GRS
Microl (1-9 employees)
Tertiary
Finance and insurance
Lesson
The specialization in the products and services which contribute to sustainable business models supports the construction of a new business ecosystem. This is made up of the formation of new alliances, slow but consistent growth, and the emergence of more specialized investment products for companies that begin to integrate sustainable practices.
Background
After twenty years as a conventional insurer in the business sector, given the series of changes occurring in the industry in Colombia that are moving towards sustainability and climate change, GRS began to provide products and services for companies working on environmental issues and implementing environmental sustainability measures. Doing so allowed them to acquire an insurance policy which protects these companies’ goods and assets. Additionally, GRS aims to support the protection of investment in energy generation and sustainable products. GRS was created as a unique company with international alliances that allow Latin American companies to be considered within the global market, contributing to mitigating climate change.
Sustainability Story
Given the opportunity and interest in including Colombia in the global sustainability framework through the insurance market, GRS works in partnership with the international company Munich Re to promote and reward companies that utilize sustainable machinery. GRS began as a disruptive startup by prioritizing the issue of climate change in the insurance industry.
Additionally, they expand their products with specialized services to guide clients in the acquisition of sustainable machinery as well as the financing of ecological projects. In doing so, they advise clients who seek to transition their company toward sustainability and implement new green programs and policies. These services include analyzing the strengths and weaknesses, as well as conducting a risk analysis for natural disasters through a risk mapping toolkit designed by them.
Therefore, they resort to specialized insurance that provides advice to obtain investment for the benefit of companies that incorporate activities focused on positive contributions to the environment. Conjoining then, a project design consultancy to obtain economic investment directed to sustainable projects, and in turn, a specialized insurance that protects this investment by belonging to the sustainable business sector.
GRS Practices
| Insuring Sustainable Businesses | Conduct specialized studies on disaster risk |
|---|---|
| Investing in green transition models through weaving international consulting and financing networks that help ameliorate the climate crisis, generating international alliances that allow us to seek to achieve the objectives of sustainable development, providing economic incentives through specialized insurance policies to impact climate change, and consulting to obtain financing from implementing green projects. | Using established tools which detect the risks of natural disasters that companies may have, reducing the economic impact through specialized insurance. |
Pathway Map
Conduct Specialized Studies on Disaster Risk
View the Pathway MapInsuring Sustainable Businesses
View the Pathway MapEnabling Factors for Practices
| Internal to the organization | External to the organization |
|---|---|
| Partner Business Values: Aimed at changing the traditional insurance branch to one focused on strengthening companies with business models that incorporate the well-being of the environment and risks of natural disasters. | Foreign insurance companies: Those that work together with GRS and have supported the company in the design of the products. |
| Specialization: Strategy to specialize the company in green insurance and its agents in financing and insurance as a complete product design. | Global agendas: 2030 - collaborative work guide and Sendai as guiding frameworks for business operations. |
| Markets: Global economic trend of support for sustainable businesses and the growing interest of the business market in creating environmentally friendly projects. |
Arresting Factors for Practices
| Internal to the organization | External to the organization |
|---|---|
| Ability to grow: The organization is still small and it is thus necessary to improve the sales strategy to a higher level. | Market: Still a slow process of economic recovery/development. |
| Entrepreneur resistance: in the energy sector who refuse to change. | |
| Consumer behaviors: by not looking for sustainable products that motivate companies to make the change. |
Lesson for disaster risk reduction
Emerging business ecosystem actors offering new products and services for sustainability offer companies resources that add to their existing tool set to make disaster risk informed decision. In particular requesting or exploring specialized studies for new sites of operations, insuring part or the whole of sustainability investments in new projects.
