Through partnerships with leading providers including Allstate, Nationwide and Travelers, Ando aims to expand the scope of financial independence from fossil fuels available to sustainability-conscious consumers.
Sustainable digital banking service Ando is
launching a new insurance program that
will insure (pun intended) that none of the customers' premiums will be used to
invest in fossil fuels.
Opening to the public in July, the program will enable Ando customers to
purchase new auto, homeowners, renters, pet and umbrella policies through its
insurance partners — including Nationwide, Allstate and Travelers —
or transfer their existing policies to Ando to serve as their agent. Ando will
also plant 100 trees for every policy opened through the program.
As a founding member of the recently launched Fossil Free Banking
Alliance
— a group of banking institutions working to make it easier for
climate-conscious individuals to move their money away from banks that continue
to finance the fossil fuel industry — Ando's goal is to offer the first-ever
insurance policies that enable its customers to personally "divest" by
guaranteeing customer capital will never be invested in any facet of the fossil
fuel industry.
The company launched in 2021 to provide a banking alternative for the millions
of Americans who strive to lower their climate footprint but were unaware of how
their deposits at traditional banks were used to invest in fossil fuels — a
recent Bank of the West
report
found that while 79 percent of banking customers surveyed are “passionate” about
climate change, only 22 percent actually know if their bank is financing fossil
fuels.
Ando is one of the growing number of providers working to empower conscious
consumers to direct their money toward institutions that better align with
their
values.
By offering the same alternative in insurance, Ando will expand the scope of
financial independence from fossil fuels available to sustainability-conscious
consumers.
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According to a report by S&P Global,
US insurance companies have used customers' premiums to invest $582 billion in
fossil fuels. These investments allow gas, oil, coal and other fossil fuel
companies to continue building new extraction infrastructure that forestalls the
continued development and scaling of renewable energy technologies and
infrastructure. Ando's ultimate goal is for customer premiums to instead be
invested in loans that directly fight climate change — such as those related to
clean energy, reforestation, ‘green’
building,
etc.
"Ando was founded on the understanding that the best way to fight climate change
is by making sure our money isn't going to the fossil fuel industry," said
president and CEO JP McNeill. "We've tackled this issue with our banking
services and now we are breaking entirely new ground by opening the door to
clean insurance. With this program, our customers have the opportunity to be
active participants in pushing for historic change in how the insurance industry
does business."
Published Jun 23, 2022 11am EDT / 8am PDT / 4pm BST / 5pm CEST
Sustainable Brands Staff