Possible IT solutions for implementing regulatory requirements
Posted: Sat Jan 25, 2025 4:02 am
Sounds like a lot of effort and work? It is! However, the process can be simplified and at least partially automated using a viable IT solution. The basis for implementation is a uniform, analyzable database, on which further evaluation processes can be based.
This data sink is centrally filled with information such as resource consumption, CO2 emission values, but also, for example, evaluations of the travel information of the company's employees. The data model is uniformly specified by the data platform, so that a single point of truth is created for the evaluation of the sustainability goals.
But do I, as an insurer, have to rebuild the technological platform? In individual cases, it can make sense to build on the data platforms or data lakes already established in the company and use these to evaluate cyprus consumer email list sustainability goals. However, established software providers such as SAP, Salesforce and Microsoft also offer suitable preconfigured solutions for building such a database.
The example of the Microsoft Cloud for Sustainability shows that such a data platform can be built easily and in small iterations.
In the first step, the most important data sources for the evaluation are determined and connected to the system via predefined connectors. The platform providers often provide a variety of solutions out of the box so that a quick connection can be guaranteed both to simple data sources such as Excel and to more complex data sources such as ERP systems.
The data is transferred to the platform’s data model via a “mapping” and is then available for evaluation.
The platform provides calculation bases for the calculation of Scope 1, 2 and 3 emissions, which are always visible and adaptable in order to meet the obligation to provide evidence and visualizes the calculation results clearly on a dashboard.
Based on the results, reports can be generated that show CO2 emissions over time and show the impact of savings made on the process. The results can also be used to meet the regulatory requirements of a sustainability report.
The combination of an easy-to-use tool and a central database enables a partially automated implementation of the process and saves time-consuming manual process steps.
Generate added value with company-specific data and insights on sustainability
Increasing regulation in the area of sustainability presents new challenges for insurance companies. However, it also offers an opportunity to take a leading role in shaping a sustainable future.
Using an IT solution not only simplifies the process of data collection and analysis, but also offers the opportunity to generate added value from regulatory requirements. Insurance companies can communicate their sustainability performance transparently, promote sustainable investments and offer their customers a selection of products and services that match their individual sustainability preferences.
Insurance companies that deal with such a software solution at an early stage are not only optimally prepared for the new requirements, but can also gain a real competitive advantage. In addition to the regulatory aspects, there are other advantages, such as easy comparability over time, the presentation of progress and the clarification of areas of potential.
This data sink is centrally filled with information such as resource consumption, CO2 emission values, but also, for example, evaluations of the travel information of the company's employees. The data model is uniformly specified by the data platform, so that a single point of truth is created for the evaluation of the sustainability goals.
But do I, as an insurer, have to rebuild the technological platform? In individual cases, it can make sense to build on the data platforms or data lakes already established in the company and use these to evaluate cyprus consumer email list sustainability goals. However, established software providers such as SAP, Salesforce and Microsoft also offer suitable preconfigured solutions for building such a database.
The example of the Microsoft Cloud for Sustainability shows that such a data platform can be built easily and in small iterations.
In the first step, the most important data sources for the evaluation are determined and connected to the system via predefined connectors. The platform providers often provide a variety of solutions out of the box so that a quick connection can be guaranteed both to simple data sources such as Excel and to more complex data sources such as ERP systems.
The data is transferred to the platform’s data model via a “mapping” and is then available for evaluation.
The platform provides calculation bases for the calculation of Scope 1, 2 and 3 emissions, which are always visible and adaptable in order to meet the obligation to provide evidence and visualizes the calculation results clearly on a dashboard.
Based on the results, reports can be generated that show CO2 emissions over time and show the impact of savings made on the process. The results can also be used to meet the regulatory requirements of a sustainability report.
The combination of an easy-to-use tool and a central database enables a partially automated implementation of the process and saves time-consuming manual process steps.
Generate added value with company-specific data and insights on sustainability
Increasing regulation in the area of sustainability presents new challenges for insurance companies. However, it also offers an opportunity to take a leading role in shaping a sustainable future.
Using an IT solution not only simplifies the process of data collection and analysis, but also offers the opportunity to generate added value from regulatory requirements. Insurance companies can communicate their sustainability performance transparently, promote sustainable investments and offer their customers a selection of products and services that match their individual sustainability preferences.
Insurance companies that deal with such a software solution at an early stage are not only optimally prepared for the new requirements, but can also gain a real competitive advantage. In addition to the regulatory aspects, there are other advantages, such as easy comparability over time, the presentation of progress and the clarification of areas of potential.