Simply Business has been certified as a ‘B Corporation’, joining the prestigious global movement spanning over 50 countries and 130 industries. B Corps maintain the highest standards of social & environmental impact to prove that business can be a force for good. Simply Business is the biggest insurance business to achieve a B Corp accreditation.
The insurance provider is already widely recognised for the positive impact it has made as an employer, previously holding the title of The Sunday Times’ ‘Best Company to Work For’ for two years running.
The latest achievement reflects their commitment to B Corp’s rigorous standards as its team grows to over 400 employees and sustains a strong trajectory of 20 per cent average annual growth in turnover.
Simply Business was valued at $490 million earlier this year as it was sold by Aquiline Capital Partners to the US insurance company Travelers, and is in the process of launching in the US, with the aim of hiring 200 staff in Boston by the end of 2018.
In being certified as a B Corp, Simply Business has demonstrated that it meets the rigorous standards of accountability, transparency and social and environmental performance required.
This has been evidenced through a number of initiatives it has spearheaded, including:
Charitable support – The company raised £52,000 in 2016 alone for its main charity of choice, Whizz-Kidz and has sponsored the England Amputee Football Association in support of their European Amputee Football Federation tournament campaign
Volunteering – Increasing the company-wide time bank for voluntary service to 150 days
Social Impact Superheroes – a corporate framework to recognise individuals’ voluntary efforts inside and outside of work
Employee inclusivity – Offering work experience to apprentices, disadvantaged young people, mentoring people with convictions and implementing the Women in Finance Charter
Fair pay and benefits – The company is committed to providing a fair deal and flexible benefit packages for all employees
Environmental impact – Waste reduction and recycling, reductions in energy and water usage, minimising business and personal travel and supply chain miles, and engaging in environmental community projects
Governance - Appointing a Social Impact Director, Social Impact Programme Manager and encouraging staff to report into the Social Impact NED
With over 425,000 customers, Simply Business is one of the UK’s biggest business insurance providers. Making it simple for small businesses to create tailored insurance policies, the fintech company has offices in London, Northampton, and a growing Boston office in the US.
Technology is a vital part of Simply Business’ success. Supported by full-service in-house data capabilities which optimise efficiency and streamline customers’ online experience, Simply Business offers great opportunities for staff in all departments to develop digital skills through its ‘Level-Up’ programme.
Simply Business was launched in 2005 and within 10 years has become one of the UK’s most disruptive technology businesses, led since 2010 by Jason Stockwood, a former international Managing Director of Match.com and Travelocity whose world-class leadership experience in digital brands has had a great impact in the insurance industry, the largest industry in the financial services sector.
With its small business customers playing significant roles in communities across the UK, Simply Business fosters the community spirit among its customers, supporting them with advice through social and digital media, such as its online Knowledge centre.
Jason Stockwood, CEO of Simply Business, said:
“As an organisation our values are the things that drive us, and to find a global movement of like-minded businesses who share these values is rare.
“We’ve always felt that business should be a force for good in the wider world, and that customers, employees, and the society and environment should be key considerations in every decision.
“Becoming a Certified B Corporation is the perfect way to continue the work we’ve been doing over the last few years. As we scale an international business, it also gives us the framework to build on our ambition to create something better for our people, society, and environment.”
Kelly Harris, Legal and Social Impact Director at Simply Business, said:
“We’re incredibly proud that our strong track record has been acknowledged and delighted to be joining other B Corporations that are working to create something better for the world. The B Corp certification reinforces our commitment to being a force for good as a business and gives us a great road map for our future growth. This is a very exciting time for Simply Business, and we look forward to contributing to the B Corp community.”
James Perry, Co-Founder and Co-Chair, B Lab UK, said:
“Simply Business is one of the UK’s most exciting fast-growth businesses, and has shown that financial services in the UK are entering a new era with the support of innovative tech infrastructure and digitally-driven online self-service. Its certification as a B Corp recognises its pioneering approach and core values that echo those of B Lab.”
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About B Corporations:
Certified B Corporations are leaders of a global movement of people using business as a force for good. They meet the highest standards of overall social and environmental performance, transparency and accountability and aspire to use the power of business to solve social and environmental problems. There are more than 2,000 Certified B Corporations in over 130 industries and 50 countries with 1 unifying goal – to redefine success in business.
About B Lab:
B Lab is a nonprofit organisation that serves a global movement of people using business as a force for good. Its vision is that one day all companies compete not only to be the best in the world, but the Best for the World® and as a result society will enjoy a more shared and durable prosperity. B Lab drives this systemic change by:
Building a global community of Certified B Corporations who meet the highest standards of verified, overall social and environmental performance, public transparency, and legal accountability;
Promoting Mission Alignment using innovative corporate structures like the benefit corporation to align the interests of business with those of society and to help high impact businesses be built to last;
Helping tens of thousands of businesses, investors, and institutions Measure What Matters, by using the B Impact Assessment and B Analytics to manage their impact – and the impact of the businesses with whom they work – with as much rigor as their profits;
Inspiring millions to join the movement through compelling story-telling by B the Change Media. For more information, visit www.bcorporation.net, www.bimpactassessment.net, www.b-analytics.net and www.benefitcorp.net.
About Simply Business
Launched in 2005, Simply Business provides an online brokerage service delivering policies tailored to individual business requirements. It has a team of UK based insurance specialists and employs almost 300 people across offices in London and Northampton.
Simply Business provides insurance to more than 425,000 UK SMEs and landlords and owing to its internal underwriting capability can cover over 1,000 trade types. It has been a Sunday Times Tech Track 100 company for the past three years and was recently named in the Deloitte Technology Fast 500 EMEA. Revenues have grown from £4.2 million in 2006, to £25.4 million in 2014, and the company has been named 2015 and 2016 winners of The Sunday Times’ Best Company to Work For.