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The B-Corp Journey, taking steps on the road to better business

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When we started Aspect two years ago, our aim was simple. We saw many viable, mid-market companies  being underserved by the insurance industry. We saw many businesses that could previously access quality coverage suddenly locked out and struggling to secure insurance and we didn’t think this was right. 

In short, we felt the market could do better and we built Aspect to do just that. 

Doing the right thing is about more than just business however and we are determined to build a company that our employees and policyholders can be proud of. We want Aspect to be a force for good and a responsible corporate citizen. We’ve already taken a number of steps in this direction.

As a Living Wage Employer for example, we’re ensuring our employees are paid fairly for their work and feel valued and respected. Likewise, we’re putting our belief in the power of giving back into action through charity partnerships and encouraging our team to get involved and volunteer. We see this as a way to not only tackle important social issues but also inspire our team to take pride in their contributions to the greater good. 

This is integral to our company values and a key driver of our long term success and the motivation of our employees. It’s for this reason that we’re today pleased to announce that our team has been busy behind the scenes taking us on the journey toward B-Corp status. 

The journey so far

As far as we know, we’re breaking new ground here and when we achieve B-Corp we’ll be the first London Market MGA to do so. This is therefore an important step for us and for the wider industry. 

Our journey began with a scoping exercise to work out what’s involved in becoming a B-Corp and to speak to some other businesses who’ve already made the journey. The entire purpose of the B-Corp movement is to show that business not only should be done better, but can be done better. Trust is crucial to this however. We’ve seen in recent years how issues like ‘greenwashing’ have served to undermine public confidence in ESG. To mitigate against this, the process of becoming B-Corp has been designed to be deliberately meticulous. 

Our research and conversations have given us a realistic roadmap and so, we’ve since taken a number of steps that support our B-Corp ambition. 

This has included developing our 2025 Giving Strategy with the assistance of the Insurance Industry Charitable Foundation (IICF). This has helped us reinforce our commitment to corporate social responsibility and clarify our goals for the year, as well as selecting charities we will support.

We’ve also begun our B Impact Assessment, securing the preliminary 80 points required for certification—while continuing to refine our approach to maximise our score before submission. 

In line with our remuneration policy described above, we’re also proud to have earned Living Wage Employer accreditation, which we believe will further enhance our B-Corp journey.

More broadly, we’ve taken action as a business and as a team to strengthen transparency and accountability while implementing new well-being initiatives and employee benefits and reviewing our partnerships to focus on working with organisations that prioritise sustainability and social awareness. 

Starting our own MGA was driven by a desire to make a real impact in the insurance space that goes above and beyond just business. The B-Corp journey is our way of demonstrating to our customers and the industry what an MGA can be.

Keep an eye on our website for further updates and for further information.

Supporting the Circular Economy

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MWA Special Risks approached us on behalf of a leading UK recycler, specialising in recycling ferrous and non-ferrous metals as well as vehicles that have reached the end of their life.

This is a vital service and key to building the sustainable, circular economy that the future demands. Not only this, but the business in question is also committed to sustainability in its own operations with a bold plan in place to be net zero by 2035. 

Despite the high standards, the business found itself struggling to get the cover it needed. As with so many businesses in the recycling industry, and other industries, it was being underserved by the wider insurance sector. This was compounded by the event of a fire at a site adjacent to a facility. While not the fault of our insured, this incident only served to increase the risk profile of the business in the eyes of traditional insurers. 

This posed a significant threat to business continuity, compounded by the incumbent insurer failing to offer renewal terms and failing to provide a reason for this decision. The business approached MWA to help them search the market for an insurance solution. 

The Challenge

Following the sudden withdrawal of terms by an incumbent insurer, and with reluctance from the wider industry, this business faced a significant risk – financial and regulatory – so the challenge for MWA was to find suitable cover, and quickly. 

The deal was a complex one for any insurer covering plant, gross profit and a variety of machinery in a high-risk industry. Alongside this, the fire at a neighbouring site needed to be considered as did long-term commitments to sustainability, key for regulatory compliance. 

While the rest of the industry may have turned this business down, Aspect was built with the express aim of doing things differently and running towards the risk that other insurers avoid. 

