After the IPCC launched the Climate Report last August, we confirmed that climate action must be a priority inside the internal processes of the companies. However, there are always some questions: where to start? What can insurers do for the environment?
Inside the insurance sector, specifically inside the commercial lines, as unfortunately, natural catastrophes such as big floods or fires are more and more common. Consequently, there is a common concern about small businesses.
So, what actions can we take inside the insurance industry to fight for the environment? Today we are going to explain some tips and climate principles that you can implement as an insurer:
Cooperation for sustainable development actions
A clever way to start is by following the Sustainable Development Goals (SDG) by the United Nations since it can be used as a guide for organizing your actions for the climate. At the same time, externals such as organizations, foundations, or different companies of the sector are always a good idea to cooperate in the development of a sustainable society.
Security in your client’s database
Opting for stronger security measures is worth it. Make sure that you follow the data protection policies, such as the European GDPR, and use software programs that protect all the information your clients shared with you. Hence, you would be following SDG 12.
Generate quality employment based on equality
This is an action that is already being considered by the insurance industry: new jobs with decent wages and conditions. Also, there is an urge for reaching gender equality among the high positions of the companies. However, the Spanish insurance sector has improved a lot since for the last 15 years, the number of C-level women has tripled itself.
Reduce your emissions
This might seem obvious. However, actions further than recycling or reducing single-use plastic are not so common. Nevertheless, did you know that probably the most pollutive thing in your office are the servers? That is the reason why we recommend you migrate them to the cloud. Hence, your emissions might be reduced up to 88% aligning your actions to SDG 13.
New insurance products: sustainable insurance
New underwriting processes have already started to implement different variables related to sustainability in order to encourage insurance companies to start taking part in the climate action. In consequence, it is going to be possible to give bonuses to those SMEs that are more sustainable. What is more, there are already some tools that accelerate underwriting processes and generate this type of sustainable analysis. Tools that measure sustainable indicators, like Wenalyze.
These are some of the tips and principles on which sustainable insurance is based. However, there are many more eco-friendly actions in which our industry can take part. Do you have more ideas about what can insurers do for the environment?? Let us know in the comments below.