The insurance industry can take initiatives to give back to the communities locally as well as globally in a major way. According to a recent survey charitable giving across the P&C industry from the biggest carriers to the smallest agencies has risen by more than 15% from 2014- 2018. In fact, the P&C industry donates more than $2billion to charities.
There are many reasons that can be attributed for the gradual increase in charitable giving in the insurance industry including the significance of corporate social responsibility among the consumers and the employees.
For an agency to begin giving back following ways can enable the insurance agency and their staffs make a difference:
- Donating to organizations- This involves contributing funds to special event, inside or outside the known areas, such as in the event of a natural disaster, like a hurricane or earthquake.
- Volunteering with community programs- This could be something like selecting a local charity that offers food, housing and other necessities for those in need. The staff can include sorting the food into perishable and non- perishable food items, toys as well as organizing the food bank. It is always suggested to begin simple and easy.
- Creating a participative team for several events- Creating a team within the agency which can take part in large events such as races, walks and the local days of service etc. example breast cancer walks.
- Employee empowerment for organizing charitable committees- Empowering employees to organize a charity committee with a proper budget and the right authority and autonomy to make decision and reach out where they see fit. Apart from giving back, it also creates a bonding experience for the staff.
O let Ensure that word is spread about the charitable events so as to promote the causes and get others involved as well as to let others know about your insurance agency’s commitment to give back. One could also use social media assistance.