Deepak Jobanputra: Why sustainability will become a licence to thrive
As the world changes fast, so too will the demands on advisers. Whether it’s because of a new generation of clients expecting more environmentally friendly and socially conscious providers or how our health is connected to the sustainability of our planet, now is the time to move forward together as an industry, writes Deepak Jobanputra, Chief Sustainability Officer for Vitality
It’s hard for us all to grasp the future impact of the decisions we make today. As humans, we also tend to favour immediate gratification, even if the outcomes are more detrimental to us in the longer term.
We already know this about our health. It’s why we use rewards and incentives to help clients make healthier choices to protect themselves in later life. Changing human behaviour is not so easy.
The same applies to climate change - globally and in the UK. We know that the health of our planet is an existential threat, but it’s difficult to imagine the consequences of our actions until they are right on our 'doorstep', rather than happening in a different part of the world and time zone.
The truth is that – individually and collectively – we all have a role to play, today.
It's not just because it’s morally the right thing to do, or that the life of our planet for future generations depends on it. Businesses globally are increasingly being asked to evidence their sustainability credentials. Despite the volatile political conversation around this important topic, the United Nations (UN), governments and market regulators across the world will continue to put focus on environmental, social and governance (ESG) standards. These will inevitably trickle down to SMEs as well as to individuals.
Client expectations are changing too, with research showing that 92% of customers are more likely to trust a brand that is environmentally or socially conscious 1.
Healthier people, healthier planet
But you may be wondering, what has this got to do with health and protection insurance? Well, the fact is that the climate crisis is inextricably connected to health. In the words of Dr Tedros, Director General of the World Health Organisation: “The climate crisis is a health crisis”. Over 70% of cancer drugs rely on the natural planet 2, for example. Ill-health prevention, individual self-care, low carbon alternatives and lean service delivery all also serve as the main principles of the Centre of Sustainable Healthcare.
The inseparable connection between preventative healthcare and the huge protection gap globally is why, in 2023, we co-authored a paper with the UN titled ‘Health is our Greatest Wealth’ which showcases how insurance is one of the most powerful levers we have available to us to drive sustainable health outcomes.
By using those initiatives as a vehicle for social good, collectively, we can make the world a better place as part of a highly viable shared value business model. Healthier people make for a healthier planet at the end of the day.
Sustainability for Advisers webinar series
But we are not stopping there. We believe that sustainability is a licence to thrive for businesses, as part of a forward-thinking philosophy that can help unlock the adviser of the future – both operationally and to better meet changing client needs and expectations. We are therefore excited to be launching a brand-new webinar series – Forward Thinking presents sustainability for advisers – over three weeks in June.
This series of short presentations and live panel discussions, featuring expert speakers from the UN, Geneva Association and leading global reinsurers Swiss Re and Hannover Re, alongside our own experts, have been designed to deliver structured knowledge and practical guidance in an area that is only going to grow in importance. Not only for clients and your business too - but for every one of us, as human beings facing the same set of challenges.
Recent articles
Five things you need to know about the Vitality Programme launch
Hot on the heels of the latest Vitality Programme launch, Justin Garbutt, Director of IFA Distribution, shares his key takeaways for advisers
Four simple steps to comprehensive mortgage protection advice
With homeowners continuing to feel the pinch against a challenging economic backdrop, Justin Garbutt, Director of IFA Distribution at Vitality, gives his tips to offering the most comprehensive mortgage advice possible
Dr Rishi Patel: ‘A joined-up approach to cancer screening is the answer’
Vitality’s Clinical Operations Director explains the critical role that cancer screening can play in early detection and improved treatment outcomes, and why joined-up care pathways are key
.png?rev=eaec4e31e03740b584885562b84b459f&h=581&w=600&la=en&hash=A8F2E4F7537010226B7DA4C9EDE9A8FA "Headshot Rishi Patel")