CSR And Sustainability Spotlight: IPB Insurance

09 Sep 2021 | 09.00 am

CSR And Sustainability Spotlight: IPB Insurance

€11m for social initiatives

09 Sep 2021 | 09.00 am

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IPB Insurance is committed to undertaking its strategic and operational activities through sustainable policies and practices.

Proud Track Record

A mutual insurance company, IPB protects the insurable interests of its public body membership and is committed to playing a leading role through community-led social responsibility programmes on behalf of, and in partnership with its members.

Celebrating its 95th anniversary this year, the mutual insurer has a proud track record of working with its public body members to deliver large-scale national community engagement and social programmes.

Sustainability Commitment

IPB’s long-term strategic focus is on sustainability, which means that not only is the company committed to leading in the area of CSR and corporate philanthropy but is committed to the cooperative Principles for Sustainable Insurance (PSI) and the UN Sustainable Development Goals (SDGs).

The PSI were developed by the UN Environment Programme’s Finance Initiative and serve as a global framework for the insurance industry to address environmental, social and governance (ESG) risks and opportunities.

€11m For Members’ Communities

A corporate social engagement framework was launched in 2012 to identify and address the needs of members’ communities. Eight years later, over €11 million in financial support has funded national community and social initiatives in partnership with national and local government, education, community and sporting bodies.

Largest Ever Fund For Social Enterprises

In 2018 IPB partnered with Rethink Ireland and the Department of Rural and Community Development to deliver the largest ever fund for Irish social enterprises. The Social Enterprise Development (SED) Fund is a €3.2m fund delivered over four years, 2018–2022. Rethink Ireland created the fund in partnership with Local Authorities Ireland and funded by IPB Insurance and the Department of Rural and Community Development via the Dormant Accounts Fund. The objective of the SED Fund is to find and back social enterprises that add to the social and economic fabric of their community and make a positive social impact.

The SED Fund provides critical support to the most innovative and impactful social enterprises across Ireland, helping to bolster their social impact, increase their traded income, create more jobs and develop long-term, effective and sustainable solutions. In its fourth year, the SED Fund has uncovered a natural appetite for social enterprise in Ireland. It has supported 40 enterprises that have delivered services to over 250,000 people, creating 191 local jobs.

Mutual Ethos

Besides the monetary awards, the Fund has had huge success in providing non-financial supports to over 80 social enterprises, including strategy and development business advisory and financial planning. Social enterprises offer sustainable and scalable solutions to a diverse range of social and environmental problems.

The SED Fund has supported organisations working on issues including the underemployment of people with a disability, the lack of accessible and affordable mental health supports, and the need to reduce waste in our society. Social enterprises are particularly effective at creating jobs for people who have difficulty accessing the mainstream labour market.

Social responsibility is just one of the elements of IPB’s long-term sustainability strategy. Nevertheless, it serves as a strong indicator of the commitment and influence of the company’s mutual ethos on its activities.

Photo (l-r): Head of Marketing, Communications & CSE at IPB Insurance Tom Keane, Manager at the Dublin Food Co-op Aoife Hammond and CEO of Rethink Ireland Deirdre Mortell at the launch of the IPB Insurance partnership with Rethink Ireland. (Pic: Marc O’Sullivan)

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