Neptune Flood Launches 4-Step Plan Towards Carbon Neutrality; Calls on Insuretech Sector to become the First Carbon-Neutral Industry

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Nov 10, 2021, 13:55 ET

ST. PETERSBURG, Fla., Nov. 10, 2021 /PRNewswire/ -- Neptune Flood, the first AI-driven insurance company to provide faster, easier and better 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.

Neptune Flood Launches 4-Step Plan Towards Carbon Neutrality; Calls on Insuretech Sector to become the First Carbon-Neutral Industry

To reach their goal, Neptune Flood has put into place the following 4-step plan in partnership with leaders in each vertical:

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 program. 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."

"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."

Neptune calls on all companies in the insuretech industry to commit to a carbon-neutral plan. Action can be as simple as buying credits to offset a company's carbon footprint, to variations of the four steps taken by Neptune.

ABOUT NEPTUNE FLOOD:
Neptune Flood is the largest entirely digital flood insurance company in the United States and is the alternative to the NFIP. We were founded to change the way consumers and businesses think about and buy flood, and now, parametric earthquake insurance. Neptune uses AI-driven technology to make it fast and easy for consumers to buy and agents to sell insurance.

SOURCE Neptune Flood