For insurance brands, tracking carbon usage or offsetting can be a vital part of compliance. This new partnership aims to help streamline that process;
Davies, the leading specialist professional services and technology business serving insurance and highly regulated markets, has joined forces with Verisk (Nasdaq: VRSK), a leading strategic data analytics and technology partner to the global insurance industry, to introduce a new carbon tracking solution for insurers, designed to measure and manage the carbon impact of claims activity. The solution’s model is independently assured by the Carbon Trust Assurance.
The solution developed by Davies and powered by the Verisk Property Claims Carbon Calculator is now live across Davies’ UK and Ireland property claims operations embedded into claims workflows, giving insurers access to detailed emissions data based on actual repair activity, supply chains and materials used. Davies has configured the capability to align with its claims processes, enabling teams to apply carbon insights directly within day-to-day decision-making. The solution also enables insurers to benchmark emissions performance across suppliers and time periods and identify opportunities to reduce carbon emissions across property repair activity.
At a time when insurers are facing mounting pressure on claims expenses and loss ratios, while also responding to increasing regulatory and ESG expectations – including Scope 3 emissions reporting requirements – Davies’ solution enables the firm to provide insurer clients with claim-level carbon emissions data. This includes data drawn directly from the supply chain, such as the impact of materials, transport and contractor activity.
By replacing assumptions based on high-level estimates with more accurate, claim-specific data, insurers can better assess and manage the carbon impact of their claims operations, enabling more informed decisions that support sustainability objectives, while maintaining cost control and operational efficiency.
Adam Shaw, Claims Director – Property Field, UK & Ireland, Davies, said: “The industry is under increasing pressure to evidence the environmental impact of claims decisions transparently, not just at portfolio level but claim-by-claim. For the first time, we can give our clients insights into where emissions are generated and where they can be reduced while still maintaining cost control and good customer outcomes and service quality for policyholders.”
Ben Blain, Head of Property at Verisk Claims UK, said, “The insurance industry has historically struggled to quantify the carbon impact of property claims, particularly Scope 3 emissions. By combining Verisk’s trusted claims and pricing data with the independently assured calculator, this solution replaces assumptions with credible, claim-level insight. We’re proud to support Davies and other industry leaders in benchmarking performance, meeting compliance and helping them take meaningful action to reduce emissions across the claims lifecycle.”
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