Developing an effective ESG strategy and achieving targets with virtual triaging tools

In 2024, the insurance sector is increasingly focused on Environmental, Social, and Governance (ESG) initiatives. With a global emphasis on environmental preservation and social governance improvement, regulators are anticipated to implement stricter ESG reporting standards in the coming years.

Fundamentally, the insurance sector revolves around the concept of identifying and mitigating risks, principles that are intricately intertwined with environmental, social, and governance (ESG) standards.

According to a report from PWC, "85% of global insurers believe ESG will impact all functions of their business with the largest area of impact (91% respondents), followed by risk and internal audit (90%) and underwriting (88%)".

Developing an ESG purpose and strategy 

Reporting and Analysis

To better understand the needs of clients and provide an efficient claims cycle process, it is imperative that businesses have oversight of live data to analyse, interpret and implement changes and improvements where required.  

By leveraging data analytics and precise reporting, companies can not only elevate user experience and deliver superior outcomes for clients but also pinpoint areas for enhancement through ESG strategies. This includes identifying inefficiencies in travel times and costs, as well as transitioning processes from traditional paper-based methods to digital platforms and automation.

Incorporating ESG into key operations

Incorporating ESG into insurance operations involves assessing the environmental impact linked to insured activities. This could involve conducting carbon footprint evaluations for specific industries or predicting climate change risks for property insurance. By quantifying emissions, insurers can devise pricing strategies based on risk that promote sustainable behaviours.

Research and invest in technology and services 

Traditional site visits require significant travel, leading to increased carbon emissions and associated costs. On the other hand, virtual triaging tools eliminates the need for physical presence, enabling teams to assess sites remotely, reducing both travel costs and carbon footprint.

Businesses utilising call centers as their primary customer support platform can adopt a decentralised approach and leverage video technology to streamline their team's travel for on-site equipment maintenance and travel requirements.

The use of a virtual triaging tool can assist your customer support staff in visually identifying issues and helping customers troubleshoot to achieve resolutions without leaving their desks – whether they work at home or in an office. For calls that do require a site visit, your staff can be sure it’s worth their time before heading out to site.