Verisk helping insurers gain insight into carbon footprint of claims

Data and analytics provider Verisk has launched a carbon trust assured model for property claims in the UK.

Claimed to be an industry first, the new Verisk property claims carbon calculator empowers insurers to accurately measure, benchmark and strategise to reduce the carbon footprint for their claims.

It delivers insights through dashboard reporting and retrospective benchmarking, which enables insurers, third party administrators (TPA), MGAs and suppliers or contractors to track emissions at the insurance claim level benchmark performance across suppliers and time periods.

Meanwhile, it also allows firms to identify opportunities for carbon reduction when carrying out property repairs.

The tool supports compliance with scope three emissions reporting. Verisk is making it available to its clients and the broader market.

Ben Blain, head of property for Verisk claims in the UK, said: “Insurers have long struggled to quantify the carbon impact of property claims, particularly scope three emissions.

“Our new calculator replaces assumptions with assured insight — giving insurers the confidence to act on emissions data, meet compliance targets and lead the way in sustainable claims management.

“In the spirit of shared responsibility and progress, we are also making this tool available as a standalone solution — because driving sustainability forward is something we all have a stake in.”

Demand for sustainability propositions

Developed in collaboration with The Carbon Trust, the calculator is designed to meet the growing demand for transparent, data-driven sustainability propositions in the insurance and property repair ecosystem.

Bob Burgoyne, director at The Carbon Trust, said: “We’re proud to partner with Verisk on this pioneering solution.

“This assured model reflects our shared commitment to accelerating the transition to a low-carbon economy and will help to equip insurers in the UK with the tools they need to meet their sustainability goals.”