Following a meeting on-site in February, including a survey of the site itself and a meeting with the business owners, our team were able to see business activities first-hand. This allowed us to develop a nuanced risk profile, something which other insurers had failed to do.  

Several options were presented to MWA at different loss limit options and a solution was found meaning business could continue, as could the business’s journey toward net zero.  

Tom Seymour, Senior  Underwriter at Aspect said

“This is a great business with a commitment to sustainability and decarbonisation that mirrors the values of our own team at Aspect. The treatment of this business, which is central to the UK’s circular economy, by the wider insurance industry was incredibly disappointing.” 

“At Aspect however, we were able to visit the site and get to know the business and the team on a deeper level. We knew that, given the attention they deserved, a solution would be found, and indeed a solution was found.”

Michael Ward, MD MWA Special Risks said

“We would like to express our sincere appreciation for the support provided by Aspect in helping us secure our recent win. Tom’s participation in the initial client meeting was invaluable, as it allowed us to have the expertise of a senior underwriter on-site, giving us a clear competitive advantage over other brokers.” 

“The flexibility and adaptability in the underwriting approach enabled us to present the client with a variety of options. This allowed them to choose a policy that not only met their need for comprehensive coverage but also fit within their budget.” 

“We view this as the beginning of what we hope will be a fruitful and ongoing collaboration with Aspect in the future.”

ESG Data

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This week we’re exploring the ways in which Aspect is challenging ourselves and the wider insurance industry to deliver better corporate citizenship. So far, we’ve announced exciting initiatives alongside the Insurance Industry Charitable Foundation and the Living Wage Foundation and, there’s more to come later this week so stay tuned!

Today however, we want to look back at some of the work we’ve already done as we seek to do things differently and make an impact.

Putting down roots

First up, reflecting the commitment felt by the whole Aspect team to our shared environment, we’ve worked hard to build a greener industry. Since January 2024, with Treeapp, our team has planted 1,334 trees (and counting!). This not only means a greener and more pleasant environment, it also means our trees have pulled more than 145 tonnes of CO2 out of the atmosphere. 

Planting these trees has also generated 13 days of paid work for the communities in which we’ve planted them and has contributed to the reforestation of nearly 9,000 m2 of land. 

Separately, we’ve also partnered with OnHand over the past twelve months to plant 594 trees through 734 hours of volunteering which has also seen 2.5 megatonnes of CO2 mitigated.

Greener business

Alongside supporting reforestation in communities globally, at Aspect we’re also on a mission to ensure our own business is as sustainable as possible. 

To that end, we recycled half a ton of our business waste last year. This included 375kg of waste recycled via energy from waste and 250kg via anaerobic digestion. All of which generated 206.26 kWH of energy. Our switch to Google Workspace has also allowed us to save a further 84.69kg of CO2e.

As a business too, we run towards the risks that much of the insurance industry would rather avoid. We see delivering the green energy that the future demands as one of the greatest challenges we face. Delivering a sustainable economy necessarily means investing in and developing new technologies and sources of power. For many, this means higher risk, but we were built to do things differently and find ways to help the renewable sector manage its risk while pushing forward with the vital innovation we need. Over the course of 2024, we found solutions for 27 clients in the renewable energy sector and we hope to continue building on this as we support the ambition to build a net-zero economy. 

Giving back 

Finally, over the last 12 months, we’ve come together as a team to try and give back financially too. We allocate 1% of our revenue to an ‘impact pot’ which will be used to support the causes we care about. Alongside this, last year we donated £10,500 to charities and spent a further £5,000 on partnerships with charitable initiatives. We also supported 2 children who need it most in Nicaragua with hot meals, education, stationery and health assistance.

These are small steps, but we’re proud of them and we thank our customers and our team for helping us take them.  

Living Wage Foundation

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Yesterday we announced our partnership with the IICF which we hope will help us make an ever more positive impact on communities across the UK. 

One of the biggest positive impacts a business can have however, is on its own employees. 

