Value Creation Through Corporate Social Responsibility - An illustrative study of five Swedish insurance companies

Corporate Social Responsibility is a concept whereby companies integrate social and environmental concerns into their core business and in their interaction with stakeholders on a voluntarily basis. The purpose with our thesis is to study how Swedish insurance companies work with Corporate Social Responsibility and to analyse the underlying strategies of the companies? social, environmental and economical activities. We will analyse where, how and for whom value can be created with CSR. Where does the value creation take place, how can it be created through these activities and who will benefit from Corporate Social Responsibility? Theories point out that companies need to assemble and value the total package of benefits to be able to create successful corporate initiatives. Companies must therefore address a narrower and far more selective approach to create value. The majority of the companies are selective in their choice of what issues to engage in. However, the majority of the companies studied exclusively support projects they themselves have initiated and not trough a collective effort. We have come to the conclusion that Corporate Social Responsibility is a necessity for the insurance companies studied in this thesis as it legitimises their core business towards shareholders as well as stakeholders. However, we have observed that the link between their core business and CSR strategy could be more distinct. Value is created through a strategic process supported by a long-term thinking along with strong inside-out and outside-in linkages to society. Furthermore, a mutual dependence between shareholders and stakeholders is required to create value. Value can then be added into the business if CSR is addressed selectively but carried through collectively.

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