LONDON, 6 December 2023 – Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has launched a carbon value calculator that quantifies the emissions of building repairs on UK property damage claims.
Developed by Sedgwick’s repair solutions division in the UK, the carbon value calculator identifies the environmental impact of each property claim and the related repairs by applying CO2 values to materials, labour and plant. Building on existing tools used to analyse the price of repairs, the carbon value calculator assigns emissions on a granular per-line basis, helping insurers understand the cost of each repair — not just in pounds sterling, but in tonnes of carbon. As well as being able to quantify the carbon cost of an individual repair, the carbon value calculator measures and reports the impact across a portfolio of repairs for Sedgwick’s clients.
The carbon value calculator simplifies and automates the historically time-intensive task of measuring scope three emissions that Sedgwick and its clients need to report at scale. It has already been tested with key insurer clients’ repair programmes.
“This tool represents a milestone in the execution of Sedgwick’s ESG strategy and augments the financial certainty our repair solutions team already provides with complete transparency over environmental impact,” said Neil Gibson, Sedgwick CEO for the UK. “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.”
By providing a baseline for current emissions and instantly calculating the potential impact of greener materials and processes, insurers are empowered to make informed decisions around their chosen claims handling philosophies and evaluate practical changes to their suppliers and standards. The data also simplifies carbon offsetting strategies and can provide 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.”
Sedgwick’s repair solutions team is responsible for securing high-quality repairs for property damage and restoration work in the aftermath of property damage losses. The development of the carbon value calculator comes after the UK division achieved carbon neutrality last year and further showcases the business’s focus on leading the industry in promoting ESG initiatives, adopting sustainable practices, and tackling emissions.
# # #
About Sedgwick
Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. The company provides a broad range of resources tailored to clients’ specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of 33,000 colleagues across 80 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact performance. Sedgwick’s majority shareholder is The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Onex and other management investors are minority shareholders.
Tags: climate, climate change, environment, environmental, Environmental impact, ESG, sustainability, UK, United Kingdom