Recently we held the final SERI Advisory Group meeting (see more information on our advisory groups here), and our Steering Group met to provide guidance on the future of the programme.
For more detailed information as to what was discussed at the previous Advisory Group meetings, see our update from the first SERI Advisory Group Meetings, our update from the second SERI Advisory Group Meetings, and our document with longer meeting summaries & actions which includes summaries on all our meetings to date. We would love your comment and input on that document, alternatively, you can get in touch with us at seri@ib1.org.
For our third Advisory Group meeting, the SERI team decided to hold a combined meeting with all our Advisory Group members to view and discuss the work from both advisory groups as one cohesive story.
Advisory Group Meeting 3 Discussion & Next steps:
Read a more detailed summary and see the presentation.
Topics discussed:
- The SERI data sharing framework can help solve challenges regarding access to climate data and the way the industry accesses data (current data collection in the insurance industry comes in a variety of sources & quality of data).
- Operational data is key to understanding where the biggest environmental gains can be had in the built environment without infrastructure changes, and is vital to determine if an asset is stranded or not.
- In order to be meaningfully incorporated in analysis, the extra data, which could be made available in a Climate-Ready Building Passport, (enabled through SERI) needs to be sufficient enough to ‘move the needle’, therefore we must ensure that the extra data captured is relevant, providing value both commercially and environmentally.
- The SERI use case argues that incentivising building retrofitting in order to mitigate against increasingly turbulent environmental factors should be paired with lower premiums, as retrofitted buildings are less likely to have costly payouts when environmental events occur. There is the parallel idea with cybersecurity insurance which pairs risk management with a mitigation policy (i.e. having cybersecurity software to reduce cyber risks and reduce premiums).
- It is important to stress that the goal of the project is creating the shared data governance framework, not the climate-ready building passport. The passport is a vessel to demonstrate the idea.
- Refining Terminology – is it useful to redefine the climate-ready building ‘passport’ or as a Climate-ready application. Using the terminology of a climate-ready application is more apt, especially given the incorporation of FAPI. Passport suggests a fixed tool for entry with potentially limiting connotations whereas SERI wants to reduce friction in the access of data.
Next Steps and Outstanding Questions:
- Establishing a commonality of meaning along the chain of parties involved in the use case – how do we make the data contained in a Climate-Ready Building Passport meaningful to a catastrophe modeller, and to the various parties involved in between?
- Currently, there is building information data which is being discarded, which is highly summarised or not aptly captured prior to the catastrophe modelling process; how do we recover this data?
- Clear messaging around how SERI helps solve the friction around data sharing by having accessible required data which therefore eases the friction of having multiple bilateral contracts.
- Clearly demonstrate how SERI is a great way to share the right data that will positively impact pricing and customer offerings.
Join Us!
- We would love to hear from you. If you think your work is directly involved in either Advisory Group, and you’d like to share your thoughts, please either add your comments to our meeting summary document, or get in touch on seri@ib1.org.
- Sign up for our newsletter to keep up to date with our progress on SERI.