UG Management Corporate Social Responsibility Essay

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Case Group Assessment
Part 1: Analysis
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Contents
Executive Summary…………………………………………………………………………………………………………3
Introduction…………………………………………………………………………………………………………………….4
Impetus…………………………………………………………………………………………………………………………..4
Description of CSR Issues………………………………………………………………………………………………..5
SWOT Analysis……………………………………………………………………………………………………5
PEST Analysis……………………………………………………………………………………………………..6
Analysis…………………………………………………………………………………………………………………………7
Conclusion……………………………………………………………………………………………………………………..9
References……………………………………………………………………………………………………………………..10
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Executive summary:
In this report you’ll find an in-depth analysis of the insurance company The Trisura
Group’s current stand on corporate social responsibilities. Trisura Group is a Canadian insurance
company which provide services for surety, risk management, and corporate insurance. Trisura
currently shows their contributions towards the greater good by offering charitable donations,
participating in fundraisers, and allowing for employee volunteering amongst the community.
Through a SWOT analysis, it was concluded that the firm’s strength lies in implementing acts of
CSR to benefit their stakeholders and getting employees involved. This analysis also showed that
an increase of awareness towards environmental concerns would benefit the company
economically. A PEST analysis was also completed stating Trisura’s political, economic, social,
and technical factors. The report concluded that the marketing team has had a huge influence on
the accomplishment of boosting corporate social responsibility and maintaining its brand.
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Introduction:
Corporate social responsibility is a business strategy that enables an organisation to be
socially accountable to its employees, stakeholders, and the general public (Fernando, 2021).
Corporate social responsibility enables businesses to be aware of their influence on all facets of
society, including economic, social, and environmental. CSR implies that a business operates in
ways that benefit society and the environment, rather than harming them. The Trisura Group
LTD. is not shy of its CSR strategies over the years and continues to thrive towards creating
profitable tactics and boosting employee morale. This report goes into further detail about all the
corporate social responsibility strategies the insurance company, Trisura Group, incorporates in
their company values.
Impetus:
Trisura Group is a global insurance provider of surety, risk management, and corporate
insurance and reinsurance. Based in Toronto Canada, this insurance company can be found in
trading on the Toronto Stock Exchange (Trisura, n.d.). Trisura intends to expand through
strategic acquisitions and through the establishment of a multi-line, multi-jurisdictional platform,
while maintaining a focus on its existing distribution network and expanding penetration in
existing product groups.
Trisura has shifted a major focus on cyber insurance as it has become an alarmingly
threatening trend within the industry of insurance companies. Cyber insurance provides coverage
for network security breaches and loses, theft, and unauthorized disclosure of personal or
corporate information. The firm has provided this coverage by reducing their capacity, restricting
terms, and implementing tighter controls (risk solutions, 2021). Additionally, this trend of cyber
insurance has also become increasingly popular among small businesses. Multi-factor
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authentication is gaining popularity and is recommended as being the industry’s standard
security feature by all businesses (Trisura, 2021).
Trisura Group has always taken corporate social responsibility into account while doing
business. As any modern firm, Trisura needs to focus on CSR to achieve competitive advantage
and make a positive impact on society. UPC Insurance, Kinsale Capital Group, and Global
Indemnity, some of Trisura’s primary competitors, seem to place less emphasis on CSR in their
company values, which can account for Trisura’s continual incline towards achievement
Trisura has benefited from incorporating CSR strategies through earning customers’
confidence by supporting and participating in activities that benefit society. Trisura can further
integrate CSR strategies into their day-to-day operations by expanding their focus beyond social
issues. To gain a competitive advantage against their competitors, Trisura can cater to
stakeholder needs of environmental sustainability.
Description of CSR Issues:
Although on the right track, Trisura would further benefit from enhancing the CSR aspect
of the firm beyond their efforts in donations. Trisura can expand their CSR strategy by
incorporating more environmentally conscious efforts to satisfy stakeholder needs and increase
profitability. A SWOT analysis has been performed in order to interpret the solutions that would
increase the welfare in a societal, social, environmental, and economical way for their
stakeholders.
