Broking and solutions company WTW has launched ESG Clarified, an analytics platform to help organisations better understand and address their climate, sustainability and wider ESG risks.
ESG Clarified offers a comprehensive, analytical solution, underpinned by multiple data sources to assist with trending insight, scenario analysis and reporting.
WTW suggests that the rapidly evolving ESG landscape presents a variety of challenges for organisations as they seek to communicate their ESG strategy and manage associated risks.
ESG Clarified incorporates an extensive set of external and internal data sources into a self-service SaaS analytical solution, allowing clients to analyse and score their ESG exposures in real-time.
This new platform affords clients the opportunity to benchmark their ESG risks against peers, while also generating reports about their related exposures that can be instrumental in discussions with insurance carriers as they build their risk programs.
Ben Fidlow, Global Head of Core Analytics at WTW commented, “ESG Clarified joins several solutions our clients are already using to address ESG risks, including Climate Diagnostic, Risk Tolerance Clarified and D&O Quantified.
“We are excited to introduce ESG Clarified as an addition to our market-leading analytical solutions suite and we’ve made them all accessible through our Risk Intelligence Quantified (RiskIQ) platform.”
Jonathan Weatherly, ESG Global Products Leader at WTW, added, “Our clients have been asking for a comprehensive analytical platform that uses a broad range of quality data sources to understand ESG risks, prompting WTW to create ESG Clarified.
“It offers our clients the ability to benchmark their ESG risks for particular business(es) and create unique reports for key audiences.”
ESG has been a major industry talking point over the last few years, especially with the increase of climate related natural disasters.
In a recent report from Alliant Insurance Services, the firm highlighted how ESG concerns are on the rise, noting how this could potentially impact future insurer underwriting decisions for casualty lines of business.
Further, A WTW survey at the end of last year reported that more than half of risk managers are significantly involved in their organisation’s ESG efforts, though 77% believe they should take a more active role in ESG strategy and initiatives.
The launch of this platform and others like it could be a catalyst for re/insurers to take on more active roles, with a trickle down effect that would undoubtably spread to other sectors as ESG awareness burgeons.