MBA Fellow Implemented ESG Strategy at Gore Mutual
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During the summer of 2022, Yurany Hernandez (MBA '23) interned as an NYU Stern MBA Sustainability Fellow at Gore Mutual Insurance Company. Read on to learn more about her time there:
Name: Yurany Hernandez
Year: 2023
Specialization: Sustainable Business and Finance
I had the fantastic opportunity of working on three projects related to the implementation of the ESG strategy in Gore Mutual Insurance Company (GM). This is a medium insurance company in Toronto, Canada. They are launching a new corporate strategy that includes implementing the ESG approach since 2021. Then, they have different projects and task to do. I had to work directly with the Head of Purpose and Sustainability. Gaby Polanco is designing all the implementation, and I contributed to three projects.
The first one was related to ESG reporting and disclosure. The goal was to design the first ESG report for GM for 2023. Regarding my job, I worked on an extensive peer review of the best practices in the insurance industry in Canada. The company wants to know the structure, content, metrics, and targets that its peers are currently presenting. I have enjoyed this research because it gives me a good outlook on industry trends. Besides, I could understand how other companies are redesigning their operations from a new perspective.
The second project was about sustainable and responsible investing. As part of the implementation of the ESG approach, the company will implement changes in its investment policies with the managers. The goal was to present recommendations for the annual meeting in October. My task was to review the PRI and peer research about exclusions and ESG screening. One of the main challenges here was understanding the business, the insurance industry, and the terminology related to the business. However, it was satisfactory to know about the investment management trends and realize how companies decarbonize their investments and operations.
Lastly, the third project was related to a new initiative that is currently under review in GM. This is a new additional service to avoid losses in customers’ properties because of weather conditions. They expect to launch a pilot of this project in 2023. My goal was to estimate the potential benefits for the company from an ESG perspective, given that the current projections show only costs and a negative return for the company. For this purpose, I worked with the ROSI methodology to map out other benefits. I found some difficulties because of the access to information. This is not a public company where I can find the data on internet.
Moreover, at the beginning, I struggled because I was not sure about how to use ROSI in this industry and project. However, I stayed in touch with the ROSI experts in the CSB; they helped me with guidance and recommendations. Indeed, I want to express my sincere thanks to Chisara Ehiemere and Divya Chandra, their support was vital for me. Finally, I implemented the ROSI for this project and showed other potential benefits, such as an increase in customer loyalty, new clients, and risk management.
Thank you for this great opportunity. Sincerely, I consider the fellowship has been an extraordinary experience for my career. I am convinced that this is the path I want to follow.
Name: Yurany Hernandez
Year: 2023
Specialization: Sustainable Business and Finance
I had the fantastic opportunity of working on three projects related to the implementation of the ESG strategy in Gore Mutual Insurance Company (GM). This is a medium insurance company in Toronto, Canada. They are launching a new corporate strategy that includes implementing the ESG approach since 2021. Then, they have different projects and task to do. I had to work directly with the Head of Purpose and Sustainability. Gaby Polanco is designing all the implementation, and I contributed to three projects.
The first one was related to ESG reporting and disclosure. The goal was to design the first ESG report for GM for 2023. Regarding my job, I worked on an extensive peer review of the best practices in the insurance industry in Canada. The company wants to know the structure, content, metrics, and targets that its peers are currently presenting. I have enjoyed this research because it gives me a good outlook on industry trends. Besides, I could understand how other companies are redesigning their operations from a new perspective.
The second project was about sustainable and responsible investing. As part of the implementation of the ESG approach, the company will implement changes in its investment policies with the managers. The goal was to present recommendations for the annual meeting in October. My task was to review the PRI and peer research about exclusions and ESG screening. One of the main challenges here was understanding the business, the insurance industry, and the terminology related to the business. However, it was satisfactory to know about the investment management trends and realize how companies decarbonize their investments and operations.
Lastly, the third project was related to a new initiative that is currently under review in GM. This is a new additional service to avoid losses in customers’ properties because of weather conditions. They expect to launch a pilot of this project in 2023. My goal was to estimate the potential benefits for the company from an ESG perspective, given that the current projections show only costs and a negative return for the company. For this purpose, I worked with the ROSI methodology to map out other benefits. I found some difficulties because of the access to information. This is not a public company where I can find the data on internet.
Moreover, at the beginning, I struggled because I was not sure about how to use ROSI in this industry and project. However, I stayed in touch with the ROSI experts in the CSB; they helped me with guidance and recommendations. Indeed, I want to express my sincere thanks to Chisara Ehiemere and Divya Chandra, their support was vital for me. Finally, I implemented the ROSI for this project and showed other potential benefits, such as an increase in customer loyalty, new clients, and risk management.
Thank you for this great opportunity. Sincerely, I consider the fellowship has been an extraordinary experience for my career. I am convinced that this is the path I want to follow.