Solera launches industry-first solution for insurers to meet growing sustainability needs and offset emissions
One of the standout features of Sustainable Estimatics’ is its ability to effectively address scope three emissions, which are notoriously hard to measure
Solera Inc (“Solera“), the leading global provider of vehicle lifecycle management software-as-a-service (SaaS), data, and services, published research involving 10,000 drivers from the UK, France, Australia, Germany, and Spain, showing that 75% would switch to insurers offering greener policies.
Introducing Soleras Sustainable Estimatics Suite
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 in managing new ESG regulations.
To tackle these challenges, Solera has introduced ‘Sustainable Estimatics‘, an industry-first carbon tracking tool enabling insurers to track and offset the carbon emissions linked to the end-to-end customers claims process.
Chris Iacovou, Managing Director, Solera APAC, said, “With one of the worlds largest AI-powered claims databases, were 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.”
Rising tide of sustainable choices in India among consumers
In recent years, sustainability has been a growing concern for Indian consumers with 20% of consumers being environmentally and socially conscious while 49% are health conscious. In fact, Indian consumers are willing to pay an over 20 percent premium for ‘sustainable products’, the highest figure across 11 countries as against the average of 12 percent.
High time for corporates in India to focus on Scope 3 emissions
According to a report by CDP, a global non-profit that runs the world’s environmental disclosure system for companies, cities, states, and regions noted that the share of Scope 3 emissions in India increased from 15% in 2020 to 38% in 2021, reiterating the importance of engaging supply and value chain partners in decarbonization strategies. The magnitude and growth trajectory of Scope 3 emissions as evidenced over the years reinforces how critical it is for companies to influence their value chain partners, amplifying their climate impact and making rapid and meaningful strides towards decarbonization goals.
However, one of the most challenging sustainability metrics to monitor is indeed Scope 3 emissions. Research reveals that only just over half (53%) of auto insurers worldwide currently measure scope three emissions.
Iacovou, emphasised, “One of the ‘Sustainable Estimatics’ standout features is its ability to effectively address scope 3 emissions, which are notoriously hard to measure. By assisting insurers in measuring and mitigating these emissions, Sustainable Estimatics is helping create a greener future.”
Ian Thompson Group Chief Claims Officer, Zurich Insurance in support of Solera’s research says, The ability to measure the CO2 impact of any claims settlement will be an essential requirement for companies moving forward. Being truly sustainable is one of the key drivers behind Zurich’s claims management globally. We dont just settle claims – we do it with a sustainable mindset, ensuring that our customers recover in a way that protects the environment and builds resilience for the future, but also that our supply partners adhere to the same sustainability goals.
An industry-first tool to support
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 CO2e emissions throughout the entire lifecycle of auto claims.
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.
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.
Solera in India
Since 2006, Solera has been transforming the auto insurance industry with its solutions from Audatex. Solera recently introduced its new AI-powered digital triage (digital FNOL) and collision repair estimating suites in India.
Solera India is headquartered in New Delhi, with offices in other major cities across the country.
Notes to editors
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 August and 1st September 2023.
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 August and 1st September 2023.
Solera is the global leader in vehicle lifecycle management software-as-a-service, data, and services. Through four lines of business – vehicle claims, vehicle repairs, vehicle solutions, and fleet solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Audatex, DealerSocket, Spireon, and others. Solera empowers its customers to succeed in the digital age by providing them with a “one-stop shop” solution that streamlines operations, offers data-driven analytics, and enhances customer engagement, which Solera believes helps customers drive sales, promote customer retention, and improve profit margins. Solera serves over 300,000 global customers and partners in 100+ countries.
For more information, visit www.solera.com.