Partnership combines AXA's proprietary climate risk models with Capco's climate consulting expertise for risk assessment to help companies meet new climate risk reporting requirements
HONG KONG, June 8, 2023 /PRNewswire/ -- AXA Hong Kong and Macau (AXA) today announced a strategic partnership with Capco, the global technology and management consultancy, to offer a comprehensive climate-related risk management and reporting solution to financial institutions and other organisations. In response to increasing mandatory ESG reporting regulatory requirements, this partnership comes as a solution for corporates and firms across a range of industries that are looking to fulfill their climate disclosure obligations.
As a global insurance leader with centuries of expertise in property and casualty business, AXA is uniquely positioned to provide proprietary climate risk models and tools, backed by its high-quality dataset and climate science expertise, for the assessment of physical climate risks. The new partnership draws on Capco's proven experience in helping clients build out their data-driven climate competencies and AXA's depth and breadth of physical climate risk assessment coverage and capabilities. It allows clients to comply with evolving regulatory requirements, build enterprise-wide climate competence, and overcome the key challenges posed by today's fragmented climate data landscape.
Sally Wan, Chief Executive Officer, AXA Greater China, said, "At AXA, 'protecting what matters' is the mission that drives our innovation to help customers better manage risks. We are committed to supporting the fight against climate change, and are excited to be the first insurer to provide this comprehensive proprietary climate risk management and reporting solution to companies in Hong Kong, in partnership with Capco, to live out our commitment to become a true partner to our customers."
Chelsea Jiang, Chief Technical and Innovation Officer, General Insurance, AXA Greater China, said, "While ESG reporting can be complex to navigate, calls for enhanced ESG transparency have reached an unprecedented volume. We are very delighted to join hands with Capco to provide scientific quantitative insights and risk management recommendations to support companies in Hong Kong on their ESG disclosure effort, which is critical to their future success."
Lance Levy, CEO of Capco, said, "Climate change sits front and centre on the corporate agenda, with the pressure mounting to ensure compliance with increasingly stringent climate disclosure regulations. The Hong Kong stock exchange's recently announced consultation around mandatory climate-related disclosures for listed companies underlines how the stakes are rising fast in the ESG regulatory space. By bringing together AXA's expertise in climate modelling and high-quality data with Capco's expertise in building climate competencies, we are empowering companies to better measure, assess and report both their climate risks and the financial implications of those risks."
James Arnett, APAC Managing Partner of Capco, said, "It is key that institutions have the best tools at their disposal to navigate the more onerous compliance landscape we now see emerging with confidence and assurance. We greatly value this opportunity to partner with AXA and look forward to working with them on this important initiative."
AXA announced a strategic partnership with Capco to offer a comprehensive climate-related risk management and reporting solution to financial institutions and other organisations. (From left to right: James Arnett, APAC Managing Partner of Capco; Sally Wan, Chief Executive Officer, AXA Greater China)
About AXA Hong Kong and Macau
AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 51 markets and serving 93 million customers worldwide. Our purpose is to act for human progress by protecting what matters. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We strive to contribute to a sustainable future as an investor, insurer and an exemplary company.
As one of the most diversified insurers offering integrated solutions across Life, Health and General Insurance, our goal is to be the insurance and holistic wellness partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product innovation and customer experience enrichment, which is achieved through actively listening to our customers and leveraging technology and digital transformation.
We embrace our responsibility to be a force for good to create shared value for our community. We are proud to be the first insurer in Hong Kong and Macau to address the importance of mental health through different products and services such as offering free mindfulness practice resources through Mind Charger which is fully accessible to our customers and the public via our holistic wellness platform AXA BetterMe.
About Capco
Capco, a Wipro company, is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco's cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on LinkedIn, Instagram, Facebook, and YouTube.
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