Sustainability & ESG apps for Financial Services and Insurance

Industry: Financial Services & Insurance

The Financial Services and Insurance industry faces significant ESG challenges related to the integration of sustainability factors into investment decisions, risk management, and ensuring ethical and responsible financial practices. These challenges are digital challenges, smart solutions are shaping the industry's sustainable future!

Trusted by:

Your solution is One flexible Sustainability and ESG app layer on top of all your data sources.

The Sustaira Sustainability Circle is a high-level overview of what Sustaira offers. Sustaira has created building block applications within and between all of the domains of sustainability and ESG seen around the circle. These applications are meant to be tailored, tweaked, and customized to 100% meet the needs of the end user. The applications then live in the Sustaira launchpad that acts as a smart layer on top of your internal and external data sources. Bring your sustainability and ESG data together with a building block approach that eliminates manual processes and allows you the flexibility to grow and change throughout your sustainability journey.

Companies do better financially

There's a lot of empirical data out there that shows that companies that consider and perform on environmental, social, and governance tend to do better financially.

Losses of $81 Billion USD

Insurers are no strangers to sustainability concerns. As the economy’s financial first responders, they are often called upon to pay for damages and defend those filing claims involving ESG events. Indeed, 2020’s climate-related windstorms, wildfires, and floods generated insured losses of US$81 billion.

Managing Risk

The historical probabilities of natural disasters, droughts and crop failures are less and less representative of future probabilities due to climate change.

Sustainability and ESG Challenges within Financial Services and Insurance

  • Transparency

    In just about every industry, but especially in Financial Services and Insurance transparency around ESG and Sustainability is essential. With new policies and regulations coming everyday, having transparent, accurate data is a must have. Finding that data, and validating it, poses a major challenge for many organizations.

  • Regulators

    The “environmental” side of ESG tends to get a great deal of attention in insurance because of the billions in climate-related property-catastrophe claims generated in most years. It is believed that, reporting demands are likely to increase, given ESG’s rising profile around the world among legislators and regulators.

  • Pressure to Demonstrate Progress

    Like many industries, organizations within Financial Services and insurance are facing heavy scrutiny and expectations are rising among many customers, investors, legislators, regulators, rating agencies, independent assessment firms, and even a company’s own socially conscious employees and business partners.

  • Measuring Risk

    There are a lot of new financial vehicles banks are putting out that de-risk lending by asking people what they are doing on ESG, but also target lending towards solving ESG challenges.ESG risks cover issues ranging from a company’s response to climate change, to the promotion of ethical labour practices, to the way a company grapples with questions around privacy and data management. A growing number of investors, both institutional and retail (non-institutional), and in developed and emerging markets alike, look at ESG risks as a testing ground for their portfolio companies.

  • Siloed and Disparate Data

    Often, data is spread across multiple systems or even users. This data is often even excel or email based. This means that there is no easy and efficient way to aggregate and manage that data nor make it actionable or insightful. Often, existing systems are not flexible or customizable to keep up with changing needs or requirements.

Sustainability & ESG Challenges are a Digital Issue

Shifting the Paradigm

Sustaira uses Siemens' Mendix low-code platform, striking a balance between inflexible off-the-shelf solutions and time-consuming custom coding. With a building-block approach and reusable templates, Sustaira offers a customizable accelerator, bridging the gap between pre-made solutions and fully tailored projects, delivering flexibility without compromising efficiency.

The business challenges outlined above put a tremendous amount of pressure on the digital capabilities within organizations. This is everything from Siloed and disparate data, measuring risk, regulators, and ever-changing requirements around ESG data transparency needs. Typically, these core challenges translate back to a lack of flexible solutions that are instead replaced by a myriad of off-the-shelf solutions that only somewhat address the needs of the organization. It’s a lack of IT solutions that can truly deliver the value needed, without creating new challenges or expanding an already tangled workflow. So how are we going to solve and tackle these things?

Sustainability and ESG Solutions for Financial Services & Insurance

Carbon and Emissions Accounting Scope 1, 2 and 3: Measuring impact throughout your supply chain

The Carbon Accounting Application is used by organizations to get an overview of their Scope 1, 2 and 3 emissions. Allowing organizations to make informed decisions around their sustainability efforts, not only internally, but throughout their supply chain. To do this, the carbon accounting module uses answers from our survey to build a reflexive dashboard that highlights action items to calculate the impact environmentally and financially. Dive into Scope 3 and open this up to your suppliers or external stakeholders as well!

Data Aggregation

Create your single source of Sustainability and ESG data with Sustaira’s Launchpad. Each tile represents an application, custom project, or other software. Bring everything together in a single, agile, smart layer, that sits on top of the systems you’re already using.
This launchpad is meant to work WITH what you already have. Have an application or system that you love for one piece of your sustainability journey? We can add a tile to the Launchpad for that piece and bring everything together.

Custom Sustainability and ESG Apps

There are unique projects that require extensive specialization expertise and attention. For those, our expert development team can take your ideas and bring them to life. Our team uses an Agile Methodology and works alongside your team the entire time. Have something special brewing? Let us help.

Goal Setting & KPI Tracking

The Sustaira Projects & KPI module is designed with pre-built projects and tracking KPIs related to sustainable initiatives. Tied to the U.N. goals for sustainability or the framework of your choosing, you can assess the impact and ease of change with our QuickStart Survey, selecting those goals that you are most interested in. Then, choose from a buffet of pre-configured projects and KPIs to quickly add to your sustainability roadmap.

Sustainability Supplier Management

The Sustaira Sustainability Supplier Management solution is designed for quantitative and qualitative data intake and interaction with your suppliers. If you’re still using spreadsheets and emails to remind suppliers to submit ESG and Sustainability information, this solution is for you. Everything in this template is customizable and can be tailored towards your unique needs. Whether you use a questionnaire/survey or a data intake overview, it’s all possible. You can set actions, reminders and different data input parameters per supplier. This includes reporting and actionable insights.

Additional Resources

Stay up to date on the latest Sustainability and ESG news with Sustaira!

Watch Sustaira’s Webinar, Carbon Accounting: The Engine Behind ESG Disclosures And learn how Sustaira can help!

Learn about how a Low-code Building Block Approach for Sustainability and ESG Software is the necessary paradigm shift!

Interested? Want to learn more?