How to create a healthier workplace through philanthropy
Agencies that also weave charitable giving into
an environment of inclusivity will create an even more
enriching workplace, paving the path to better business results.
By Lisa Lounsbury
What’s your “why” for working in insurance? For most of us, it’s a desire to help make people whole again following a devastating life event. We accomplish this in numerous ways, from offering financial relief for a destructive loss to holding someone’s hand following a catastrophic weather event.
Successful independent agents take it one step further by immersing themselves in the fabric of their communities. They coach local sports teams, serve on school boards, and support charitable organizations that mean the most to their employees and their communities. Agents don’t do this for glory or simply to drum up new business. They do it for the satisfaction that comes from making a profound impact on the lives of others.
If your agency hasn’t yet experienced the transformative power of giving, then now is the best time to begin. Let’s explore the multiple benefits of creating a culture of philanthropy within your agency and unpack some tangible ways to make it happen.
‘Like a best friend’
Countless studies show that today’s job seekers—especially those from younger generations—want to do more than collect a paycheck. They also want to feel proud of their employers. So, when evaluating workplaces, job candidates consider the same characteristics they seek in their best friends, such as trust and shared values, as well as a culture of belonging.
Independent agencies that create a culture of philanthropy will check all these boxes. They’ll attract and retain mission-minded employees who will feel inspired and energized by their leaders and their colleagues. Agencies that also weave charitable giving into an environment of inclusivity will create an even more enriching workplace, paving the path to better business results.
Small agency. Big hearts.
Building a culture of philanthropy is within reach for agencies of all sizes. At Big I New York, our 30-employee team has found unique ways to make a major impact across our region, despite our relatively small size.
For starters, as more and more employers across the industry are beginning to do, we give every employee paid time off for volunteering. And thankfully, I’m surrounded by a team that loves to give back. They choose many of the organizations that benefit from our philanthropy based on their personal experiences and challenges.
For example, one of our employees had a family member who experienced multiple barriers when returning to civilian life after military service. This led us to support Clear Path for Veterans, a local charity that helps veterans find community, belonging and resources. In addition, many of our employees share a love for animals. We’ve turned that into volunteer opportunities with our local ASPCA chapter.
Expanding impact
In addition to these grassroots endeavors, the Big I New York has agency-wide philanthropic priorities, including serving breakfast at a local nonprofit that helps people who are experiencing homelessness.
We also have a longstanding relationship with Make-A-Wish America. This year, Big I Connecticut celebrats its 125th anniversary, and we’re increasing our impact with Make-A-Wish and the children with critical illnesses that they serve.
Our initiatives are not complicated and set an example for the many agencies with which we work. We want them to understand just how easy, fulfilling and beneficial to the business and its people giving back can be. Agency owners can find a nonprofit partner with whom their employees feel a connection and work together to find the best ways to support them.
At Big I New York, we also find ways to incorporate inclusion into our charitable giving. This is another aspect of giving back that is critical to the future of insurance agency operations. Among other things, our Inclusion Committee donates to a charity that supports local members of the LGBTQ+ community and Special Olympics for example.
Agency owners can do the same, by celebrating different cultures in the office, supporting underrepresented groups through fundraisers, volunteering and more.
Leading by example
To establish a culture of philanthropy, agency principles must lead by example. For me, this step comes naturally. My father was an agent, and volunteering is in my DNA.
This lifelong desire to give back led me to the Insurance Industry Charitable Foundation (IICF), an organization dedicated to showcasing our industry’s charitable endeavors. I’m proud to be co-chair of the IICF’s Local Grants Committee, which allows us to extend our impact to smaller, local organizations that do incredible work.
Recently, I had the privilege of presenting a $2,500 grant to a faith-based charity in the Syracuse area that provides services to women in need. To meet these women and children and hear how this charity transformed their lives brought a tear to my eye and filled me with gratitude.
Inspire giving in your agency
As mentioned above, agency owners can find plenty of ways to spark a passion for philanthropy within their agency. Three ways to get started:
Find opportunities close to home. Consider supporting your local volunteer fire department, EMS squad or school district. Visit the IICF website (IICF.org) to find volunteer opportunities. Or work with your local Big I chapter to identify organizations in need.
Empower your employees. Ask your employees (and your customers) for charities that are close to their hearts. Then, find ways to reward your colleagues for their efforts.
Promote your outreach. Share your efforts on your social media page. Use it as a forum to educate your community members about local nonprofits so that you can expand their reach while also recognizing your employees for their philanthropic efforts.
Pay it forward
Your agency is more than your business. It’s your legacy. When you make the choice to give back and inspire your employees to follow your lead, you’ll create an enormous impact that will last in people’s hearts and minds for years to come. Because every time you choose to give, you’ll get far more in return.
The author
Lisa Lounsbury is president and CEO of Big I New York and president of Big I Connecticut. She’s also a board member of the Insurance Industry Charitable Foundation’s (IICF) Northeast Division and co-chair of the Local Grants Committee. The IICF coordinates creation of this “The Power of Giving Back” column.