Employees give a huge amount of their time and effort to the companies they work for. All too often however, pay and conditions aren’t keeping pace with broader circumstances in the economy. Recent years have seen inflation taking a bite out of people’s earning power for example while tax rises and the cost of living are also making life ever harder for working age people. 

This is especially the case here in London, where Aspect is based. 

We want to make sure our employees are paid a wage that not only reflects their talent and hard-work, but also that allows for the quality of life that we all deserve. That’s why today we’re pleased to announce that Aspect is now a living wage employer, as accredited by the Living Wage Foundation. 

What is the living wage?

Unlike the minimum wage, the Living Wage is based on the cost of living and has therefore risen above the minimum wage as the cost of living and inflation have taken their toll on workers across the UK. 

While the minimum wage is a legal requirement of employers, the Living Wage is something that employers sign up to voluntarily and Aspect is proud to join the 15,000 other businesses across the country who have also become Living Wage employers. To date nearly half a million employees have received a pay rise and found life a little more affordable as a result of the hard work of the Living Wage Foundation. 

Why have we signed up?

As mentioned yesterday in our post about our membership of the IICF, when we set out to build Aspect we set out to take a different approach that gives businesses that’ve been underserved by the market the insurance they deserve. This approach extends to the communities we work with which is why we are partnering with the IICF. It also extends to our team. Without the hard work of our team, we wouldn’t have a business. Our team give their best day in day out and who have contributed to bringing Aspect to where it is today so, it’s only right that as a business we give something back. 

We feel this will make their lives easier and set a challenge to other businesses, in insurance and beyond, to sign up to the Living Wage and give Britain a pay-rise. You can find out more about the Living Wage Foundation here.  

Sebastian Bachelier, Senior Partnerships & Campaigns Manager said: 

“We are pleased to welcome Aspect into the Living Wage Community. Businesses like Aspect that are willing to show leadership on this issue are vital to raising the bar for other businesses and taking some of the pressure off employees following years of inflation and cost-of-living price rises. This is a vital step towards responsible corporate citizenship and towards a robust and sustainable ESG policy.” 

“Businesses signing up to the Living Wage Foundation have already given half a million people a pay-rise and, with the support of businesses like Aspect, we hope to go even further as we campaign for a Living Wage for all.”

Associate Membership of the IICF

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We set up Aspect to make a difference. Not just to the customers we work with and the many businesses that we see being underserved by the wider insurance industry, but also to wider society.

There are a whole range of challenges that we collectively face and in which the insurance industry has a role to play. From helping communities and businesses adapt to and mitigate the risks posed by climate change to supporting disadvantaged kids in the UK, we want to build not just a business but a good corporate citizen. 

We are therefore proud to announce that we have today become associate members of the Insurance Industry Charitable Foundation (IICF). The IICF brings the insurance industry together to help support communities across the UK. Since launching in 2015, the IICF has had a positive impact on the lives of more than 7,000 people and has brought together more than 2000 leaders from the industry to help drive positive change. 

In particular, IICF is focused on the ‘S’ in ESG, and is supporting initiatives aimed at increasing social mobility and allowing everyone to reach their full potential, regardless of their background. 

This is something that chimes hugely with the team here at Aspect. 

Previously our team has taken part in initiatives ranging from helping support homeless people in Luxembourg with hot and healthy meals to supporting vulnerable families in the Nordelta neighbourhood of Buenos Aires. There’s always more to do however and, as our business continues to grow, we keen to lean into the expertise of the IICF and their partnerships to help us reach ever more people and give back. 

Wendy Wilder, Executive Director at IICF UK said: 

“The insurance industry can make a real difference in fostering greater social mobility in the UK and ensuring that everyone has a chance to succeed, no matter their starting point in life.” 

“As we welcome new corporate partners, it’s exciting to see more insurance leaders recognising that we can create greater social impact together as an industry. Aspect in particular is a team that believes the industry can do better, and their partnership with the IICF indicates that this means going beyond business to achieve a positive social impact.” 

“We look forward to working with the team at Aspect towards our shared goal of helping communities and enriching lives together.”

