The power of local philanthropy
for independent agents
[You] do not need a huge platform or a million-dollar
budget to make a difference. It can start with one dollar,
one hour or simply the effort to spread awareness around a cause.
By Sarah Stephens and Matt Stadler
Independent insurance agencies are pillars of communities across the country, playing a key role in local ecosystems. In an industry rooted in helping people in their times of need, that mission does not end at servicing clients and offering coverage; it extends to lifting up the communities where independent agents live and work.
Philanthropy is a natural extension of the work that insurance professionals do every day. But between policy renewals, client meetings and unexpected workload shifts, it can be difficult for agents to allot the time and resources they would like to put towards making an impact. Still, there is significant power in local philanthropy, and those who embed giving back into their agency culture will not only be helping their communities but strengthening their teams and local ties.
Local matters
The power of philanthropy is too often measured against the initiatives making national headlines with expansive resources. But there is so much work to be done on the local level. The insurance industry tends to attract individuals with giving spirits and big hearts, something insurance organizations at all levels can effectively leverage.
Whether an agency operates in a major city or a small town, nonprofit organizations and underserved communities rely on the support of invested people who are willing to show up and be an active participant in serving a common goal. And the opportunities to do so are abundant. At Marsh McLennan, our teams are regularly hearing from the nonprofits we support that they are in need of any help businesses and people can offer.
From a business perspective, participating in philanthropy helps foster a sense of pride throughout an agency. Talent is even more heavily considering a company’s commitment to philanthropy when choosing a place to work. A 2023 survey by Fidelity Charitable of 1,500 employees across several industries revealed that 81% of respondents said it is important to work for a company that integrates corporate social responsibility into its business practices.
Supporting causes in their own neighborhoods, like a local food drive or job training program, allows team members to make personal connections to their efforts. When agents put boots on the ground and donate time to initiatives in their own backyard, they can make a significant, tangible impact, oftentimes more so than anything done from afar.
Intentional philanthropy
Impact is not about writing the biggest check. It is about being present, showing up and building meaningful relationships. Philanthropy does not have to be a major expenditure for independent agencies, but it should be intentional. Consider the following best practices to incorporate philanthropy into an agency’s culture:
- Getting started. Most agents know that philanthropy is important, but they simply do not know where to begin. Start with assessing the local community’s needs, whether via networking with industry and nonprofit professionals or online research, and identify any pressing issues that align with the agency’s value system.
Organizations like The Insurance Industry Charitable Foundation (IICF) take the guesswork out of identifying viable nonprofit partners. The IICF’s Community Grant Program recipients, for example, are nonprofits that have been vetted by fellow insurance industry professionals.
- Consult the agency’s community. Invite team members and clients to share what causes they are passionate about and organizations they already work with or are interested in supporting. When agents have team buy-in from the very beginning, employees are more engaged, leading to a bigger impact.
Forming a volunteer committee can help agents delegate some of the planning work among their teams and conducting an internal survey can help gather insights from team members to initiate ideas.
Speaking to clients about their philanthropic endeavors may reveal opportunities to invest in causes and organizations they care about, reinforcing the relationship while maximizing their impact.
Be flexible. Part of building a culture of giving back is making the time and space for employees to participate. Flexibility could come in the form of paid time off or identifying a time of year dedicated to company-wide philanthropic initiatives.
At Marsh McLennan, colleagues receive additional PTO throughout the year to participate in local initiatives of their choosing. We also host events throughout Global Volunteer Month in May all across the country to make it easy for colleagues to opt-in, as well as foster a true sense of teamwork. Flexibility not only encourages engagement, it also shows that the agency sees value in philanthropy.
- Leverage industry organizations. Industry organizations like the IICF are designed to advance the insurance industry’s endeavors to give back. Agents can leverage such organizations to connect them with nonprofit organizations in need of volunteers and other support, as well as ensure that the time and resources they are contributing are aiding communities in the most meaningful ways possible. Organizations such as the IICF also coordinate volunteering, fundraising and teambuilding initiatives and events that independent agents can participate in with little planning work on their part.
Independent agents do not need a huge platform or a million-dollar budget to make a difference. It can start with one dollar, one hour or simply the effort to spread awareness around a cause. Agents should not think too small or too big when it comes to philanthropy, as long as it’s top of mind. They can start right in their own backyards, see the impact and watch their teams grow more passionate for the work they do behind their desks and out in the community.
When agencies invest in the communities they serve, they build stronger teams, more trusting clients and more secure neighborhoods.
The authors
Sarah Stephens is U.S. Central Zone Leader at Marsh and Board Member of the Insurance Industry Charitable Foundation’s Midwest Division. She can be reached at Sarah.Stephens@marsh.com.
Matt Stadler is President of Marsh McLennan Agency and Board Member of the Insurance Industry Charitable Foundation’s Southeast Division. He can be reached at Matt.Stadler@marshmma.com.
