{"id":12454,"date":"2023-10-24T10:29:20","date_gmt":"2023-10-24T15:29:20","guid":{"rendered":"https:\/\/solerastaging.wpengine.com\/?p=12454"},"modified":"2024-10-31T12:34:17","modified_gmt":"2024-10-31T17:34:17","slug":"global-survey-reveals-75-of-drivers-prepared-to-switch-providers-for-a-greener-policy-while-insurers-struggle-to-meet-demands-and-new-regulation","status":"publish","type":"post","link":"https:\/\/www.solera.com\/blog\/2023\/10\/24\/global-survey-reveals-75-of-drivers-prepared-to-switch-providers-for-a-greener-policy-while-insurers-struggle-to-meet-demands-and-new-regulation\/","title":{"rendered":"Global survey reveals 75% of drivers prepared to switch providers for a greener policy, while insurers struggle to meet demands and new regulation"},"content":{"rendered":"

Solera launches industry-first solution for insurers to meet growing sustainability needs and offset emissions<\/em><\/strong><\/p>\n

24th October 2023 <\/em><\/strong>– <\/strong>Solera,<\/a> the global leader in vehicle lifecycle management and claims, has published research involving 10,000 drivers from the UK, France, Australia, Germany, and Spain, showing that 75% would switch to insurers offering greener policies.<\/p>\n

However, an additional worldwide survey of decision makers in the auto insurance industry reveals that providers are facing a storm of challenges, not only in meeting the sustainable demand but also managing new ESG regulations.<\/p>\n

To tackle these challenges, Solera is introducing Sustainable Estimatics, an industry-first carbon tracking tool enabling insurers to track and offset the carbon emissions linked to the end-to-end customer’s claims process.<\/p>\n

A perfect storm of problems<\/strong><\/p>\n

Research has shown that a resounding 99% of insurers recognise that prioritising sustainability metrics is important, yet they face numerous challenges implementing this.<\/p>\n

Specifically, 47%<\/strong> express they need better tracking and management of emissions data and 29% express worries about their efforts being viewed as greenwashing. Additionally, 46%<\/strong> need greater budget to invest in more sustainable solutions.<\/p>\n

Data is a significant aspect of the sustainability challenges facing insurers \u2013 in terms of access to it, and the skills to use it effectively.<\/p>\n

Nearly a quarter of insurers (22%) struggle with limited access to vehicle claims emissions data, while 27% face data silo challenges. Similarly, 23% lack the necessary analytics skills to make informed decisions regarding their claims data and sustainability.<\/p>\n

Jing Liao, Chief Administrative Officer and Executive Chairwoman Solera ESG Committee at Solera says<\/strong>, “insurance and automotive sectors are also witnessing a significant surge in demand for eco-friendly practices. Insurers are increasingly acknowledging this trend, but good intentions alone won’t suffice. Despite a growing awareness of sustainability, there remains a notable number of companies that perceive it as a mere ‘checkbox’ requirement rather than an integral component of sound business management. Our initial findings demonstrate that increasing repairability percentages leads to significant cost reductions in claims. Similarly, incorporating green parts in claims results in cost reduction and reduced CO2 emissions, benefiting both insurers and consumers.<\/p>\n

\u201cOur research reveals data is an obstacle to moving forward with sustainability efforts. In short, reducing your carbon emissions won\u2019t be possible if you don\u2019t understand them in the first place. It’s clear Insurance providers worldwide need effective solutions for better claims data management and emissions reduction.”<\/p>\n

Insurers are overlooking scope 3<\/strong><\/p>\n

One of the most challenging sustainability metrics to monitor is Scope 3 emissions. This includes indirect emissions occurring in the organisation\u2019s value chain \u2013 for example, those produced by policyholders’ vehicle repairs.<\/p>\n

Research reveals that little over half (53%) of auto insurers worldwide currently measure scope three emissions. This proportion falls to just 36% in the UK, 42% in Spain, 44% in Germany and 51% in France.<\/p>\n

Insurers significantly underprepared for new sustainability regulation<\/strong><\/p>\n

Sustainability is now a required regulation for businesses, evidenced by the EU Corporate Sustainability Reporting Directive (CSRD) taking effect in the 2024 financial year. CSRD applies to large companies in Europe or listed on EU-regulated markets, requiring them to report on the environmental and social impact of their corporate activities, including audit obligations.<\/p>\n

The answers from the insurers of countries in our report, show that despite the fact that CSRD regulations are in to be in place soon in Europe, six in ten (61%) don\u2019t consider their business to be \u201cvery well prepared\u201d for them \u2013 a proportion that rises to 75% in Spain.<\/p>\n

