Sustainable Estimatics shortlisted for Reuters Sustainability Award

Solera’s Sustainable Estimatics solution has been shortlisted for the Reuters Sustainability Awards in the Product Innovation category.

Beating more than 700 other entries to make the Reuters shortlist, this is, in its own right, powerful recognition of Solera’s unwavering commitment to driving sustainability throughout the automotive industry and its ability to provide customers with innovative solutions to help them become more sustainable themselves.

Sustainable Estimatics is an industry-first solution designed to empower automotive companies, including insurers, to accurately understand, measure and reduce their carbon footprint. By providing a comprehensive platform for calculating CO2 emissions throughout the entire supply chain, from insurance to vehicle disposal, we help businesses gain valuable insights into the environmental impact of their processes. Not only this, but Sustainable Estimatics enables the production of relevant regulatory reporting on the environmental impact of the auto claims industry, as increasingly required by governments.

The Data Dilemma in the insurance industry

Insurers are under increasing pressure to reduce their carbon footprint from consumers, investors and regulators. Our recent survey revealed three-quarters of drivers are more likely to choose an insurer with proven sustainability credentials.  This growing demand for eco-friendly practices is forcing insurers to re-evaluate their operations and seek innovative solutions.

However, while the desire to go green is evident, many insurers are hindered by a lack of data. A quarter of insurers surveyed across Europe and Australia admitted they had limited access to vehicle claims emissions data, while others struggled with data silos. This data deficiency poses a significant challenge to measuring and reducing carbon emissions effectively.

Sustainable Estimatics: A Game-Changer

To address these challenges, Solera has developed Sustainable Estimatics, an industry-first suite of solutions designed to help insurers achieve their sustainability goals throughout the auto claims process. Leveraging Solera’s vast automotive data repository, which encompasses over 50% of global auto claims, the platform provides unparalleled accuracy and insights.

By analysing millions of data points, Sustainable Estimatics calculates the specific amount of CO2e released during every vehicle repair. This groundbreaking technology enables insurers to:

• Visualise their carbon footprint: Gain a clear understanding of emissions across numerous factors, such as vehicle model, age, and repair location.
• Optimise repair decisions: Utilise a CO2e reparability simulator to determine the environmental impact of repairing versus replacing parts.
• Meet regulatory requirements: Comply with the CSRD (Corporate Sustainability Reporting Directive) and other sustainability reporting standards.
• Enhance customer experience: Develop greener products and services, such as maps of eco-friendly garages and transparent CO2e savings for customers.

A Sustainable Future

Sustainable Estimatics empowers insurers to make data-driven decisions that minimize their environmental impact. By embracing this technology, the industry can collectively reduce carbon emissions, meet regulatory obligations, and enhance customer satisfaction.

To find out more about Sustainable Estimatics, visit our information page here.