Consulting Project: Zurich Insurance Group

Project Title: Corporate Responsibility Measurement & Reporting Framework

This project is assigned by Zurich Insurance Group to a consulting team of 4 participants within the Diploma in Sustainable Business program. The project timeline includes the period of September 2013-June 2014.

Overall goal

Zurich has a comprehensive Corporate Responsibility (CR) strategy in place, which has 7 focus areas and aims to seamlessly integrate environmental, social and governance criteria into its core and supporting business processes. Each focus area is led by a senior professional within the business and has a clear strategy and plan of action in place.

The framework on how to measure and report both the progress vs targets of the 7 focus areas and the value created by the overall CR initiative is still under development and has been identified as one of the areas to improve within the CR Strategy. With the consulting project, Zurich aims to engage an expert sustainability consulting team to support the development of a comprehensive Sustainability/CR Measurement & Reporting Framework.

The areas of focus are:

  • Enhancing community flood resilience
  • Investing our Group assets responsibly
  • Working with our corporate customers to help them better understand and manage their
  • corporate responsibility risks
  • Community investment locally and through the Z Zurich Foundation
  • Environment, health and safety management in our office buildings
  • Diversity and inclusion in our workforce
  • Responsible supply chain management

Project objectives

  • Establishing a materiality framework & materiality matrix covering all 7 CR focus areas
  • Defining material and meaningful indicators to be reported and selecting KPIs to measure performance for each of the 7 focus areas
  • Develop an integrated reporting framework (for internal & external reporting)

Project contributions

  • Analysis and development of a materiality framework and method
  • Development of concept and application for key performance indicators in one CR focus area
  • KPI benchmarking for CR measurement and reporting among peer companies
  • Development and application of a sustainability rating matrix
  • Development of a tool for project progress display
  • Review of company’s current CR strategy
  • Display recommendation for company’s current CR strategy
  • Development of new CR strategy framework