Neptune Flood, the first AI-driven insurance company providing flood insurance, has made a commitment to help combat climate change within the company and calls on insuretech to become the first entire industry to achieve carbon neutrality.
"As a young industry, we have the unique opportunity to be the first that is carbon neutral. Insuretech positively impacts insurance through innovation - let's now apply that same innovation to positively impact our planet," said Trevor Burgess, CEO of Neptune Flood.
To reach their goal, Neptune Flood has put into place the following 4-step plan in partnership with leaders in each vertical.
What is the 4 step plan?
- Offset the Corporate Carbon Footprint: Neptune has committed to offset its corporate carbon footprint annually, including all office and travel related impact. In partnership with the non-profit Cool Effect, Neptune has used their simple calculator that allows businesses to gauge and mitigate their impact via project-based carbon reduction.
- Offset the Carbon Footprint of Employees: Neptune is taking responsibility for mitigating the carbon footprint of its 36 employees via a partnership with One Tree Planted, a global reforestation non-profit. This initiative will plant 720 trees in Neptune's home state of Florida. Each year, Neptune will purchase an additional 20 trees for every incremental employee.
- Commit to Community Projects: Neptune is committed to improving coastal resiliency and has made its first donation of $50,000 to Tampa Bay Watch; specifically, to their oyster habitat programme. Oyster reefs help protect from erosion during storm events. Additionally, all Neptune team members will have paid time-off opportunities to volunteer with Tampa Bay Watch for important hands-on impact.
- Offer Resilience-Building Products and Services: Neptune's Jumpstart parametric team is actively working on additional climate-based insurance products to add to Neptune's flagship flood insurance offering. These products will have a goal of improving climate-effected resiliency across the economic spectrum.
"As the world gathers in Glasgow for the 2021 United Nations Climate Change Conference, it is clear that being a responsible corporate citizen means committing to a carbon-neutral footprint," said Neptune CEO, Trevor Burgess. "That responsibility extends to our insuretech industry as well, since buying insurance is one of the most practical ways each individual can protect against the effects of climate change. As the leading private flood insurance provider, Neptune aims to set a standard by taking definitive action to combat sea temperature rise."