DAVOS, Switzerland, Jan. 24, 2014 /PRNewswire/ -- "Success is not only about the commercial value we can deliver, but also about how we can best integrate societal needs into our business models." This was the message from XL Group's CEO Mike McGavick when addressing a gathering of leading CEOs attending a Harvard Business Review event held yesterday at the World Economic Forum.
The CEOs met to discuss the concept of Shared Value - first put forward back in 2006 by Harvard University Professor Michael E. Porter and Mark R. Kramer, Managing Director, FSG and Senior Fellow, CSR Initiative at Harvard's Kennedy School of Government. In 2011 they followed up with "Creating Shared Value," arguing that focusing on the connection between societal and economic progress will help unleash a wave of global innovation and growth.
Opening the meeting, Mike McGavick said: "How we respond to potential clients and employees who ask not 'What can you do for me?' but rather 'What are you doing for society?' in many ways defines the success of our companies."
The issue of Shared Value being on the agenda during Davos is an indication of how some of the world's largest corporations are now sitting up in a post financial crisis world and are turning their attention to the concept.
Speaking on the role insurers must play in a world in which Shared Value is a driving force, McGavick said: "As companies look to move forward and develop strategies that respond to 21st century realities -like their customers' changing needs, new technologies, and the fight for talent - insurers must be ready with new solutions and products that cover these risks. But that's not all; we also need to look at our own operations and industry. Shared Value presents opportunities to advance our business and the economic and social conditions in communities. Big questions need to be asked, there are huge challenges, but massive opportunities" McGavick concluded.
To read an article on Shared Value visit http://xlgroup.com/fast-fast-forward
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com
XL Group is the global brand used by XL Group plc's insurance and reinsurance subsidiaries.
SOURCE XL Group