy is based on the UN Principles for Sustainable Insurance.
Mandatum’s Sustainable Insurance Policy describes how the company takes ESG factors into account in the various functions of its insurance value chain. The policy is based on the UN Principles for Sustainable Insurance.