Moving the needle on sustainability in insurance

Moving the needle on sustainability in insurance | Insurance Business Canada

Environmental

Moving the needle on sustainability in insurance

Moen discusses how new innovative technology can support sustainability in the industry

Environmental

By
Ksenia Stepanova

The following article was written in association with Moen.

The insurance industry is facing an urgent need for sustainable practices – not only to bolster business performance, but also to contribute to environmental, social, and economic well-being.

The industry has already made some significant strides towards sustainability. These include the appointment of senior leaders dedicated to addressing these challenges, and participating in initiatives like the Government of Canada’s Sustainable Finance Action Council (SFAC). However, Jerry Fairborn, national sales manager – commercial, at Moen, points out that the pace of change within the industry is concerning, and technology offering new ways to manage and possibly predict risks is not yet being fully leveraged.

“At its core, sustainability as it relates to insurance aims to reduce risk, develop innovative solutions, improve business performance, and contribute to environmental, social, and economic sustainability,” Fairborn explains.

“This requires bolder thinking to deliver meaningful impact and move beyond simply looking for new ways to do things like reduce the use of paper.”

Still, the path to sustainability is no doubt a challenging one. Fairborn notes, “All industries face an enormous challenge in becoming more sustainable. There is a fundamental understanding of the imperative, but it lacks a fully developed playbook with proven techniques for delivery.”

To address this, Fairborn says the industry needs to adopt a new mindset with innovative thinking, and to create cross-functional teams to manage change despite the risks involved.

Moen is leading by example with its “Mission Moen” initiative, which promises to “protect and preserve the world’s most precious resource – water.”

With the ambitious goal of saving 1 trillion gallons of water by 2030 and repurposing 2,000 tons of ocean plastic, Moen is leading the charge in sustainability. The company’s Smart Water Network products, such as the Flo Smart Water Monitor and Shutoff, represent a significant step forward. This device leverages machine learning to help deliver unmatched protection and peace of mind. It’s attached to a home’s main water supply line and operates 24/7 in the background, continually monitoring for potential water abnormalities. Featuring enhanced FloSense™ 3.0 Technology and MicroLeak™ Technology, the device learns the unique water usage patterns of the home and can sense leaks as small as one drop per minute along with other potential issues with unmatched precision. If it detects an abnormality in usage or the beginnings of a catastrophic leak, it can intervene proactively, automatically shutting off the water supply so the home suffers no damage.

“This device not only has been shown to drastically decrease water damage incidents but also provides peace of mind to homeowners and insurers alike.”

Ultimately, the insurance industry’s journey towards sustainability is complex but vital. Innovators like Moen are paving the way with technology-driven solutions and a commitment to sustainability that transcends traditional approaches. As the industry continues to evolve, the emphasis on sustainability, technology, and innovation will play pivotal roles in shaping its future, offering a blueprint for others to follow.

To find out more about Moen and its smart, sustainable solutions, click here.