About insurance companies
Insurance companies offer insurance contracts to their customers which assist them to manage their risk in various areas such as life, property, health, motor, and travel.
Insurers must have sufficient financial resources and solvency, and so are subject to insurance regulatory law which imposes regulations upon them.
Risk is at the heart of the insurance industry and managing it is a fundamental task for insurers.
With growing government legislation and industry regulation around ESG, insurance companies are realizing the benefits of having access to information on their customers’ ESG performance.
ESG disclosures provide a lens to risks that financial reporting does not always expose. These are often new and evolving risks, and this ESG disclosure information allows insurers to conduct more informed decision-making and planning, minimizing their own risk in the process.
Furthermore, insurance companies are needing to track their own ESG risks and measures. With a rapidly warming planet, governments are mandating environmental regulations, such as carbon footprint and Scope 1, 2 and 3 emissions disclosures.
IsoMetrix enables insurers to measure, monitor, and manage their risks and processes with EHS and ESG software for insurance companies.
Insurance companies can use IsoMetrix to collect ESG data from their clients on one integrated and unified software platform.
- Efficiently gather relevant information such as audit reports, monitoring data, and incident details, and have it all easily accessible and visualized via intuitive software dashboards
- Analyze, perform calculations, and track the overall ESG performance of clients, thereby exposing customer vulnerabilities and business relationship risks accordingly
Insurance companies can use also use IsoMetrix to collect and manage ESG data on their own operations.
Although not large Scope 1 (direct) emissions producers, insurance companies will need to calculate, track, manage, and report on Scope 2 (indirect) emissions; that is all greenhouse gas emissions released into the atmosphere, from the consumption of purchased electricity, steam, heat, and cooling.
The US Securities and Exchange Commission has also proposed that Scope 3 (indirect) emissions be included in mandatory reporting for listed companies.
This means that all emissions that occur in the value chain of the company, including both upstream and downstream, need to be calculated, tracked, and reported on as well.
In addition, Canada is imposing mandatory climate disclosures on banks and insurers.
IsoMetrix’s ESG application features the following functionality for managing an insurer’s ESG processes:
- The ability for data to be gathered directly from people using data requests, inspections, and surveys
- A powerful calculation engine to measure carbon footprint
- Built-in and maintained ESG reporting standards
- A powerful analytical layer that allows organizations to interrogate and visualize data
Insurance companies can use IsoMetrix ESG software to:
- Meet governance reporting requirements with regards to executives, investors, customers, rating agencies, regulators, and operational stakeholders
- Reduce environmental impacts and positively affect social factors such as diversity and inclusion
- Identify operational efficiencies in their business that will lower costs
- Reduce business risks related to their own ESG processes
- Limit their exposure to and reduce business risks related to their clients’ ESG processes
Our ESG software’s got great features!
Our ESG management software is packed with useful features to manage your insurance organization’s ESG needs.
✅ ESG management
Oversee and manage all your ESG data via intuitive dashboards, and powerful data visualizations.
✅ ESG tracking
Track and organize all your ESG data so that it’s quickly and easily referenced, as well as being fully auditable.
✅ ESG reporting
Improve collaboration by easily sharing reports between internal departments, and with your external stakeholders.
✅ ESG standards
Avoid fines and penalties by adhering to the latest industry standards and compliance regulations.
✅ ESG analysis
Analyze your ESG performance metrics to see if you’re on track to meeting your company’s goals and targets.
✅ ESG advisor
You’ll have your own dedicated IsoMetrix Client Success Manager, ensuring you get full value from our dynamic ESG software.