The marine insurance industry needs to embrace data better if it is to successfully implement its ESG aims, said Patrizia Kern, Chairperson of IUMI’s Data & Digitalization Forum, at this years IUMI conference.
She told the audience of underwriters that more data on assureds’ activity was available, but it needed to be consistent, reliable, relevant and provable to be of use.
Kern noted that more than 92% of the S&P Global 500 companies now reported on their ESG metrics, but that ESG was meaningless unless it was substantiated by verifiable data.
Rapid advances in machine learning and Artificial Intelligence (AI) meant that ESG assessments could be embedded into business workflows, said Kern.
However, challenges existed in data standardization, and this could lead to “many versions of the truth”.
“We need to be ready to share more information with each other and standardize this data if we are to fully realise the benefits of taking an ESG stance,” Kern said.
The Big Data and Digitalization Forum was launched in 2018.