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.
