MADISON, Wis., March 29 WPS Health Insurance, Wisconsin's leading not-for-profit health insurer, has been recognized by the Ethisphere Institute as one of the World's Most Ethical Companies for 2010. Out of a record number of nominations for the award, WPS Health Insurance (Wisconsin Physicians Service) secured a hard-earned spot on the list by going the extra mile, implementing upright business practices and initiatives that are instrumental to the company's success, benefit the community, and raise the bar for ethical standards within the industry. WPS is the only health insurance company in the world to receive this prestigious award.
"We are honored to be recognized with a place on the 2010 World's Most Ethical Companies list," said Jim Riordan, President and Chief Executive Officer, WPS. "In our industry, having high ethical standards is critical to success. WPS serves over 200,000 members in Wisconsin, as well as millions of seniors on Medicare and military families across the country and around the world. Our customers, partners, and employees know that WPS is a company they can trust to do the right thing."
This is the fourth year Ethisphere, a think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability, has published the WME rankings, which appear in Ethisphere Magazine's Q1 issue.
Through in-depth research and a multi-step analysis, Ethisphere reviewed thousands of nominations from companies in over 100 countries and 36 industries in order to determine the winners.
A sampling of other winners include Aflac, American Express, Campbell Soup, Ford Motor Company, General Electric, Google, L'Oreal, Nike, PepsiCo, Starbucks, T-Mobile USA, UPS, Whole Foods Market and Xerox.
"WPS' promotion of a sound ethical environment shines within its industry and shows a clear understanding that operating under the highest standards for business behavior goes beyond goodwill and 'lip-service' and is intimately linked to performance and profitability," said Alex Brigham, executive director of the Ethisphere Institute. "This year's World's Most Ethical Companies award was more competitive than ever, because companies realize that making ethics a priority is critical amidst a tough economic environment."
Brigham added, "Compliance or ethics failures add up to more than fees, fines and penalties. The leadership distraction and turnover, forced alteration of a working profit model and heightened scrutiny that result show: good ethics means better business."
The methodology for the WME ranking includes reviewing codes of ethics, litigation and regulatory infraction histories; evaluating the investment in innovation and sustainable business practices; looking at activities designed to improve corporate citizenship; and studying nominations from senior executives, industry peers, suppliers and customers.
Read about the methodology and view the complete list of the 2010 World's Most Ethical Companies at http://ethisphere.com/wme-2010.
About WPS Health Insurance
WPS Health Insurance is a not-for-profit company that has been providing quality health and benefit plan administration for businesses and individuals throughout Wisconsin for over 60 years. In addition, the WPS Medicare division administers Part A and B benefits for millions of seniors in multiple states, and the WPS TRICARE division serves millions more members of the U.S. military and their families. For more information about WPS Health Insurance, visit www.wpsic.com.
About Ethisphere Institute
The research-based Ethisphere Institute is a leading international think tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti corruption and sustainability. The Institute's associated membership group, the Ethisphere Council, is a forum for business ethics that includes over 200 leading corporations, universities and institutions. The Ethisphere Council is dedicated to the development and advancement of individuals on its membership council through increased efficiency, innovation, tools, mentoring, advice, and unique career opportunities. Ethisphere magazine, which publishes the globally recognized World's Most Ethical Companies Ranking(TM), is the quarterly publication of the Institute. More information on the Ethisphere Institute, including ranking projects and membership, can be found at www.ethisphere.com.
SOURCE WPS Health Insurance