Sedgwick has announced the launching of a carbon value calculator to be used to quantify the emissions of building repairs on UK property damage claims.
The new carbon value calculator was developed by Sedgwick’s repair solutions division in the UK. The development follows news that the UK division achieved carbon neutrality in 2022. According to a news release, it showcases the business’s focus on leading the industry in promoting ESG initiatives, adopting sustainable practices, and tackling emissions.
The new carbon value calculator can help identify the impact of each property claim and the related repairs in the environment with the application of CO₂ values to materials, labour, and plant. The carbon value calculator assigns emissions on a granular per-line basis, aiming to help insurers to have better oversight of the impact of the carbon emissions across a portfolio of repairs.
Neil Gibson, Sedgwick CEO for the UK, welcomed the launch of the new carbon value calculator, calling it a “milestone” in the execution of Sedgwick’s ESG strategy.
“[This tool] augments the financial certainty our repair solutions team already provides with complete transparency over environmental impact,” he said. “Achieving net-zero as an industry requires collaboration and access to high-quality data, and the calculator empowers Sedgwick, our clients and the wider industry to achieve our carbon reduction goals.”
Insurers can make informed decisions around claims using data from the carbon value calculator, according to the news release. Further, the data the calculator can provide simplifies offsetting strategies and provides the financial and environmental context needed to develop low-carbon policies or help customers evaluate the impact of opting for greener alternatives.
“The ability to offer customers low-carbon repair options gives our insurer clients a competitive edge and will be invaluable to benchmarking, improving, and demonstrating steps towards net-zero,” said Peter Wassell, technical director of Sedgwick’s UK repair solutions. “Our solution excels in offering functionality that aligns with our continued focus on development to incorporate emerging new materials that can lower emissions at scale.”
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