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.
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.
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.
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.
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.