Corporates can better understand their environmental exposures by tapping into multiple data sources and advanced analytics
AXA XL Risk Consulting has launched of a new risk assessment service designed to help companies identify and mitigate pollution and environmental risks in Europe and in the UK.
The solution combines the expertise of the insurer’s risk consultants, machine learning and artificial intelligence applications to turn environmental and climatological data from a variety of sources into actionable risk insights.
Dr Dominik Scheiben, senior casualty risk consultant, explained: “To understand environmental exposures, risk managers have to consider four critical dimensions: the source of a potential pollution, the pathway a pollutant could travel, what it could impact and the baseline conditions of the company’s site or sites.”
He added: “Our new tool leverages datasets from public agencies, streamed data from sensors or meters, satellite imagery and customer-specific information to map out all of these dimensions and to help companies understand where they need to focus their risk management efforts”.
Jonathan Salter, global head of AXA XL Risk Consulting, added: “For a company to limit its environmental impact should an incident occur, understanding the risk and implementing appropriate mitigation strategies are critical.”