Fostering Sustainability through Financial Solutions

Insurance can offer protection and support solutions that can help our customers and communities manage the transition and impact of climate risks. Insurance also intrinsically fulfils a socially responsible economic purpose as it brings financial stability and peace of mind to individuals, households and businesses. 

Our Management Approach

As a leading regional insurer, we are committed to facilitating the transition towards net zero and building climate resilience for both our business and our customers. As we pursue this strategy, we continue to reinforce our capabilities to better navigate the challenges and uncertainties posed by climate change.

Ensuring insurance remains accessible and affordable – especially to people who need it most is a key priority for Great Eastern. We have been partnering with governments and other organisations since 2005.

Within the Great Eastern’s Sustainability Taskforce, the Product Development Taskforce takes the lead in assessing the risks and opportunities for sustainable insurance offerings and initiatives – across Life and General insurance – that can support our sustainability agenda.

Insurance Innovation to Promote a Green Transition

The Singapore Green Plan 2030 includes a strong push to electrify our vehicle population. The GREAT EV Protect launch in Singapore in September 2023 is our way of supporting the nation's vision to transition towards cleaner energy vehicles. This insurance plan not only promotes EV adoption by mitigating potential risks associated with electric vehicles but also covers ancillary aspects such as home content damage from EV-related fires and private charging station protection.

In the commercial insurance space, Great Eastern continues to be a key partner to EPDR - a leading renewable energy company based out of Singapore - to provide customised insurance solutions for their green construction projects and their solar energy assets in Singapore.

In Indonesia, in response to the growing adoption of renewable energy in homes, PT Great Eastern General Insurance Indonesia has enhanced our House Holder/ Property Insurance to include coverage for solar panels.

Fund Selection under our Investment-linked Products (ILP)

Since 2022, Great Eastern Singapore has applied the MSCI ESG Rating to our ILP fund curation process. We publish the MSCI ESG ratings so that customers can make informed decisions when choosing their ILP funds. It is our goal to offer ILP funds which are rated MSCI ESG A and above. The companies invested under these funds have demonstrated their ability to manage ESG opportunities and risks in their respective industries. As of 31 December 2023, 73% of our ILP funds are rated A and above.

Empowering Financial Management

The introduction of the Financial Storyboard, leveraging SgFinDex data, represents a groundbreaking step in financial services. Great Eastern has enabled customers to consolidate their financial information within our app since its inception, fostering a holistic and proactive approach to financial management. This digital innovation enables customers to securely share their financial data, offering comprehensive and accurate financial planning in collaboration with their financial representatives.

Enhancing Insurance Accessibility with Adviser Digital Portal

In Singapore, the Adviser Digital Portal (ADP), refined in 2023, further streamlined the process of connecting customers with financial representatives and relevant insurance products. Within a few clicks, customers can now enjoy the convenience of making insurance purchases via ADP while having access to servicing representatives where assistance is needed.

Simplifying the Claims Process in Malaysia

Great Eastern Life Malaysia revamped its claims process in 2023, allowing digital submissions for life, critical illness and total permanent disability (TPD) claims through the ‘Great Planner’ app and ‘E-connect’ portal. This advancement enables our 22,000 agents to process claims online, eliminating the need for paper-based methods and counter visits. Customers benefit from real-time updates on their claims, which are accessible from any location. This digital transformation has increased efficiency, reduced processing times and significantly increased customer satisfaction.

Plans are underway to extend these digital services to medical claims to manage higher volumes and further refine the claims experience for both agents and customers.

Empowering Financial Management Enhanced Low-cost Coverage for Singapore's DPS Enrolless

According to Life Insurance Association of Singapore, each working adult needs S$739,000 as a recommended financial safeguard against death. To close the protection gap, Great Eastern now offers a low cost GoGreat Term Life insurance that provides customers with the option to increase the coverage by up to S$300,000.

Great Eastern Indonesia's Pledge for Greener Assurance

As part of our commitment to a sustainable future, Great Eastern Life Indonesia has embraced a digital-first strategy for 2023 and has incorporated ESG principles into our insurance products. To minimise our environmental impact, we integrated five vital insurance products into our GoGREAT! platform, emphasising convenience and doing away with paper-based processes and travel altogether.

Aligning with the ESG Social Pillar’s goal of increasing insurance accessibility, this strategic move provided customers with greater access and convenience while actively contributing to our carbon footprint reduction. We have made a conscious effort to reduce environmental impact by minimising the need for physical documentation, travel and in-person interactions inherent in traditional sales methods.

Furthermore, we are committed to fully embracing mobile technology for product distribution by implementing the Great Advice Mobile Point of Sales (MPoS) across our Bancassurance channels. The push toward digital integration demonstrates our commitment to environmental sustainability.

To commemorate World Environment Day and our 27th Anniversary in 2023, a portion of proceeds from the GREAT Investlink Protection or GREAT Protection Link sale via the GoGREAT! sales website was channelled towards the planting of mangrove saplings and seagrass.

We demonstrate our commitment to social responsibility by aligning our operations with global sustainability goals and championing environmental conservation. The approach taken by Great Eastern Life Indonesia demonstrates how we can foster a more sustainable, equitable and environmentally responsible world. 

2023 Insurance Asia Award, Insurance Asia:
Digital Transformation Initiative Award, Great Eastern Singapore