MAKING A DIFFERENCE THROUGH SOCIAL IMPACT

A closer look at charitable

giving in the insurance industry

[P]rioritizing the right [charitable] initiatives can foster

a healthy team culture, reinforce your company’s mission and, most important, help people who need it the most.

By Katy Rodriguez Botello

Insurance is an often-misunderstood industry. Scrutiny of insurance practices has muddied the public’s understanding of what the industry is built for, namely helping others in their time of need. Insurance provides individuals and businesses with a safety net, so that they can navigate life’s biggest roadblocks with confidence.

And charitable giving expands on this central tenet of the industry.

Philanthropy isn’t just the right thing; it’s good for business

Growing up, I was lucky to see firsthand how community service and volunteering can bring people together and create tangible change in a community. In college, I was active with student groups and volunteered whenever I could. These experiences opened my eyes to the power of collective action, the role we can all play in helping others and the importance of collaboration across sectors.

Those early experiences really shaped and sparked my passion for social impact, which eventually guided me towards a career dedicated to creating positive change through philanthropy.

Incorporating philanthropy into your organization is a win-win for businesses and their communities, as charitable giving has become an important tool in talent retention. More and more, Generation Z candidates are seeking employment with companies that value making a positive impact beyond the bottom line. 

When companies give back it not only boosts their reputation but also helps them engage and build trust with employees, clients, business partners and the communities they serve.

Philanthropy helps build stronger, more resilient communities where everyone can benefit. It’s also a perfect opportunity for companies to showcase their values and connect with communities in a meaningful way.

As the global social impact leader at Marsh McLennan’s insurance brokerage and risk advisory business, Marsh, my focus is on designing and implementing programs that bring together our team of 50,000 colleagues to give back and engage with our communities around the world. To ensure that our efforts remain focused, I work to connect our volunteering initiatives and giving programs with our business objectives.

For example, in New York City, Marsh McLennan makes an annual grant contribution to a nonprofit organization, New York Cares, to secure 200 customizable volunteer opportunities for colleagues. Marsh McLennan also supports StreetWise Partners, empowering their mentorship program that offers career guidance to low-income students.

Another organization Marsh McLennan supports is the Cherie Blair Foundation for Women, which equips women entrepreneurs with essential skills, technology, networks and access to capital. In turn, this foundation helps these women learn, launch or grow their businesses.

These initiatives allow our colleagues to use their professional skills to support underserved communities, individually or as part of a team effort.

How to get involved

Finding a starting point can be a challenge. Here are some tips on how your company can get involved in charitable giving:

• Choose the right cause. Pick a cause that resonates with your company’s mission, or a cause your team and your clients care about. Supporting endeavors that you find meaningful and that align with your company’s mission will be seen and felt as more authentic.

• Gather feedback. Encourage your team to share their ideas and feedback on your charitable initiatives. When people feel heard and involved, they are more excited to participate. Touch base with your team and see what causes speak to them. Discuss how these causes could be incorporated into your company’s efforts.

For ongoing initiatives, seek out feedback on strategy and see where there may be room to pivot. This is an opportunity to ensure team members feel included and ensure your strategy is reflective of the individuals carrying it out.

• Find a way to keep people involved. Whether it’s volunteering, hosting a donation drive or sponsoring a community event, offer different ways for your team members to engage with their cause of choice.

Options can make the point of entry less intimidating and incentivize team members to engage with the project. Make it fun with a gift matching program or a giving week to rally everyone around a common cause, while still maintaining a connection to your company’s mission and values.

• Use social media. No one will know about your company’s philanthropic commitment if you never talk about it. Use social media platforms, newsletters or blogs to share stories about your efforts.