COUNTRY FOCUS : SWITZERLAND
“ The impact of climate change is forcing insurers to step up and play a greater role in mitigating risks ,” said Seth Rachlin , Global Insurance Industry Leader , Capgemini . “ Insurers who prioritise focus on sustainability will be making smart long-term business decisions that will positively impact their future relevance and growth . The key is to match innovative risk transfers with risk prevention and assign accountability within an executive team to ensure goals are top of mind .”
Climate resiliency needs to be an integral part of a corporate sustainability strategy approach to bridge the gap between long-term goals and short-term planning by embedding resilience across an insurance company ’ s entire value chain . Finally , insurers must redesign their technology strategy with product innovation , customer experience and corporate citizenship at the heart of it . This can be achieved by integrating technologies such as IoT , cloud , AI , ML and Quantum Computing .
In addition to these findings , it has been revealed that almost nine-in-10 UK banks or financial services organisations ( 89 %) have lost out on green trade finance opportunities , compared with only 56 % in Switzerland .
This is where technology comes in . The report concludes with three key actions to fuel insurers ’ climate resiliency journeys while boosting their relevance and profitability . First , insurers must embed climate resiliency into their corporate sustainability strategy with clear actions assigned to C-suite executives to ensure ownership and accountability . Second , insurers must rework their innovation
With pressure from governments and international bodies for the global trade finance system to incentivise carbon-reduction and sustainability , 90 % of financial organisations in Switzerland and 96 % in the UK say they view sustainability concerns as a medium or high priority . Yet there are major differences in capabilities . Only 73 % of Swiss trade finance organisations are currently able to screen
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