Report — A Pathway Towards SERI: Operational and Technical Considerations

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Executive Summary

This report provides the considerations and recommendations for the implementation of a SERI (Standard for Environment, Risk, and Insurance) shared governance framework within the insurance industry for the SERI use case and wider industry application. To address the technical and operational considerations to enable the SERI use case, the wider challenges of sharing data in the insurance industry are considered, and analysis of various initiatives which inform and enable the SERI data sharing vision are mapped. 

The report then discusses the lessons learned from Open Banking and Open Energy, and the transferability of the technical and operational elements of these data sharing ecosystems. To understand the technical requirements for a Climate-Ready Building Passport (C-RBP) derived use case,  data mapping is presented, along with suggestions for data that, for example, can be used to assess mitigation measures, quantify net zero and/or develop climate-ready property insurance products. The recommended SERI data sharing governance framework concept is presented based on the framework that enables the Open Energy sharing data infrastructure and key elements that would enable data sharing for the insurance industry are discussed. Finally, a pathway for opportunities for an open standard for data sharing within the insurance sector for the use case ecosystem is described, along with indicative timeframes.