How Definity advanced its ESG data collection with Novisto

Definity’s ESG governance

Definity’s Board of Directors maintains oversight of its ESG strategy as it expects the strategy to create long-term value for stakeholders. The Executive Leadership Team and executive ESG Steering Committee work with a view to ensuring that the appropriate ESG factors are embedded into Definity’s corporate strategy, and that key risks and opportunities are managed effectively. A dedicated ESG function within the Corporate Strategy group is responsible for the development of sustainability strategies and implementation plans, and provides day-to-day oversight, thought leadership, and execution support for its business lines and corporate functions. Several cross-functional groups support the day-to-day development and execution of ESG-related priorities.

The Definity Story - In a Nutshell

1. THE CHALLENGE - Spending excessive time gathering and validating data.
2. THE SOLUTION - More structured processes and controls to ensure complete and accurate data.
3. THE OUTCOME - Definity secured limited assurance on 19 key metrics in its 2023 ESG Report to enhance stakeholder confidence in its disclosures.

DIY approach to ESG data

The ESG team first started using spreadsheets to collect and validate ESG data from various sources across the enterprise. With a strong culture of risk management, Definity was looking for a system that would enhance the auditability of sustainability data.

“As an insurer, our company has an inherent and long-standing focus on risk management as part of our culture and DNA. It’s important for our stakeholders that we continuously strengthen the rigour of our ESG data.”

DEVON FERNANDES,Senior Manager, ESG Disclosure & Engagement

Increasing the rigour of ESG data

Definity chose Novisto for its strong workflows, data controls and clear audit trail. Definity first employed Novisto to coordinate the collection, review, and approval of data to respond to the CDP climate questionnaire in 2023. The ability to see the full questionnaire and access guidance gave confidence to the data contributors and helped reinforce one of Definity’s values—inspire customer confidence.

After completing the CDP questionnaire submission, the team turned its attention to gathering data for the 2023 ESG Report. The Novisto platform gave the ESG team the ability to keep track of their data collection progress more easily than with their prior tools, and they were even ahead of schedule this time around!

After collecting the data, the process and data were scrutinized following Definity’s three line of defense risk governance model. To proactively strengthen the credibility of their ESG story, nineteen material metrics were subject to limited assurance by Definity’s external auditor.

In the spirit of continuous improvement, the ESG team then conducted a post-mortem with stakeholders and used the insights gathered in that meeting to make improvements for the next data collection cycle.

We created custom templates for the metrics on which we sought limited assurance. We gave the auditors view access so that they could look into all the data gathered, which helped to streamline the assurance process considerably.

DEVON FERNANDES, Senior Manager, ESG Disclosure & Engagement

Organized and confident in a single source of truth

With a robust ESG reporting system in place, the ESG team can now focus more of its time on enabling action using the data they collected. Definity’s ESG team is using that time to build relationships and integrate ESG considerations throughout the organization to achieve its core purpose—building a better world by helping clients and communities adapt and thrive.

“Using the data that we’ve collected to enable action is key to positioning Definity as a purpose-driven sustainability leader.”

DEVON FERNANDES, Senior Manager, ESG Disclosure & Engagement

Why Definity chose Novisto

• SAVE TIME - To create an efficient system and processes to facilitate ESG data collection and reviews
• A SINGLE SOURCE OF TRUTH - Higher confidence in the completeness, accuracy, and consistency of ESG data to be disclosed
• CLEAR AUDIT TRAIL - To make internal and external audits quicker and easier

Advice to ESG practitioners

“Sustainability leaders should focus on the things that deliver the most business value and positive impact to society. Streamlining ESG data management can allow you to focus on the things that matter most.”

DEVON FERNANDES, Senior Manager, ESG Disclosure & Engagement