Assurant Affirms Long-Standing Commitment to Social Responsibility
Assurant, Inc. (NYSE:AIZ) has released its 2021 Social Responsibility Report, highlighting its commitment to sustainable practices through various environmental, social, and governance (ESG) initiatives. Key focus areas include fostering diverse and inclusive workplaces, enhancing product sustainability, and reducing carbon emissions. The report outlines significant accomplishments such as a multi-step pay equity initiative, increased hourly wages for U.S. workers, and substantial community support through donations. The company aims to align its ESG strategies with long-term business goals while minimizing its environmental impact.
- Achieved diversity with 60% female representation in the workforce and 52% diverse U.S. workforce.
- Increased hourly wages for U.S. employees to at least $15/hour starting July 2021.
- Expanded supplier diversity and launched initiatives for responsible investing.
- Maintained a 'B' score on the CDP Climate Survey for three consecutive years.
- None.
Assurant, Inc. (NYSE:AIZ), a global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, today published its 2021 Social Responsibility Report. The report highlights Assurant’s commitment to building a more sustainable future for all stakeholders through multiple environmental, social and governance (ESG) initiatives. Strategic ESG areas of focus for 2020 - 2025, as well as expanded multiyear data and accomplishments during the past year are highlighted in the Company’s 2021 Report.
At Assurant, we believe that creating value requires the deep integration of social responsibility within our business strategy. Learn more about our commitment to building a more sustainable future for our customers, employees, partners investors, and communities in the Assurant 2021 Social Responsibility Report. (Graphic: Assurant)
“At Assurant, our global commitment as a socially responsible company is stronger than ever,” said Alan Colberg, president and CEO, Assurant. “At no time in our history have Assurant employees had to adapt, persevere and deliver support for our more than 300 million consumers with the selfless courage they demonstrated in the past year. We are building on our progress as we continue to strengthen the alignment of our social responsibility initiatives with our purpose, our values and our long-term strategy, including an even greater focus on creating a more diverse, inclusive and sustainable global company for the future.”
Assurant’s longer-term strategic planning process, overseen by its Board of Directors, prioritized three multiyear ESG areas of focus that are outlined in the 2021 Report, along with related goals and actions. The Company’s longer-term ESG priorities are:
- Talent: Foster a diverse, equitable and inclusive culture to drive innovation for the benefit of all stakeholders,
- Products: Help customers thrive in a Connected World, and
- Climate: Operate to minimize its carbon footprint and enhance sustainability.
“Our longer-term ESG areas of focus prioritize the strategic importance we place on talent, diversity, equity and inclusion as well as ensuring our operations and the products and services we offer consumers enhance environmental sustainability in the Connected World,” added Colberg. “As the global market, consumer needs, expectations and ESG standards continue to evolve, we will further integrate strategic ESG considerations into our planning, operations and disclosure.”
Social Responsibility/ESG Annual Highlights and Accomplishments
Assurant’s Social Responsibility Strategic Framework and ESG Guiding Principles center on four pillars against which the company measures progress year-over-year. Highlights and accomplishments in each area described in the Company’s 2021 Report include:
Responsible Employer
- Conducted a multi-step pay equity initiative leveraging third-party expertise and objectivity to help ensure equitable compensation across employees with similar job skills and responsibilities; results confirmed fair administration of pay with no evidence of systemic or material pay equity issues
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Launched a multi-phase process to increase all U.S. hourly-paid employees of Assurant to at least
$15 an hour in July 2021 - Further expanded Assurant’s global diversity, equity and inclusion programs and accountability, including the rollout of diverse slate requirements and ongoing unconscious bias training
- Reported diverse representation in Assurant’s global workforce with 60 percent comprised of women as of year-end 2020; 52 percent of Assurant’s U.S. workforce is diverse in race or ethnicity; women comprise 33 percent of the Management Committee; 50 percent of the Board of Directors is diverse in gender, race and/or ethnicity
- Throughout COVID-19 pandemic, activated protocols to safeguard employee health and support employees’ emotional, physical and financial wellbeing while sustaining operations in 21 countries worldwide and did so without job eliminations caused by the pandemic.
Impact on Society
- Formed a new Assurant Investment Committee to provide a forum for discussion of ESG topics in balance with other investment considerations to further the company’s responsible investing practices
- Completed climate-related scenario analysis and included an expanded Task Force on Climate-Related Financial Disclosures (TCFD) Index to describe Assurant’s risk management, governance and overall climate-related considerations
- Sustained a “B” score, for the third consecutive year, on the annual CDP Climate Survey; reduced annual paper consumption by about 52.5 tons in 2020, and reduced energy consumption at facilities by 67 million kilowatt hours during the past decade
- Launched an expanded Supplier Diversity and Inclusion registration portal, and enhanced Assurant’s infrastructure and network of support to increase opportunities in its supply chain for certified diverse businesses
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Donated
$4.7 million in grants, upholding all commitments and supporting nearly 1,700 charities globally with grants or employee matching gifts from the Assurant Foundation in 2020 -
Through the Assurant Cares Employee Support Fund awarded more than
$1.1 million in support of employees facing financial hardships triggered as their family members lost their jobs or other household income due to the COVID-19 pandemic - Mobilized employee engagement globally to provide charitable and community support during the COVID-19 pandemic with nearly 17,300 recorded employee volunteer hours during 2020.
Customer Commitment
- Activated Assurant’s business continuity plans to ensure continuing support of its clients by providing uninterrupted essential services to their customers during the COVID-19 pandemic, including quickly equipping more than 12,000 employees to work remotely
- Accelerated investments to enable enhanced experiences with digital-first platforms and robust digital self-service tools, adding convenience and efficiency to support clients and customers; expanded ratings and reviews infrastructure to integrate real-time customer feedback, gain insights and enhance the overall customer experience
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Completed five acquisitions during 2020 to continuously improve capabilities in its Connected Living and Global Automotive businesses for the benefit of Assurant’s clients and their customers; through Assurant Growth Investing have invested more than
$100 million during the past six years in 21 portfolio companies that are complementary or disruptive to its core businesses.
Integrity and Ethics
- Expanded Board-level oversight of ESG matters and increased frequency of updates with management regarding important related topics such as human capital management, diversity equity and inclusion, and cybersecurity
- Formed a new Board-level Information Technology Committee in 2020 that is responsible for oversight of risk management with respect to information technology
- Completed 210 information security audits, conducted 938 third-party IT vendor assessments and three tabletop information security exercises; experienced no material information security breaches in 2020
- Updated its global Code of Business Conduct and Ethics and Supplier Code of Conduct, and reinforced Assurant’s Human Rights and other ESG-related commitments in effect for Assurant and its suppliers
- Rolled out comprehensive and mandatory ethics, privacy and information security training programs that were completed by more than 14,000 employees worldwide.
The full Assurant 2021 Social Responsibility Report and additional information about Assurant’s ESG strategic initiatives is available online at socialresponsibility.assurant.com.
About Assurant
Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world’s leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters’ insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
Learn more at assurant.com or on Twitter @AssurantNews.
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