Creating Shared Value in the Insurance Industry : A case study of factors influencing Shared Value opportunities in the Swedish insurance industry

Sammanfattning: The interest and demand of sustainable actions have alongside with societal development increased over time. It has become crucial for companies in today’s society to show responsibility for the footprints they leave behind as a consequence of operating. A possible course of action could be the implementation of Creating Shared Value – CSV, which encompasses undertakings that result in value creation for both the company itself, and the local environment in which the company operates. Even though companies are expected to contribute to societal issues, there are still no blueprints declaring how to satisfy societal needs, and the challenges accompanied with it. CSV aims to tackle the distances between societal and business goals, however, despite CSV’s acknowledgement in academia, the concept is often criticized for being insufficient in practice. This has led to businesses trying to apply a CSV approach while still undertaking Corporate Social Responsibility – CSR related activities. The mixture of these concepts has made it difficult to explore what factors that affect the process of capturing Shared Value opportunities. This research investigates what factors that influence the process of capturing Shared Value in the Swedish insurance industry. The findings derived from this single company case study suggests that depending on what managerial decision-making approach used in a company affects the rate of success in terms of Creating Shared Value. An unclear communication plan, combined with the continuous confusion between the concepts, seems to increase the uncertainness of why and how different decisions are taken, hindering the process of CSV as well as the understanding of how Shared Value is created. A variety of factors were identified, where three main factors were considered to play a key role in, not only the capturing of Shared Value opportunities but the entire implementation process of the concept. Based on these factors, a model was established, showing how these main factors obstructs the realization of Shared Value opportunities.