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Purpose: What's the point?

September 25, 2020
Shaun Williams

It might sound strange for a company to announce that it has a “purpose”. For some it might sound a bit too existential while cynics might suspect marketing jargon. Here at Lime, we are not fond of jargon - we like to think that we are open and honest and say it like it is. So, when we tell you that we have a company purpose you can be sure it really means something, and in fact, at Lime our purpose drives everything we do.

The dictionary definition of “purpose” is “the reason for which something is done or created or for which something exists”. Sounds simple enough. But surely companies, including Lime, exist to make money, so how can they have a purpose besides profit? In fact, many companies now aim to have a bigger, more positive impact on the world than just making money. At this year’s World Economic Forum, Prof. Colin Mayer from Said Business School at the University of Oxford said, “Let me be clear about what corporate purpose should be – ‘to produce profitable solutions to the problems of people and planet, and not to profit from producing problems for people or planet’. It is about producing solutions, doing so profitably not just philanthropically, and measuring fair – not fake – profits.” This is the approach to purpose that we have at Lime.

 

Our own purpose is “to help the many stay healthy for longer by providing super-simple affordable top-ups to public healthcare”. What does that mean? Well, it means that we put people first. It means that we really do care about helping people stay healthy, and that we understand the benefits that can come from being able to access private healthcare in areas that people worry about. In areas where it matters. It means we understand that for many people traditional private healthcare can be complicated and costly. At Lime, we have worked hard to keep costs as low as possible so that the prices our customers pay are as affordable as they can be. We have streamlined and simplified every aspect of the process to make it as easy for our customers as possible. We don’t offer a large bundle of benefits, our customers can pick and choose private health cover exactly where they need.

As you will know if you have read some of our other blog posts, Lime was founded with this purpose in mind. We know that the NHS is a fantastic resource that we are all lucky to have. We also know that there are times when it would be helpful to top up the care that we receive through the NHS. Having that bit of flexibility and added peace of mind can make a real difference to people’s lives, especially to those who may have previously found other types of private health cover too expensive.

Having a clear purpose helps to keep us focused. Every decision we make, every product we design, every hire we make, even every blog post works with and helps us deliver on our purpose. We are passionate about our purpose and are excited to share the new ideas and products that it will inspire over the coming months and years.

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Lime International Limited is authorised and regulated by the Financial Conduct Authority. Registration number 759122. The Financial Service Register can be accessed through  www.fca.org.uk.

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