Capsule Insurance Services achieves prestigious B Corp Certification - Business Leader News

Capsule Insurance Services achieves prestigious B Corp Certification

Thomas Wynne, CEO at Capsule

Cheltenham-based commercial insurance broker, Capsule Insurance Services has announced that it has become B Corp Certified.

In the early days of crystallising what would go on to become Capsule Insurance Services, the company knew they wanted to get B Corporation certified. Their business always had a wider goal behind it; a goal to support and work with like-minded, purpose-led and growing enterprises. This achievement delivers on that.

Capsule joins the B Corp family of 850 businesses in the UK – and over 5,000 worldwide – who put the environment, community, customers and workforce at the heart of their operations. All proudly displaying the B Corp certificate icon as independent verification.

The company’s Articles of Association are specifically modified to state that their purpose is to bring benefit to their wider stakeholder family, whilst their mission statement includes an environmental and social commitment. Capsule also has a verified Impact Business Model providing support to underserved and growing businesses. And finally, they are dedicated to going above and beyond for both workers and customers.

“This has been our wish from day one – a real business with real purpose,” said CEO Thomas Wynne.

“The B Corp certification is an internationally recognised endorsement of a commitment to sustainability and the wider ESG framework. We are using these principles not only to make sure we, as a business, fulfil our own ESG objectives but also to help support our clients to achieve the best terms with our insurance partners. The B Corp certification is the pinnacle of ESG recognition and we are extremely proud to have achieved this.”

What is B Corp exactly?

B Corp was initially established in the US to create a family of businesses that balance profit with people as well as the planet. The growing awareness on the importance of sustainability – or its newer and slightly wider term ‘ESG’ – has seen a rapid growth in the number of businesses seeking to achieve the certification. This growth is driven by conscious customer pressures, regulation and ESG being more prevalent in day-to-day business life e.g. when obtaining funding or seeking equity investors.

Through its B Lab Impact Assessment tool, applicants complete a vigorous assessment with 150–200 questions (depending on the size of your business), and an evaluation process over many months. Answers are verified and audited by B Lab. This can take over 12 months and requires noticeable commitment.

Capsule has singled out Bristol environmental organisation Ecologi for their remarkably high score, along with close friend – and B Leader – Ben Berger, for aiding the company through the process.

Those carrying the B Corp banner worldwide include Patagonia and Kickstarter. Closer to home, there are leading UK enterprises such as The Body Shop, Innocent Drinks, Abel & Cole, and more recently, Coutts Bank. Capsule clients Cheeky Panda and JUBEL Beer are also members of the B Corp family.

Dorian Zanker, Chief Sustainability Officer, said: “Clearly, we are chuffed to bits. It’s been quite a challenge, and we have learnt so much – but the B Lab process is very supportive. I would encourage businesses – even if they do not want to go the whole hog on certification – to sign up to the B Lab process. It is such a useful tool to help guide and inform around ESG.

Capsule supports fast-growth, and purpose-led, businesses to ensure they receive access to the insurance cover they need for their rapidly changing organisations.

They have developed a client ESG Index which allows them to assess a business’ ‘ESGness’, and present a fuller picture to insurers. Businesses showing good ESG credentials are lower risk, and Capsule believes this should be rewarded by insurers. They have successfully negotiated such premium reductions, and can also achieve wider cover on the back of their ESG Index.