Insurance coverage dealer Howden has launched a brand new platform to help purchasers in assessing and managing local weather dangers.
Referred to as Howden Resilience Laboratory, the platform leverages Microsoft’s expertise to supply data-driven options for hurdles associated to local weather change.
The Resilience Laboratory, created by Howden and powered by Microsoft cloud providers together with Azure, Microsoft 365, and Dynamics 365, permits purchasers to mannequin local weather eventualities and consider their monetary impacts.
It really works by changing huge quantities of complicated knowledge – encompassing environmental, societal and monetary info – into actionable insights, serving to asset house owners, buyers and different stakeholders higher perceive and handle local weather dangers to boost their resilience and decision-making.
Particularly, Howden’s new platform identifies residual dangers to purchasers’ operational and monetary efficiency, whereas additionally designing related insurance coverage options.
Purchasers can use the platform to create customised ‘what-if’ fashions to simulate potential outcomes of strategic selections comparable to mergers, decarbonisation efforts or geographic expansions.
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The Resilience Laboratory additionally guarantees to supply funding and insurance coverage methods which might be optimised to think about hazards, publicity and vulnerability adjustments.
Moreover, the platform assesses the monetary benefits of resilience investments, overlaying areas comparable to provide chains, biodiversity and social impacts.
Howden CIO Lyn Grobler stated: “Asset house owners, buyers and wider stakeholders face evolving and sophisticated pressures from dangers associated to local weather change.
“This collaboration with Microsoft permits us to create a world-class innovation hub powered by knowledge, AI and computation to mannequin local weather eventualities and assess monetary impacts, which can allow strategic and assured funding selections that defend belongings and companies.
“Along with Microsoft, we’ll proceed to combine insights and collaborate with different knowledge companions and researchers to assist scale and construct the instruments and capabilities to de-risk financing selections and speed up the transition to a extra resilient world.”
The launch of the brand new platform follows the unveiling of UK and US non-profit Humanity Insured to help communities which might be at-risk and construct local weather resilience leveraging insurance coverage.
Howden introduced collectively the insurance coverage trade to create Humanity Insured, which obtained seed funding from seven worldwide insurance coverage corporations, together with Allianz, Beazley, Hiscox, the Fidelis Partnership and Tokio Marine Kiln.