Trisura’s strength in their CSR strategy is that they donate annually to local and national
charities and participate in the United Way campaign, which helps individuals and communities
gain access to essential necessities like education and healthcare. Trisura also tries to include
their employees in their CSR strategy by donating up to $250 for each employees’ chosen cause,
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providing each of them with two paid volunteer days, and encouraging employees to participate
in charity initiatives (Anonymous, 2022). A weakness of Trisura’s CSR efforts is that they’re
narrowly focused on volunteering and donations and only cater to the social needs of their
stakeholders. This allows for the opportunity for Trisura to make its CSR efforts more wellrounded by incorporating more environmentally friendly initiatives. This would not only
accommodate stakeholder needs but also benefit the firm financially. Implementing CSR for
social and environmental issues would increase Trisura’s profitability and benefit its economic
status. This helps ensure that their firm effectively caters to all three CSR topics of social,
environmental, and economic issues. The only threats that Trisura needs to monitor are the
various insurance companies that are now going green. Trisura needs to innovate with these
companies, or they will fall behind and lose their competitiveness. Different Canadian insurance
companies are going green by implementing strategies that range from providing a discount to
clients who go paperless (Kilroy, A., Danise, A., 2021) or adopting policies that end or limit
insurance for the coal industry to lessen fossil fuel exposure (Stephenson, A., 2021). A recent
study conducted by Yale University estimated that 70% of Americans believe environmental
protection is of more importance than economic growth (Kilroy, A., Danise, A., 2021). Trisura
should be incorporating more sustainable efforts to satisfy stakeholder needs, aid in protecting
the environment, and gain a competitive edge against their innovative competitors.
PEST Analysis studies the macro environment and the factors that can influence the
organization. This study focuses on the external environment and the aspects needed to consider
incorporating more environmentally conscious efforts to satisfy stakeholder needs and increase
profitability.
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Political factors: Although the significant burden of regulation of insurance companies lies in
the provinces, the Federal can enact laws concerning insurance companies. With most insurance
companies going green and offering more sustainable features, the government is bound to
impose regulations that support that transition which will leave Trisura at a demerit if such
changes do not take place now.
Economic factors: Right now, the unemployment rate in Canada is 6.5%, with rising inflation,
decreasing national income, and more money being borrowed from the international community.
The economy is trying to rebound from the pandemic. Clients’ cash flow might decrease,
meaning they have less disposable income eventually. The decision to incorporate
environmentally conscious efforts into the firm’s daily activities is met by uncertainty. This
transition might reduce profitability in the long run.
Social Factors: Today’s cultural and demographic trends support our decision. North America is
green-friendly. In fact, 3 of the sustainable development goals outlined by the United Nations are
in line with this proposition: Climate action, good health and wellbeing, sustainable cities, and
communities. Taking this decision to change our approach to CSR to a more sustainable option
puts us at the forefront of a global campaign.
Technical factors: This proposition would bring Trisura to the technological limelight. With
international influences, changes in information technology, and the fast-changing rate of
technological advancement, we would have to keep abreast of these changes and propose
changes if needed.
Analysis:
Trisura Group LTD. strongly believes in the importance of corporate social responsibility
and providing help to the communities they work with. The organization’s current CSR strategy
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is analyzed based on the concepts from the course material. The analysis relates the current CSR
strategy to models used in the course and supports it with details. Corporate Social
Responsibility is a concept composed of four major elements. These elements include law,
intent, salient information, and efficiency (Moser, 1986). To begin, Trisura Group is a primary
international specialty insurance and a reinsurance holding company. This company has
subsidiaries operating in the surety, risk solutions, corporate insurance, and reinsurance niche
segments of the market (Annual Information Form, n.d.; Trisura Group Ltd. 2019). Trisura
Group holds corporate social responsibility ties to five large Canadian charities. These charities
include The Canadian Cancer Society, Children’s Wish Foundation, The United Way, The Daily
Bread Food Bank, and the Covenant House (Corporate social responsibility Trisura specialty
commercial, n.d.; Trisura Group Ltd. 2019). It is apparent that to successfully ensure that a
proper analysis is completed for this firm, the company’s ties to these smaller charities must be
analyzed.
