How Open Data can help insurers become more sustainable
Published on 5 de November de 2021
sustainability in insurance with wenalyze

Open Data is the informational data available on the Internet. At Wenalyze, we leverage these sources for helping insurance companies to keep the information about their SME clients updated.

In addition, Open Data sources are so broad that they can also help insurers become more sustainable. Here is how:

1. Analyzing sustainability levels

It is possible to analyze sustainable variables of SME clients by Open data sources. Some of the data points that are analyzable with this study are the water emission, water consumption, implementation of Sustainable Development Goals, press communication, opinions, web posts, and social media among others.

analysis sustainability in SMEs

2. Applying variables and indexes

Once the analysis is developed, it is possible to estimate the sustainability of an SME. Therefore, we get indicators that show the levels of sustainability of a company. At this point, it is important to analyze metrics that are also remarkable such as carbon footprint or waste management to underwrite in a more precise way. These results can be obtained with open data analytics platforms.

Index and variables open data for insurance

3. Estimating risk levels of polluting companies

As we have already mentioned, there are already policies that penalize companies that are not sustainable. This is done, for example, through environmental taxes. On the other hand, this is added to all the risks of a company, because they might have more difficulties paying according to the non-pollution measures. Also, more measures like these will be increasing.

polluting companies and open data analytics

4. Promoting sustainability inside companies

Moreover, through the sustainability of companies, those that are greener and less risky, are possible to benefit from green bonuses or primes more adequate to their risk levels when underwriting.

sustainable companies thanks to open data

5. Conclusion: Why is this good for insurance companies?

Underwriting primes following these indicators can lead insurance to save remarkable amounts of money. Additionally, following sustainable actions inside an insurance company can help you follow Sustainable Development Goal number 13, focused on the environment.

Open Data analytics and sustainability in insurance

In addition, the fact of promoting sustainability at the same time that SMEs get more motivated to develop green actions has a relevant impact on the environment. If every time more and more companies join the climate actions, we will be able to slow down climate change.

It is possible to help insurers become more sustainable with Wenalyze. Apart from updating risk levels, improving loss ratio, or automating processes, Sustainable Indicators are our latest addition. Tell us in the comments below if you would like to know more about this topic.