At a Glance
Financial Services and Insurance
Sustainability and Energy Management Strategy
Vasantha Lakshmi Punna strategized to include climate-related risks in life insurance underwriting.
The primary goal of the project was to assist the company in preparing for emerging risks and conduct research into the effects of such trends on morbidity claims, particuarly incorporating climtate change factors in the underwriting business. The project also aimed to calculate Scope 1 and Scope 2 emissions, as well as conduct a peer comparison on ESG initiatives to identify gaps.
Researching Climate Risks: Thoroughly researched how climate change can influence human health and made a report on how different parameters in the environment may change and how these changes can influence different diseases. Analysed companies' death claims data and found correlations between diseases that are associated with climate change. Reported the impact of Heat stress and few other parameters on diseases that the company has encountered in their claims.
ESG: Compared ICICI Prudential’s initiatives with National and International peers and found areas where the company can improve. Summarized all the data in an excel.
Scope 1 and Scope 2: Calculated Scope 1 and Scope 2 emissions successfully. Emission factor for grid electricity is taken from the ‘CO2 Baseline Data for Indian Power Sector’ report published by the Central Electricity Authority.
The research conducted to assess climate risks supports the company in understanding the most occurring diseases in their claims, and if any climate change factors are influencing these diseases. In understanding the most vulnerable people to these risks, this project also helps them in assessing and preparing for these risks. Additionally, the ESG peer comparison guides the company to take new ESG initiatives.