Sustainable insurance

Sustainable insurance

Mandatum’s insurance services cover personal risk insurance, savings and investment insurance for private clients, pension and personal risk insurance supplementing statutory insurance cover for entrepreneurs, as well as investment services for corporate clients, group pension insurance and personal risk insurance as a rewarding tool.

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 Life), 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 their changes 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.


Sustainable claims handling

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 modern way to keep track of insurance matters.


Commitment to sustainable insurance

In accordance with Mandatum’s sustainability strategy, the aim of its insurance business is to promote clients’ well-being through preparing for the future and prospering. Mandatum Life is committed to the UN Principles for Sustainable Insurance (PSI) and has compiled a Sustainable Insurance Policy based on the principles.

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:

  •     embed in its decision-making environmental, social and governance issues relevant to its insurance business;
  •        work together with its clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions;
  •        work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues;
  •        demonstrate accountability and transparency in regularly disclosing publicly its progress in implementing the Principles.

Mandatum reports on its progress in sustainable insurance as part of its sustainability reporting.

Sustainable Insurance Policy