Bupa Arabia is committed to doing business in an ethical and sustainable manner, transforming healthcare in the Arab world, and leaving a lasting impact on community members and the environment.
Environmental, Social, and Corporate Governance (ESG) is a framework of non-financial performance indicators that helps in evaluating an organization’s collective conscientiousness and commitment towards its stakeholders, the environment and communities in which it operates. While the insurance industry’s direct impact on the environment is limited, Bupa Arabia believes in taking a proactive approach of making a positive impact on the world. Bupa Arabia’s ESG strategy is aligned with the KSA Government’s Vision 2030, where “Sustainability lies at the heart of everything the Kingdom does”. Bupa also takes wider ESG considerations based on the framework of community, people and the environment. Our support to communities is extended through our collaborative effort with the Ministry of Human Resources and Social Development. We support our people through “One for One” funding of matching employee contributions with Company funds for charitable projects, in addition to wellness, care and health initiatives. Green initiatives are embedded in our operations, measuring and mitigating our impact on the environment. Our efforts in this context currently covers tree planting and a recycling program.
ESG Policy and Strategy
The Company is in the process of formulating its own comprehensive ESG strategy, with all required workflows, key persons, roles and responsibilities, together with a road map and key metrics to ensure that it achieves its stated goals.
While the COVID-19 pandemic slowed down most businesses, Bupa Arabia successfully forged ahead with a series of ESG related initiatives, engaging the staff in its implementation. This is most evidenced in the Company’s efforts in the spheres of employee relations and diversity, working conditions, health and safety, CSR projects engaging with local communities, and serving the poor and underserved, especially orphaned children. Bupa Arabia’s new building that is being constructed in Riyadh will incorporate international best practices in sustainability that are aligned with the Government’s green initiatives.
Sustainable Technology
Digital Health Insurance Cards
In June 2021, the Company introduced digital insurance cards, thereby replacing 99% of customer transactions using plastic cards, resulting in a significant positive environmental sustainability impact. This was achieved by improving and updating all digital services in line with the latest digital trends. It is also part of the unique digital experience to customers through the “Bupa Click” platform, helping them to receive services with ease and flexibility.
Digital Healthcare Platform
Bupa Arabia invested in the Okadoc digital healthcare platform in October 2021, which will help the Kingdom transform its healthcare sector. Giving the right mixture of in person and virtual interactions, this platform provides access to patient engagement, as well as automation capabilities in online bookings. This has resulted in a considerable reduction in the amount of paper used in such bookings and other related transactions, as well as reducing the pollution caused by travel. This investment is also in line with the goals of the Saudi Health Ministry, as well as the Council of Health Insurance and the Saudi Central Bank in “Driving Digital Transformation in key sectors”.
Sustainable Relationships
Employment Relations and Diversity
Some of the key achievements in employee relations and diversity are as follows:
Talent Councils
Conducted biannual talent councils with Operations – Sales – Risk and Finance involving the Chief Executive Team (CET) and selective Senior Manager Teams (SMTs) with all HR Leadership Teams to support and resolve all people related matters. This resulted in total 88 people transactions (62 transfers and 26 promotions).
Female Inclusion
Met our target of female representation of 34% and 15% across the entire staff and management, respectively.
Building Community Relations
Bupa Arabia has introduced a series of initiatives to make insurance more accessible, including instalment payment solutions for micro-SMEs and individuals, more flexible financial solutions for SMEs and the provision of free health insurance for orphans. The Company has given priority to improving insurance literacy and awareness by providing all necessary information needed by potential clients to make informed decisions about their choice of insurance products.
Strengthening Partnerships
Business partners/suppliers are important contributors towards the success of Bupa Arabia in its business activities. The Company has consistently focused on building and maintaining strong relations with such partners/suppliers, especially in the localities.
The Company has improved efficiencies and strengthened relationships by implementing the new Oracle ERP system, establishing contracts and vendor relationship management roles, and establishing the cost containment concept within the Company’s culture. Some of the significant achievements in this regard include:
- Focusing on local suppliers instead of overseas vendors, and giving local SMEs the chance to bid. Such initiatives are in line with our efforts to forge closer relations with local businesses/SMEs, and supporting their growth, replacing the repetitive high value items with lower value items such as replacing trophies with certificates
- Focusing on cost savings and reduction
- Procurement process of sharing an RFP to multiple local suppliers
Engagement with Investors
The Company communicates with shareholders through regular forums such as the Annual General Meetings (AGM). Moreover, Bupa Arabia’s CFO and CBDO, as well as the Investor Relations team hold quarterly webcasts and earnings announcements, providing detailed information to the investor public about Bupa Arabia’s latest financial performance, and the latest trends in the insurance market. Also, the Investor Relations team regularly attends events and conferences held by prominent regional and international financial institutions to discuss strategic, financial and organizational developments of the Company.