Find out more about the IICF here and more about our own approach to social impact here. If you’d like to find out more or even get involved, then reach out to impact@aspect.insure

Insurance Age article: Meet the MGA

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In a recent article by Insurance Age, Co-Founder and Chief Underwriter Oli Williamson explains how Aspect is seeking to expand its core mid-corporate market offering into new areas such as terrorism and cyber, and how they can leverage technology to improve decision making.

Click here to read the full article.

Innovative MGA, Aspect, launches refreshed brand and expanded offering to brokers at this year’s MGAA Broker Exchange

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  • Strengthened branding, website and brochure launched to coincide with MGAA Broker Exchange
  • Aspect also announces increase in property underwriting line-size with additional capacity from Lloyds’ syndicates alongside capacity for Property Owners Liability
  • Brand launch reflects the team’s ambition to become the go-to player for brokers with high-hazard mid-market business.

From a stand at this year’s Managing General Agents Association (MGAA) Broker Exchange in London Aspect, the specialist MGA, today announces a refreshed brand and broader range of product capabilities. 

Aspect unveiled a new website to brokers at the MGAA, as the team also announced a widening of underwriting capabilities. Aspect can now underwrite property risks with a line size of up to £19 million, a dramatic increase on the £3 million limit seen at launch in 2023. 

Additionally, Aspect now has a combined offering with Property Owners’ Liability also available in the UK and Ireland, and EL/PL/Products coming next month. 

The expanded product offering that Aspect is making available to brokers follows a strong 2024 for the start-up which saw GWP growth approaching 50%, to reach almost £25 million annually, and the inking of several capacity deals with Lloyds’ syndicates. 

The high-hazard specialists have worked closely with brokers to remove key pain points from placements including a streamlined claims handling process, to enable lower deductibles, and waiving all risk survey fees. 

Aspect is quickly making a name for itself in the industry as a team of specialist underwriters that run toward the risks that others shy away from. Recent months have seen Aspect write risks ranging from pallet manufactures in Belgium to a pilot project for hydrogen power in Birmingham, and from recycling contractors in the Netherlands to distressed residential units in Nottingham.  

With the new brand and deeper product capabilities, Aspect has a bold ambition to become the insurer of choice for a range of high-hazard mid-market businesses. To deliver this, Aspect has built a dedicated team internally to solely work on developing a number of tech solutions designed to make broker’s lives easier and streamline decision making. 

Commenting from the MGAA Broker Exchange, Oli Williamson, Co-Founder and Chief Underwriting Officer at Aspect said: 

“In many ways the insurance industry has yet to catch-up with a whole range of dynamics. Whether it’s an unwillingness to consider prototype projects that support the transition to a net zero economy or to grapple with the current realities around housing for asylum seekers, the industry is proving slow to adapt.”

“This is leaving many vital businesses struggling for cover. Our book is growing off the back of our willingness to run toward the risks that the rest of the industry won’t and back the many thousands of mid-market customers out there working in high-risk sectors and lacking the comprehensive cover they need to succeed and drive economic growth across the UK and Europe.”

“With our refreshed brand, we’re signalling our ambition to become the insurer of choice for high-hazard mid-market businesses and offer a streamlined, service-focussed approach to underwriting that judges each risk on its merits, which is currently missing from the market.”

ENDS

PR contact

Liam Thompson
Global Head of Content
+44(0)7890315537
www.roselygroup.com/



The Risks of Not Having Insurance for Your High Hazard Medium-Sized Business

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High hazard medium-sized businesses operate in industries where accidents and other unexpected events are more likely to occur. These events can result in significant financial losses, making it essential for these businesses to have insurance coverage that can protect against these risks. However, many high hazard medium-sized businesses do not have adequate insurance coverage, leaving them vulnerable to financial loss. In this blog post, we will discuss the risks of not having insurance for your high hazard medium-sized business.

Financial Loss

The most significant risk of not having insurance for your high hazard medium-sized business is financial loss. An unexpected event, such as a natural disaster, fire, or other unforeseen circumstances, can force your business to shut down for an extended period. This can result in lost income and expenses, making it difficult for your business to recover. Without insurance coverage, your business may not have the financial resources to weather a significant disruption, leading to business failure.

