UK Broker Awards 2022: Broker Start-Up of the Year

Capsule estimates a significant increase of scale-up businesses find themselves uninsured or insured on the wrong basis, despite often having strong environmental and social governance credentials – and, therefore, lower risk.

Innovation

Capsule has demonstrated an inspiring effort to modernise the insurance industry and incentivise ESG practices in the process by addressing the gap in the market to provide a service enhanced by data.

How? By tracking the growth of start-ups and early-stage companies using clients’ live financial data, which uses a specialist application integrated with their accounting software. The result is that Capsule can proactively update clients’ insurance as they grow.

Capsule has also created an ESG index that assesses the ESG values of a business so the broker can advocate on their behalf for reduced premiums – another innovation that led to Capsule’s win in this year’s ESG Broker Champion – Sustainability category.

Rapid growth

The company achieved hundreds of thousands of GWP within six months of its formation and expects to deliver multi-million pounds worth of premium this year.

In a short time, it took on more than 60 high-profile clients, including sustainable household products manufacturer The Cheeky Panda, eco deodorant maker Wild Cosmetics, and fintech businesses Codat and Moss.

Capsule said several of the companies it works with had gone through expansions and further fundraising since seeking its help, including job search website Otta and remote working platform Hofy.

The firm has also partnered with several founder communities such as StartupCFO, ICE and Foundrs, to offer insurance and spread the word about the value of governance and sustainability.

A client said: “We initially appointed them ahead of our renewal dates so that they could manage our insurances on our behalf. They worked quickly to streamline and consolidate our programme, helping us make some considerable savings.”

Another added: “We can rely on them to anticipate and plan insurance to match our business goals, and it helps that they’re such a fun team to work with.”

Capsule’s definition of growth goes beyond financials and headcount, also measuring its expansion by its positive impact. In January, it planted 500 trees and by fast becoming B Corp certified, it joined a community of 700 like-minded businesses.

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