Net Zero Transition Planning for insurers
The race to Net Zero is accelerating! The insurance industry faces unique challenges in reducing its carbon footprint, where robust and data-driven solutions are crucial to achieve Net Zero effectively.
We at Claims Carbon want to be an enabler in this journey, offering comprehensive tools and methodologies designed to help insurers navigate their Net-Zero Transition Planning seamlessly.
Establish a comprehensive emissions baseline
Claims Carbon’s Baselining product helps insurers to gain a detailed understanding of their company’s carbon footprint. This tool provides a complete GHG inventory across all Lines of Business (LoBs), enabling insurers to:
Visualize claims-related emissions: Gain clear insights into emissions across different LoBs and emission sources.
Analyze financial impact: Uncover transition risks by understanding the financial implications of claims-related emissions.
Identify high-emission areas: Map insurance products to industries based on economic activity in claims settlement, prioritising climate action in high-impact, low-effort areas of the claims value chain.
Targeted deep dive analysis
The Deep Dive product offers an in-depth analysis of emissions within specific LoBs, such as Motor and Property insurance. This allows insurers to:
Visualize emissions in detail: Break down emissions by claims type, vehicle brand, and other dimensions for precise targeting.
Assess repair vs. replacement impact: Evaluate the environmental benefits of repairing items versus replacing them and using recycled parts.
Evaluate supplier impact: Rate claims suppliers based on their climate performance, driving improvements through strategic supplier selection.
Set and monitor key performance indicators (KPIs): Track critical KPIs that are essential for reducing emissions within specific LoBs.
Strategic forecasting for sustainable planning
Claims Carbon’s Forecasting product empowers insurers to model the impact of various sustainability actions and set science-based targets. This tool helps executives to:
Identify CO2 reduction levers: Highlight key actions that can significantly reduce emissions.
Project emissions trends: Forecast future emissions based on industry improvements and changes in portfolio composition.
Stress test targets: Assess the feasibility of sustainability targets under different scenarios (e.g., impact of doubling the repairs by 2030) ensuring robust and realistic planning.
Efficient data management and compliance reporting
Accurate data management is vital for effective emissions reduction. Claims Carbon’s methodology includes:
Automated data mapping: Map financial transactions to relevant industry emission factors.
Interactive dashboards: Uncover impactful insights through interactive dashboards for decision-making.
Reporting: Ensure compliance with frameworks such as CSRD and TCFD, and effectively communicate progress to stakeholders.
About Claims Carbon
Claims Carbon has a proven track record, having processed over 2 million claims and partnered with top global insurers. Our tools have been deployed across 50 countries, showcasing our capability to drive significant carbon reductions in the insurance industry.
Reach out to learn more about how Claims Carbon Software can help you lead the industry in sustainability!
