The digital flood insurance company Neptune Flood has announced a commitment to help combat climate change within the company. The company is also calling on the insurtech sector to become the first industry to achieve sector-wide carbon neutrality.
“As a young industry, we have the unique opportunity to be the first that is carbon neutral,” said Trevor Burgess, CEO of Neptune Flood. “Insurtech positively impacts insurance through innovation – let’s now apply that same innovation to positively impact our planet.”
To reach its goal, the company has enacted a four-step plan:
- Offset corporate carbon footprint: Neptune Flood has committed to offsetting its corporate carbon footprint annually, including all office- and travel-related impact. Neptune has partnered with nonprofit Cool Effect to use a simple calculator that allows businesses to gauge and mitigate their impact through project-based carbon reduction.
- Offset the carbon footprint of employees: Neptune Flood is taking steps to mitigate the carbon footprint of its 36 employees through a partnership with One Tree Planted, a reforestation nonprofit. The partnership 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: The company has made a donation of $50,000 to Tampa Bay Watch’s oyster habitat program. Oyster reefs help protect from erosion during storms. All Neptune employees will also receive paid time off to volunteer with Tampa Bay Watch.
- Offer resilience-building products and services: Neptune’s Jumpstart parametric team is working on additional climate-based insurance products to add to the company’s flood insurance offering. These products will aim to improve climate-affected 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,” Burgess said. “That responsibility extends to our insurtech 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.”
“Parametric insurance products build financial access to climate-focused resiliency because they can be made available at a variety of price points,” said Kate Stillwell, president of Jumpstart Parametric Insurance at Neptune. “The immediacy of parametric payouts serves as a post-disaster stimulus, which accelerates recovery after severe climate events – not just for individuals, but for whole communities.”