ESG regulatory pressures are going global, affecting insurers on a worldwide scale. In the United States, significant changes have occurred in the regulatory environment over the last 18 months, driven by various new ESG initiatives led by the SEC and state-level regulations. For instance, insurance companies were required to adhere to TCFD reporting by November 2022 as part of the NAIC Climate Risk Disclosure Survey.<\/p>\n

On the global sustainability reporting front, Asia-Pacific’s leading 100 companies are setting the standard, with 89% of them disclosing information, marking a 40% increase compared to a decade ago.<\/p>\n

Bill Brower, VP Global Industry relations at Solera continues:<\/strong> \u201cThis is a huge wake-up call for insurers. Failure to provide greener policies and adopt sustainable practices jeopardises not just their customers and competitiveness but also regulatory compliance, with substantial fines looming. For example, UK firms could face charges of up to \u00a340 per tonne for misreported CO2 emissions under new regulations. Given these high stakes, European insurers can\u2019t afford to be underprepared.<\/p>\n

An industry first tool to support<\/strong><\/p>\n

To address the demands and challenges faced by insurers, Solera is introducing an industry-first product, ‘Sustainable Estimatics.’ This tool enables insurers to measure and use data to reduce the carbon emissions (CO2e) tied to their complete auto claims process, with a primary focus on scope 3 emissions, which are the hardest to measure. It features a unique algorithm developed by Solera, standardising the measurement of Scope 1,2 and 3 CO2e emissions throughout the entire lifecycle of auto claims.<\/p>\n

In practice, this tool assesses CO2 emissions and provides insurers with valuable insights for their carbon footprint reduction initiatives. For example, it allows insurers to compare the CO2 emissions associated with repairing car parts versus replacing them, enabling well-informed decision-making.<\/p>\n

Solera has also achieved ISO 14064 for auto claims, further validating the methodology and technology used to secure verified carbon emissions data and supporting efforts to mitigate or offset emissions.<\/p>\n

Bill Brower VP Industry Relations at Solera: <\/strong>“With one of the world’s largest AI-powered claims databases, we’re excited to introduce Sustainable Estimatics. This innovative tool is designed to address the urgent sustainability demands facing insurers, not merely as a compliance checkbox but as a way to help them provide customers with more competitive, green premiums.\u201d<\/p>\n

\u201cOne of its standout features is its ability to effectively address scope three emissions, which are notoriously hard to measure. By assisting insurers in measuring and mitigating these emissions, ‘Sustainable Estimatics’ is helping create a greener future.<\/p>\n

\u201cSustainable Estimatics is the pinnacle of Solera\u2019s data driven innovation and leadership in claims. But there are other solutions and services in our portfolio connected to sustainability which allow businesses to make greener decisions. For example, Solera promotes the use of eco-friendly parts, encourages repairs over replacements, and reduces unnecessary displacements through our visual AI tools and various fleet and repairs solutions.<\/p>\n

Jan R Carendi, PhD h.c. Solera Senior Advisor, Independent Director adds: <\/strong>\u201cIn life you have to do the right things – and do them right. In that order. As an eco-conscious consumer and as an eco-conscious provider of services in the auto insurance sector we should be focusing on sustainable offers. Data is a significant aspect in terms of access to it and availability. Gaining an understanding requires in-depth, accurate data. That\u2019s why Solera provides auto insurers with data solutions to support sustainability programs. To bring to market products and services that offer higher customer lifetime value and having a positive impact on the environment is the right thing to do.\u201d<\/p>\n

– ENDS –<\/p>\n

Notes<\/strong><\/p>\n

    \n
  1. Solera commissioned independent market research company, Censuswide, to survey a nationally representative sample of 10,053 drivers across the UK, France, Germany, Spain and Australia between 25th<\/sup> August and 1st<\/sup> September 2023.<\/li>\n
  2. Solera commissioned a second piece of with independent market research company, Censuswide, to survey a nationally representative sample of 510 claims directors, claims managers, VP claims with over 100K claims per year across the UK, France, Germany, Spain and Australia between 25th<\/sup> August and 1st<\/sup> September 2023<\/li>\n
  3. Sustainable Estimatics Page http:\/\/www.solera.com\/sustainable-estimatics<\/a><\/li>\n
  4. Study Page https:\/\/www.solera.com\/industry-insights\/insurers-in-the-green-lane\/<\/a><\/li>\n<\/ol>\n
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    Solera launches industry-first solution for insurers to meet growing sustainability needs and offset emissions 24th October 2023 – Solera, the global leader in vehicle lifecycle management and claims, has published research involving 10,000 drivers from the UK, France, Australia, Germany, and Spain, showing that 75% would switch to insurers offering greener policies. 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