Insular Life bags two victories at ESGBusiness Awards 2024
The company solidifies its track record with a governance framework and enhances employee well-being through wellness initiatives, benefits, and flexible work arrangements.
Life insurance company Insular Life (InLife) was honoured at the ESGBusiness Awards 2024 with Good Governance Award - Philippines and Workplace Wellness Programme Award - Philippines accolades for its commitment to good corporate governance, sustainability, and employee wellness.
Sustainability through responsible governance
For over a century, it has been deeply committed to its policyholders, employees, agency force, and the communities it serves. As a mutual life insurance company, InLife places great importance on its policyholders who are its members. This unique consideration fosters a deep sense of accountability and concern for protecting the long-term interests of stakeholders in mind.
It is guided by its governance framework, which is dynamic and responsive to the evolving landscape as it actively monitors global sustainability trends and integrates them into its corporate policies.
As such, InLife has been able to seize the opportunities presented by new and emerging technologies whilst addressing concomitant risks, such as artificial intelligence and IT security, without losing sight of its focus on business growth and long-term value creation.
It has also implemented flexible work arrangements, ensured a safe and inclusive work environment, provided mental health programmes and offered competitive compensation packages. Its commitment to employee development has become evident in its digital academy and the successful implementation of business process automation initiatives.
These have contributed to increased productivity, reduced attrition rates from 11.68% in 2021 to 8.2% in 2023, and brought about a strong company culture.
Another cornerstone of the company’s governance framework is gender equality, which is exemplified by its Board of Trustees being composed of four females and led by a female chairperson. Its workforce is also 61% female.
Outside of the workplace, the InLife Sheroes Advocacy and Movement has impacted more than 6.5 million Filipino women for the past five years through its various gender-focussed programmes.
Environmental sustainability is also a critical component of its governance framework. InLife has recently achieved the WELL Health-Safety certification for its Makati building, demonstrating its commitment to employee and tenant well-being. Additionally, its investments in solar energy, reforestation initiatives, and Philippine Eagle conservation underscore its dedication to a greener future.
The company’s journey is marked by a steadfast commitment to good corporate governance. Through this and its strict adherence to sustainable practices in its core operations, it is building a stronger, more resilient, and purpose-driven organisation.
InLife’s recent milestones, guided by its governance framework, have been lauded at the coveted ESGBusiness Awards 2024, with the company nabbing the Good Governance Award - Philippines category title.
“This achievement is a testament to [our] unwavering commitment to excellence, even in the face of stiff competition from multinational corporations,” the company said.
Empowering employees through wellness initiatives
InLife is also committed to fulfilling its social responsibility by prioritising the diverse needs of its employees through flexible work arrangements, wellness initiatives, and comprehensive health benefits.
Following the pandemic, InLife recognised a significant shift in employee preferences towards flexibility, quality work experiences, and enhanced wellness. In response, the company reinforced its people-centric strategies for its 700 employees to promote holistic wellness and work-life balance.
Collaborating with "The Good Squad," an engagement team comprising employees from various departments, InLife rolled out health initiatives to empower employees to take charge of their physical, mental, emotional, and social well-being. Central to this approach is an exceptional health and insurance benefits package, which includes comprehensive outpatient consultation coverage and above-market hospitalisation plans.
To support physical health, InLife established a gym/fitness centre offering regular fitness classes and organised sports tournaments. The company also conducts webinars on health issues, environmental sustainability, and social responsibility.
InLife’s 24/7 mental health helpline provides free expert consultations, fostering a supportive environment. The company also conducts employee engagement activities and social events such as Mother’s and Father’s Day celebrations, Kid's Day, Family Day, year-end parties, chorale competitions, summer getaways, and various interest-based employee network activities to enhance employee camaraderie. Spiritual wellness is likewise fostered through Masses, recollections, and retreats.
As a result of these wellness interventions, InLife observed a 22% decrease in sick leave requests as well as increased productivity, with 43% of employees receiving special awards and 135 employees promoted in 2023. The company's attrition rate remained low at 8%, well below the industry average of 14%, and the average employee tenure of 12 years significantly exceeded the standard of 7 years.
Through ongoing wellness interventions, InLife remains dedicated to fostering a workplace where every employee feels valued and motivated to prioritise their health. This earned them the Workplace Wellness Programme Award - Philippines accolade at the ESGBusiness Awards 2024.
The prestigious awards programme celebrates companies that are leading the way in building a sustainable future. It also highlights businesses that demonstrate outstanding commitment and achievement in environmental, social, and governance practices.
The ESGBusiness Awards is presented by ESGBusiness. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding commitment and achievement in environmental, social, and governance (ESG) practices, please contact Julie Anne Nuñez at [email protected].
