Prioritizing philanthropy as tech transforms insurance
Technology is transforming nearly every aspect of insurance, from underwriting to customer service. But one area that remains blissfully unchanged is our industry’s core mission of helping others in their time of need.
While some wonder about the future of philanthropy in a tech-driven world, I see incredible opportunities around every corner. Younger workers want to work for companies that make a tangible difference in people’s lives. And with so many pressing societal needs—from weather disasters and global unrest to injustice and poverty—there is no shortage of causes to support.
Technology can serve as an enabler of charitable giving, helping to quantify the value of philanthropy, match people to their passions, and move corporate missions forward.
Using data to measure industry impact
In September, with research support from the Insurance Information Institute, the Insurance Industry Charitable Foundation (IICF) released the results of its first-ever Philanthropic Giving Index.
The independent review of data from 120 companies across all sectors of the insurance space showed the industry contributed more than $1 billion in support of various charitable endeavors, benefiting 137,000 nonprofit partners and causes. Additionally, 93,500 insurance professionals volunteered a total of 7.5 million hours to causes and organizations that matter most to them.
This data proves something I’ve always known—that whenever someone is in need, people within our industry step up in meaningful ways.
How technology is changing philanthropy
Technology has made it easier than ever to donate time and money to causes near and dear to each of us with a single tap on a mobile device. What’s more, social media is helping to build momentum around charitable efforts through TikTok fundraisers, Instagram donation stickers and other emerging tools.
Another powerful aspect of technology is how it breaks down geographic barriers, uniting people across regions. A shining example of this is the IICF International Step Up Challenge, a four-week exercise challenge that raises funds for vulnerable children and communities. We launched it in 2020 during the pandemic-era lockdowns. Participants count their steps with a Walker Tracker that connects to their favorite devices and apps.
Since its launch, nearly 5,000 insurance professionals across 17 countries have participated in the Step Up Challenge. Proceeds benefit the IICF Children’s Relief Fund across the U.S. and Revitalising Communities Fund in the U.K., which has delivered 2.8 million meals to children and their families fighting food insecurity.
The benefits of giving back
Teams deliver impressive results when they are united by a common goal. By providing multiple opportunities to give, you’ll instill a sense of purpose within your colleagues, empower them to help others and build a sense of camaraderie.
Philanthropy is also rapidly emerging as a competitive advantage in recruitment. Younger workers today, driven by their desire to make the world a better place, intentionally choose to work for companies that can help them make an impact. They are asking questions up front about an organization’s mission, its community impact and the causes it supports.
I have seen my own family members embrace this spirit of philanthropy. When my children were younger, they would spend their days off from school joining me in various volunteer tasks. Together we would plant community gardens, clean headstones in a cemetery or donate our time at preschools for underserved communities during the IICF’s Week of Giving. Today, my children are proud Generation Z’ers. They are embarking on their careers, and choosing employers that can give them fulfilling volunteer experiences.
Creating a culture of philanthropy
You don’t have to be a major carrier to integrate a culture of giving within your organization. In fact, when I first started in the industry, I worked for a managing general agent in southwest Missouri with about 40 employees. We supported two nonprofits: the National Multiple Sclerosis (MS) Society and the American Cancer Society. Our small but mighty crew volunteered at rest stops during the Bike MS® cross-country ride and formed teams to compete in the Relay for Life. It was fulfilling and invigorating.
You can build your organization’s own philanthropic muscle with these five best practices:
1. Identify community needs. Find organizations and groups that need help the most. Ask your employees for their input. You can start with something as simple as organizing a coat drive to help keep people warm during cold-weather months. Organizations like One Warm Coat distribute coats nationwide through more than 1,500 nonprofit partners. You can also donate to One Warm Coat through the IICF’s annual Share the Warmth coat drive (IICF collected nearly 1,400 coats in our inaugural drive this year).
2. Create volunteer opportunities. Everybody can give the gift of time to help others in need. For 19 years, the IICF has hosted its annual Week of Giving. And throughout the year, thousands of industry professionals throughout the U.S. and U.K. participate in book drives, community cleanup projects, mock interviews and much more.
3. Get involved in a charitable organization. The IICF, which will mark its 30th anniversary in 2024, is dedicated to helping communities and enriching lives through the power of collective philanthropy and offers a variety of opportunities to get involved, give back, and get to know industry colleagues.
4. Flex your creative muscle. Consider unique ways to donate. For example, our IT colleagues at Markel donate their time, hardware and electronic devices to different nonprofits, helping to empower underserved people and reduce electronic waste.
5. Start a gift matching program. One of the best ways you can propel philanthropy forward is by helping your employees multiply their impact. Our team at Markel accomplishes this through a Matching Gift Program. It offers a three-to-one match, so employees can triple their donations to valid, nonprofit organizations serving causes they care about.
No matter which of these best practices you implement, creating a culture of philanthropy will allow your employees to feel the fulfillment of helping others. Once you help them set that intention early, it will stick with them for the rest of their lives.
