The alliance will use Kennedys IQ’s expertise in transparent algorithmic approaches and cognitive decision-making science to support insurance clients. Credit: Owlie Productions / Shutterstock.

Kennedys IQ has entered a partnership with Vested Impact to enhance the integration and utilisation of environmental, social, and corporate governance (ESG) data within the insurance sector.

This alliance aims to address the increasing demand for external data to support key insurance functions such as claims, underwriting, and risk and compliance.

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Kennedys IQ said the collaboration also plans to extend support for corporate supply chain management.

The partnership will leverage Kennedys IQ’s expertise in transparent algorithmic approaches and cognitive decision-making science to support client decision-making.

Vested Impact, which was showcased by the UK at COP28 for its potential to address global sustainability challenges, offers a unique algorithmic methodology.

This approach assesses the external material impact of a company’s products and services on society and the environment, using more than 300 million science-based and impact data points.

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Rising Edge, a speciality D&O underwriting agency that currently utilises the IQ Platform, is working with Kennedys IQ and Vested Impact to gain industry insights and benefit from the collaboration’s Open Innovation principle.

This principle fosters diverse perspectives from various sectors, including industry and academia.

Going forward, Kennedys IQ will add features such as SmartPolicy and Reputation Advisor to its IQ Platform.

These features will break new ground in helping insurer clients identify, manage and mitigate risks, mainly from sophisticated analysis of policy documents to identifying real-world events through a blend of traditional algorithmic approaches and large language models (LLMs).

Vested Impact founder and CEO Kimberley Abbott said: “We’re thrilled to collaborate with Kennedy’s IQ to provide actionable activity-level and market-specific ESG and impact insights.

“Together, we aim to foster a more sustainable and resilient insurance ecosystem. This partnership enhances our mission of driving actionable decision-making on social and sustainability issues within the financial services sector.”

Kennedys IQ chief product officer Karim Derrick added: “We’re so pleased to be working with Vested Impact on driving the use of improved ESG data, it is an exciting and complementing feature to the Reputation Advisor project, a future feature of the IQ Platform.”