Rough Notes • May 2024 • THE POWER OF GIVING BACK

Most of us know that giving back is good for business—and we’ve all likely seen the studies that increasingly show that talent of all career stages wants to work for socially conscious companies. With time and resources always at a premium, independent agency owners can implement meaningful and rewarding charitable programs simply by looking to their industry peers to find a successful program to emulate and scale to fit their resources.

Learning from industry peers can reduce the time and resources needed to develop a meaningful philanthropic program—one that is unique to the agency, inspires and motivates employees, fosters policyholder loyalty and carrier relationships, and supports the local community, all while raising the profile of the agency.

We do not have to reinvent the wheel to implement meaningful and rewarding philanthropic initiatives that will generate a far-reaching impact. Companies, large and small, across the insurance industry have been enriching their communities for decades with their charitable initiatives. In fact, a recent independent review of philanthropic activity across the insurance industry by the Insurance Industry Charitable Foundation (IICF) determined that the industry contributed more than $1 billion in charitable work, by a select group of 120 companies, in 2022 alone.

We should all be proud to be part of an industry that provides products and services that offer protection to policyholders in their times of need. Additionally, we should take pride in our industry’s commitment to giving back to the communities where we live and work.

At IICF, we take the time each year to highlight our Key Partner Companies’ philanthropic initiatives. In sharing their successful charitable accomplishments, each company hopes to inspire another, while also learning of new avenues to expand and progress their own programs.

While these are larger companies with deep employee bases, takeaways from these programs could help independent agency owners in launching or advancing their own philanthropic programs. Below are several best practices to encourage agents to kickstart philanthropic initiatives inspired by larger firms’ 2023 success stories:

• Partner with a carrier or vendor. AIG’s Environmental Liability Management team connected with brokers across Chicago to assemble kits and pen letters with encouraging words for foster children. Agency owners can take on initiatives like this, collecting supplies for a cause and getting the team together to assemble and present the care packages for an area nonprofit in need.

• Take action to protect and promote the environment. AXA XL launched a global “Backyard Biodiversity” program to educate team members on the importance of protecting and encouraging pollinators by providing educational webinars and a toolkit. Agents too can develop programs to support the environment by raising funds for or hosting a cleanup at a community garden, by planting trees with local nonprofits or even launching internal initiatives to make the office greener.

• Offer a variety of options for employee participation. Burns & Wilcox/H.W. Kaufman Group offered an assortment of volunteer opportunities for employees to join at nonprofits supporting a host of charitable activities, including volunteering at food banks, organizing events to collect professional attire and collecting supplies and filling backpacks for students. Agency owners can develop similar programs, like supporting IICF’s Share the Warmth coat drive or hosting a toy drive or gathering employees for a community cleanup project or letter-writing campaign to military service personnel.

• Support causes that align with employee passions. CNA organized many of its nonprofit initiatives with employee resource groups aligned with a specific mission, allowing employees to give to causes important to them while demonstrating allyship. Agency owners can talk to employees to better understand what causes matter to them and build philanthropic initiatives that align accordingly.

• Build community by supporting area entrepreneurs. Through its Ripples program, EY centered its charitable initiatives on supporting entrepreneurs with an eye toward environmental sustainability and supporting the next generation. Agency owners can make a difference not only by providing products and services to new area businesses, but by working with nonprofits that promote entrepreneurship and local business development. Connecting with your local chamber of commerce and supporting local branches of Junior Achievement is a great place to start.

• Partner with hyperlocal nonprofit organizations. Intact Insurance Specialty Solutions created a program to encourage local teams to pursue hyperlocal opportunities that impact their home communities. Agency owners can create programs like this by coordinating with smaller nonprofit organizations in their communities that need support. Working with hyperlocal organizations, your agency can make an impact that can be seen and felt in your home community.

• Get involved with area schools to support students. Marsh highlighted its charitable efforts on education in marginalized communities, working with A Better Chance to provide career opportunities, as well as mentorship, résumé and interview assistance. Agency owners can create programs to support students by participating in after-school tutoring programs, presenting in schools as appropriate, supporting local youth sports teams and more.

• Roll up your sleeves as a team for an initiative. Munich Re gathered employees and family members together to mark the tragic events of September 11th with a service project, packing 162,000 meals for Feeding America-affiliated food banks. Agency owners can coordinate with local food pantries to organize similar collections and service days.

• Host a volunteer day to allow employees to personally make an impact. Verisk hosted its annual Volunteer Week where employees are encouraged to engage in service projects that foster resilience in the community. Agency owners can offer employees a certain number of paid volunteer hours to encourage them to give their time and talent and support the local community where they think they can make the strongest impact.

Having dedicated philanthropic initiatives as part of your agency business is important for independent agents seeking to secure a future of success. A commitment to charitable giving and volunteerism will help to empower the community around you and highlight your agency’s contributions to local community members. Further, it will provide an avenue for employees who want to give back to their communities.

Looking to successful philanthropic initiatives launched by industry peers is a great place to mine ideas for your own program. Organizations focused on charitable giving and volunteerism like the IICF can be tremendously helpful.

Marking our 30th anniversary this year, IICF is raising funds for children struggling with food insecurity and encouraging individuals to become part of its IICF Global Membership program to connect with socially conscious colleagues and find new ways to benefit the community together.

Through partnership with organizations like the IICF and modeling industry peer programs, agents can customize their own programs for giving back that fit their resources, inspire their teams and benefit the community around them.

Kelly Hartweg is Midwest Division Executive Director at the Insurance Industry Charitable Foundation (IICF). She can be reached at (773) 991-2149 or khartweg@iicf.org.