Legal Liability

High hazard medium-sized businesses face unique legal liability risks. These businesses operate in industries where accidents and injuries are more likely to occur, making them more susceptible to lawsuits. Without insurance coverage, your business may be responsible for paying legal fees and damages out of pocket, which can be financially devastating.

Reputational Damage

A significant disruption or legal liability can also result in reputational damage. Customers, suppliers, and other stakeholders may lose confidence in your business, leading to a loss of revenue and market share. Without insurance coverage, your business may not have the resources to repair its reputation, making it challenging to recover from a significant disruption.

In conclusion, not having insurance for your high hazard medium-sized business can result in significant financial, legal, and reputational risks. These risks can be devastating, leading to business failure and long-term damage. Therefore, it is essential to ensure that your business has adequate insurance coverage to protect against these risks. By investing in insurance coverage, you can have peace of mind that your business is protected and prepared for any unexpected event that may occur.

High Hazard Medium-Sized Business Insurance: What to Look for in a Provider

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High hazard medium-sized businesses face unique risks and challenges that require specialised insurance coverage. These businesses operate in industries where accidents and other unexpected events are more likely to occur, making it essential to have insurance coverage that can protect against financial loss.

When choosing an insurance provider for your high hazard medium-sized business, there are several factors to consider. Here are some things to look for in a provider.

Industry Expertise

Your insurance provider should have expertise in your specific industry and understand the unique risks and challenges your business faces. They should have experience working with businesses similar to yours and be able to provide customised insurance solutions that meet your needs.

Comprehensive Coverage

Your insurance provider should offer comprehensive coverage that protects against all the risks your business faces. This may include general liability insurance, property insurance, workers’ compensation insurance, and other types of coverage specific to your industry.

Financial Stability

Your insurance provider should be financially stable and have a proven track record of paying claims. You want to be confident that your insurance company will be able to cover any losses your business may incur.

Customer Service

Your insurance provider should provide excellent customer service and be available to answer any questions or concerns you may have. They should be responsive and provide timely assistance in the event of a claim.

Competitive Pricing

While pricing shouldn’t be the only factor you consider when choosing an insurance provider, it is essential to find coverage that is affordable for your business. Your insurance provider should offer competitive pricing that fits within your budget.

In conclusion, choosing the right insurance provider for your high hazard medium-sized business is essential to protect against financial loss. When selecting an insurance provider, you should look for industry expertise, comprehensive coverage, financial stability, excellent customer service, and competitive pricing. By considering these factors, you can find an insurance provider that meets your business’s unique needs and provides the coverage you need to thrive.

The Importance of Cybersecurity for Small Businesses

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In today’s digital age, cybersecurity is a critical concern for businesses of all sizes. However, small businesses are particularly vulnerable to cyber attacks due to their limited resources and lack of knowledge about cybersecurity. According to a recent study, 43% of cyber attacks target small businesses. This blog post will discuss the importance of cybersecurity for small businesses and provide tips on how they can protect themselves from cyber threats.

A cyber attack can have devastating consequences for a small business. It can lead to the loss of sensitive data, financial loss, and damage to the company’s reputation. The cost of a cyber attack can be significant, and many small businesses may not be able to recover from it. In fact, 60% of small businesses that suffer a cyber attack go out of business within six months. Therefore, investing in cybersecurity is crucial for the survival of small businesses.

Small businesses can take several steps to improve their cybersecurity and protect themselves from cyber threats. Firstly, they should educate their employees about the importance of cybersecurity and provide them with training on how to identify and report potential security breaches. Secondly, they should implement strong passwords and two-factor authentication for all accounts. Additionally, they should regularly update their software and systems to ensure they have the latest security features. Finally, they should back up all critical data and have a disaster recovery plan in place.

In conclusion, cybersecurity is an essential concern for small businesses in today’s digital age. The cost of a cyber attack can be significant, and many small businesses may not be able to recover from it. Therefore, small businesses need to take cybersecurity seriously and invest in measures to protect themselves from cyber threats. By educating their employees, implementing strong passwords and authentication, updating their software and systems, and having a disaster recovery plan in place, small businesses can significantly improve their cybersecurity and reduce the risk of a cyber attack.