The new offer, which is part of Hanover’s ‘Rewire’ post-COVID initiative, is designed to help chief executives to reconfigure their business purpose and strategy in response to changes brought about by the global pandemic.
It will be led by RSA chief executive Matthew Taylor and Hanover chief executive Charles Lewington.
Hanover said the coronavirus crisis is challenging the way companies and entrepreneurs engage with society, particularly in the eyes of the millennial generation.
Business leaders are increasingly being held to account over diversity, supply chain traceability and transparency, employee wellbeing and community contribution at a time when there is commercial strain.
Hanover said that poor governance and a lack of appreciation of a company’s role in society can cause huge reputational damage.
Its new offering aims to help leaders measure the efficacy and impact of existing business purpose and how businesses can adapt.
“The smartest CEOs have realised the extent to which their world has changed,” Lewington said.
“COVID-19 has created a significant financial impact. But it has also disrupted the relationship between head office and frontline staff. It has transformed everything we thought we knew about office life. It has weakened supply chains. And over the same period of time we have witnessed a rise in activism and a demand – from employees and customers – for business to articulate clearly what they stand for, and take action.
“It’s inevitable that corporate and brand strategies are being reviewed. We are delighted to partner with the RSA to create an offer which is truly original in the industry, innovative and creative in approach and practical in its execution.”
Taylor added: “Inevitably this is a challenging time for business. But it is also a generational opportunity to reset business purpose and to understand and evolve the broad impact that an organisation has on society.”