Marsh’s First Insurance Facility Could Accelerate the Transition to Renewables and Help Limit Global Warming
In order to stop global warming, the world is aiming for net-zero emissions by the middle of the century. "Green" hydrogen, or hydrogen produced using renewable energy sources, is seen as a key tool for achieving this goal.
Hydrogen would need to reach 13% to adhere to the Paris Agreement's goal of keeping global warming to 1.5 degrees by 2050.
Marsh, a global top insurance broker, and risk advisor, launches a first-of-its-kind insurance and reinsurance facility that offers specialized insurance capacity for new and current green and blue hydrogen energy projects.
The facility, created in partnership with Liberty Specialty Markets, a division of Liberty Mutual Insurance Group, and AIG, offers up to US$300 million of cover per risk for the development and launch phases of hydrogen projects internationally.
The facility would also decrease the difficulty of securing risk transfer options for operators of all sizes and enhances investor and lender confidence in attaining their ambitious project deadlines as the global hydrogen industry, notably green hydrogen, ramps up rapidly to meet demand.
It is designed to be flexible enough to allow clients, from small business owners to large corporations, to select coverage for the building or start-up phases or a combined risks policy that covers the first year of operations.
"Marsh's facility is an important development for the insurance industry that will help enable the acceleration of the global energy transition to renewables." ---- Andrew George, Global Head, Energy & Power, Marsh Specialty
Got to admit, the automation in the insurance sector has been gradual, slow, and frequently falls short of customer expectations. However, we’re working on it and we’ve been seeing significant development.
The application of RPA (Robotic Process Automation), artificial intelligence, and machine learning is important to innovate, automate, and stay ahead of the competition.
Can you imagine the future of the industry being shaped by robots? I believe we’re getting there already.?
It’s anticipated that by 2026, RPA for insurance would grow the insurtech sector to $261.6 billion. The global RPA market is expected to generate approximately $1202.1 million in sales by 2026 just for RPA.?
Market leaders in insurance may automate time-consuming processes like data entry, record maintenance, transaction facilitation, and other similar chores while improving their workflow thanks to robotic process automation.?
According to GlobalData's research on "Augmented Reality (AR) in Insurance," insurers are becoming more and more dependent on AR technology to meet industry concerns like COVID-19, climate change, and the fast digitalization of younger generations, especially Gen Z.
For instance, the GEICO app overlays information about various services and attractions nearby using augmented reality and the user's phone camera.
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Expect more engagement from the younger generation who have been looking for more modern and innovative products and services from the insurance industry.
How do insurers make use of AR technology?
?? Live video transmission between the expert and the client
?? AR smart glasses can be utilized by off-site employees
?? Reduce agents needed at the claim site while maintaining the communication
?? Marking particular locations
?? Guiding client with text and pointers
?? Measuring distances in real-time
“The pandemic has left a legacy of remote operations, and it’s no wonder considering how this can significantly reduce travel time, costs, and emissions for firms. For insurers, inspections at service platforms will continue to streamline the claims process and allow insurers to provide better customer service.” ---- Amrit Dhami, Associate Analyst at GlobalData
We are already breaking barriers and implementing green initiatives.
Another good point is that customers of today are willing to pay a little more for sustainable goods and brands and use their purchasing power to support businesses that care about the environment.
Data and automation can help by providing startups and established businesses with the resources they need to achieve their sustainability goals.?
By using data-based insights and intelligent automation, firms might be able to find a balance between having too much and not enough inventory, thereby drastically lowering waste, emissions, and environmental impact.
Moreover, companies can swiftly and easily track energy consumption, amount of waste produced?daily, consumer behaviors, carbon footprint, and more.?
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