B Lab is a nonprofit organization dedicated to using the power of business to solve social and environmental problems.
©Copyright 2012 B Lab. All rights reservedFreelancers Insurance Company
Freelancers Insurance Company (FIC) is a first-of-its kind, social-purpose insurance company whose sole mission is to provide affordable, portable health insurance to independent workers. FIC uses market-based solutions to meet a social need, and draws upon the collective strength of its community to build a sustainable institution that can meet its members' needs over the long-term.
Despite the fact that one-third of all working Americans are independent workers - freelancers, independent contractors, temps, and self employed - they lack many of the basic supports and protections provided to traditional employees, most notably health insurance. Based in Brooklyn, NY, FIC insures nearly 25,000 New Yorkers who otherwise have no affordable options, at roughly one-third the price of comparable plans on the individual market.
Our status as a B Corp makes us publicly accountable - to our members, our staff, and our community - to maintain a balance between meeting our social mission and being sustainable for the future. This balance will ensure that freelancers have affordable health insurance now, and two generations from now.
FIC is wholly owned by Freelancers Union, a membership association, and therefore is driven by the needs and concerns of its members, not by corporate shareholders. The company's goal is to ensure that freelancers have stable access to health insurance benefits for years to come. FIC's competitive advantage comes from the relationships and group affinity established from long-term membership.
The Change We Seek™
As a self-sustaining, social entrepreneurial approach to delivering health coverage to a vulnerable population, FIC is a model for expanding insurance coverage to independent workers nationwide. While current regulations only allow FIC to provide health insurance in New York State, they hope to bring this model to other states so that all independent workers in the country have stable, portable, and long-term access to insurance. FIC is constantly exploring new opportunities to deliver better health care at lower costs for members, and to meet freelancers' unique insurance needs.
Freelancers Insurance Company
- Industry: Insurance
- Product/Services: Health Insurance
- Location: Brooklyn, NY
- http://www.freelancersinsuranceco.com
Summary:
Certified: November 2010| Points Earned | % Points Available | |
|---|---|---|
| Accountability » | 7.7 | 51% |
| Employees » | 25.5 | 43% |
| Consumers » | 46.3 | 100% |
| Community » | 14.5 | 34% |
| Environment » | 4.3 | 22% |
| Composite B Score | 98.3 |
- >80 out of 200 is eligible for certification
- >60% points available = Area of excellence
Highlights:
From B Impact AssessmentEmployees:A living wage paid to all full and part-time employees; >80% of health insurance for individuals is paid for by the company; >6 weeks paid maternity and paternity leave.
Community: >40% of suppliers are independent or local.
Consumers: 100% of revenue comes from services that promote economic equality for individuals and communities, improves health, and increases the flow of capital to purpose-driven enterprises.