Solera Shortlisted for Reuters Sustainability Awards
Solera's "Sustainable Estimatics" initiative has been shortlisted for Reuters Sustainability Award.
Solera is a global leader in data and software solutions focused on the automotive, property, and financial services industries. The company provides tools and technologies that streamline and enhance the repair, management, and protection of vehicles and other assets. Solera's solutions are widely used in areas such as vehicle repair estimating, claims management, fleet management, and risk assessment.
The initiative focuses on reducing the environmental impact of repair estimates through the use of AI and data-driven insights, leading to more accurate and environmentally conscious repair decisions. By integrating sustainability into its core operations, Solera aims to minimize waste, lower emissions, and promote circular economy principles in vehicle repair processes. This recognition underscores Solera's role in driving industry-wide sustainability.
Jaime Silvela, International Business Development Director at Solera, says: "We are thrilled that Solera’s Sustainable Estimatics is being recognised for its innovation in addressing critical social and environmental challenges. Launched in 2023, Sustainable Estimatics represents a significant leap forward in the automotive insurance industry for sustainability.
"Many insurers struggle with limited data on vehicle claims emissions or face challenges due to data being siloed. As the Corporate Sustainability Reporting Directive (CSRD) comes into effect in 2025, insurers will need to measure and track Scope 3 emissions, adding urgency to the need for effective solutions. Solera is uniquely positioned to meet this challenge with our extensive network of automotive contacts and one of the largest databases in the sector. Our solution integrates advanced AI technology to deliver accuracy in carbon footprint measurement, providing insurers and automotive companies with the insights to not only measure but also effectively reduce their environmental impact.
"This aligns with the growing demand for more robust and sustainable practices, as evidenced by our research showing that 59% of drivers would prefer a garage offering sustainable repair options if needed. Sustainable Estimatics addresses this demand with its industry-first suite of solutions, including a CO2e reparability simulator. This innovative tool, powered by a CO2e algorithm that transforms our extensive data repository into actionable emissions data through machine learning and AI, enables insurers to visualise their auto claim carbon footprint and assess potential emissions savings from repair versus replacement. By following GHG standards and leveraging sustainability data sources, this solution sets a new benchmark for sustainability in the industry.
"Out of over 700 entries, being shortlisted is a testament to the impact and innovation that Sustainable Estimatics brings. We believe this advancement is not just a step towards regulatory compliance but a significant stride towards a greener future for the automotive sector.”
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