Now the beautiful – if freely created using a WordCloud Generator by MonkeyLearn – image accompanying this brief blog was crafted using my notes from the sessions that ran over 2 days.
And whilst my ear may have been drawn to aspects that Gamma LI has a particular focus on – data, collaboration, reporting, process, affordable solutions – it was clear that whilst many big brand insurers have grasped the nettle in the ESG reporting stakes, there are many others – including those big brands – that will invariably struggle to efficiently manage and report on all that they need to in order to satisfy regulatory compliance.
Many of those presenting their thoughts and experiences seemed to believe that the (Insurance) investment side was well understood and that reporting on scope 1, 2 and 3 emissions were relatively straight-forward for all parties to implement.
However, the underwriting side of the business is perceived to be somewhat more challenging.
Why…?
Lack of data, predominantly.
But perhaps there is also the underlying perception that regulatory guidance has been slow and therefore implementing a solution – any solution – would not be an investment well made.
And how can this be resolved…?
Well stronger guidance will come.
There is also the TCFD (taskforce on climate-related financial disclosures) protocols. These provide direction on what should be implemented across businesses of all shapes and sizes in the next 12-months or so.
But the strongest message has to be one of collaboration.
As a solution provider with 20 years of working collaboratively with insurers to solve their process efficiency and reporting challenges – and with a keen sense and understanding of climate-related risks and impacts – we believe that Gamma LI has a strong part to play.
We just need the opportunity – and a brave sole to come and ask us how.