It has been outlined in the company’s corporate social responsibilities profile that Trisura
takes pride in its work with smaller charities. The primary stakeholder groups for firms are their
customers and employees (Chandler, 2020). To maintain a CSR strategy that creates value for a
firm, they must consider the needs of their stakeholders and incorporate this into their strategy.
This company discusses how it encourages employees to be active in charity fundraisers that are
significant to the particular employee and must donate 250$ per year (per employee) to an
individual charity (Corporate social responsibility Trisura specialty commercial, n.d.; Trisura
Group Ltd. 2019). The Trisura group ensures that these charities provide a strategic corporate
social responsibility notion being put into effect thus, associating a good brand awareness with
their firm and employees. This brand awareness is viewed as a type of rationale for expenditure.
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It is up to the firm’s marketing team to put these ideas into effect, as they should know
how to create a clear and recognizable marketing plan that will boost the firm’s brand (Chandler,
2020). Regarding this, The Trisura Group’s marketing brand has succeeded in making it known
that the brand does take on Corporate Social Responsibilities with its donations and volunteering.
By incorporating these activities into its CSR strategy, Trisura creates value by addressing its
stakeholders. As a result, they are creating a better work environment and increasing attraction
towards their company. Employees and customers want to work for and support firms that make
them proud and represent the values they hold dear to them (Chandler, 2020). Ultimately, Trisura
Group recognizes that being associated with these charities produces good brand awareness. The
firm recognizes that the values that build its cause will align with the corporation’s stakeholders
(Chandler, 2020).
Conclusion:
Trisura presently contributes to the greater good through charitable donations,
participation in fundraisers, and employee volunteerism within the community. Through a
SWOT analysis, it was determined that the firm’s strength is in delivering CSR initiatives that
benefit stakeholders and involving employees. A main weakness, however, is that a lack of
acknowledgment of environmental problems is a factor which could be preventing the firm from
benefitting economically. Additionally, a PEST study was conducted, which identified Trisura’s
political, economic, social, and technical variables. to conclude this report, all in all Trisura
seems to be an organisation proud of their corporate social responsibility efforts made which has
led to its competitive advantage amongst competitors and stays true to company values and
brand.
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References:
Corporate Social Responsibility: Definition, core issues, and recent developments. SAGE
Knowledge. (2014, December 23). Retrieved February 13, 2022, from
https://sk.sagepub.com/books/corporate-social-responsibility
Corporate Social Responsibility. Trisura specialty commercial, general liability insurance
company. (n.d.). Retrieved February 13, 2022, from
https://www.trisura.com/group/corporate-social-responsibility
Encyclopedia of corporate social responsibility | springerlink. (n.d.). Retrieved February 13,
2022, from https://link.springer.com/referencework/10.1007/978-3-642-28036-8
Fernando, J. (2022, February 8). Corporate Social Responsibility (CSR). Investopedia. Retrieved
February 13, 2022, from https://www.investopedia.com/terms/c/corp-socialresponsibility.asp
Kilroy, A. (2021, May 31). Can you make your insurance green? Forbes. Retrieved February 13,
2022, from https://www.forbes.com/advisor/homeowners-insurance/green-discounts/
Stephenson, A. (2021, August 23). Canadian insurance industry seeks to limit fossil fuel
exposure amid growing climate threat. The Globe and Mail. Retrieved February 13,
2022, from https://www.theglobeandmail.com/business/article-canadian-insuranceindustry-seeks-to-limit-fossil-fuel-exposure-amid/
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Trisura. (2021). Trisura group – Corporate social responsibility Trisura specialty commercial,
general liability insurance company. Trisura specialty commercial, general liability
insurance company https://www.trisura.com/group/corporate-social-responsibility
Trisura. (2021, October 6). Cyber 2021: Unpacking the industry’s trends and threats. Trisura
specialty commercial, general liability insurance
company https://www.trisura.com/cyber-2021-trends-and-threats

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