Regulators, customers and business leaders are all aligned in the need for the industry to find a more sustainable way forward. That means reducing environmental impact, future-proofing the workforce and developing short and long-term strategies for achieving ESG targets.
In this contributed feature, Solera examines the sustainability challenge facing insurers, fleet operators and the wider industry, and explains how its solutions are helping businesses make positive changes.
It has never been more important for all companies to demonstrate their Environmental Social and Governance (ESG) credentials. This means showing care for our environment, for people and for proper governance, and making meaningful reductions in carbon impact.
Solera is helping insurance providers across the globe change their working practices for the better, reduce their impact upon the environment, and be able to report their achievements fully and easily – all while improving customer service and their own bottom line.
There are several points at which insurers can reduce the CO2 emissions associated with their and their partners’ business activities, and these are facilitated by the insurance ecosystem with Solera at its heart as the global leader in vehicle lifecycle management.
Fleet business
Decarbonising the UK’s fleets is a top priority as road transport is the leading source of greenhouse gas emissions. It’s also a leading source of air pollutants, such as nitrogen compounds and particulate matter, which pose an urgent threat to human health.
Many fleets turn to their insurers for advice on fleet management, and look for insurance partners who can support and guide their best practice journey.
Neil Garrett Sales Director for Solera Audatex said, “Solera can help fleet insurance customers to decarbonise their fleets. We have unparalleled access to emissions data by vehicle model and type, including 10-plus years of historic CO2 emissions datafor vehicle make, model and derivatives, blending DVLA anonymous data with in-house data.”
Solera is able to use this data to assess the current performance of the fleet portfolio, identify any poorly performing areas of the business and calculate its current emissions impact. This can be done by business unit, and between new and existing registrations, benchmarking the whole against the national vehicle parc’s performance.
We can further assess the current environment for EV adoption and generate cap hpi fuel-type forecasts. Finally, we apply EV adoption strategy assumptions to model the reductions which can be made.
Increasing efficiency
Solera’s automotive insurance solution is designed with efficiency of the claims journey as its number one priority. Hence, our platform intrinsically enables the customer to eliminate waste, all of which has a carbon cost. By reducing admin time, providing intelligent automated estimates at FNOL, correctly identifying total loss vehicles at the very start of the process, and bringing all partners into a single workflow platform for estimates and invoicing, we increase the efficiency of claims management at every stage.
Neil added, “Every efficiency means a saving of time, energy, transport or money – and also reduces the carbon impact of the claim as a whole. Every action businesses take has a carbon cost, whether sending an email or making a phone call. Every time we can eliminate or reduce these steps, business activities become more environmentally friendly.”
ESG performance represents essential criteria on which investors, shareholders, regulators and customers choose their suppliers or targets. It is essential that insurers, fleets and repairers choose solutions which will help them to deliver tangible and auditable results.
