A Strategy TO DRIVE YOUR AGENCY FORWARD
“Giving back” is a win-win for everyone
While it is obvious that charitable giving and philanthropic involvement foster positive
feelings, … [they also] cultivate an enhanced corporate reputation overall, especially
among policyholders, carrier partners and prospective employees.
By Jodie Kaufman Davis
There are endless conversations today across the insurance industry as agencies seek solutions to unlock growth. Often it will include developing a new content marketing strategy or recommendations for adopting breakthrough AI technology. While these strategies have value, there is an alternative and more powerful approach.
It starts with giving back to the communities where we do business. While it is obvious that charitable giving and philanthropic involvement foster positive feelings, the additional benefits include creating strong internal connections and deepening workplace culture. Further, it helps cultivate an enhanced corporate reputation overall, especially among policyholders, carrier partners and prospective employees.
My late grandfather, Herbert W. Kaufman, built H.W. Kaufman Group and Burns & Wilcox on this principle. Since our founding in 1969, associates at every level of our organization are provided opportunities to support charitable efforts and are encouraged to become actively involved in our communities.
Embracing this commitment is equally applicable for independent agencies, regardless of their size. Good corporate citizenship has always been a smart business decision. Fostered properly, a culture of philanthropy can be harnessed and scaled to fit an individual agency, serving its community, along with the interests and passions of its people.
Diving into the data
With the roots of the insurance industry grounded in protecting what matters most and helping those in need, it should come as no surprise that our industry is generous and dedicated to charitable giving. In fact, the Insurance Industry Charitable Foundation’s (IICF) inaugural Philanthropic Giving Index found that among a select group of only 120 companies, our industry contributed more than
$1 billion in community grants in 2022 alone.
IICF works to marshall the collective strength of insurance organizations to provide a broader impact. Thanks to the foundation, the industry has collectively dedicated more than 337,000 hours to community volunteering and supported more than 1,000 nonprofits in the 30 years since its founding.
The work of the IICF is even more relevant considering that employees are increasingly looking for roles that bring them a sense of purpose. Deloitte’s 2024 Gen Z and Millennial Survey found that 86% of Gen-Z workers along with 89% of millennial workers say a sense of purpose in their work is “somewhat or very important for job satisfaction and well-being.”
Focusing on philanthropy can help build a workplace culture that allows employees to follow their passions and make an impact alongside their colleagues. Additionally, it has been reported that millennials increasingly prefer to do business with socially responsible companies.
Ultimately, giving back creates an opportunity to deepen relationships, to engage with team members and to uncover what is truly impactful and meaningful. We also believe that dedicating time to working with nonprofits is an important recruiting resource that assists in attracting and retaining talent.
Leading by example
In 2024, Kaufman will celebrate its 55th anniversary. Our commitment to giving back remains as strong today as when my grandfather founded the company in 1969.
We are a privately held, family-owned and operated organization that creates the financial freedom and flexibility to make significant investments while driving long-term and sustainable growth. Internally, we have built extensive technology capabilities and professional development platforms that enable associates to operate at their best. At the same time, we have established dedicated resources to offer support to associates inside our organization and externally in communities worldwide.
Given our industry position, it is our responsibility to lead by example. Similarly, there is a clear opportunity for independent agencies to look at some of the industry’s most successful philanthropic initiatives and scale them to make them their own.
Among our firm’s numerous efforts:
- An annual month of giving in September, which offers associates an opportunity to come together and donate their time and resources to work in partnership with hunger relief organizations.
- The establishment of Employee Resource Groups (ERGs) where the company allots funds to be directed to organizations that are specifically relevant to each ERG.
- An annual backpack-packing event at the start of the school year for children in need.
- Specific volunteer-time-off hours that enable our associates to spend time together in philanthropic activities.
Putting words into action
Smaller agencies have a distinct advantage, as their size enables them to connect with their associates and act—supporting local organizations that are personal and inspiring to their team members. In many respects, they can have an even stronger impact.
So, how can independent agencies get started in broadening their philanthropic efforts?
We believe these key best practices can serve as a guide:
- Identify your goal. Define the impact you want your agency to have on the community and consider how it aligns with your company culture. Leadership and staff must be passionate about the endeavor and make it a priority.
- Make it personal. Nearly every company says that “giving back” is part of their DNA. But to embed philanthropy into a culture, you must listen to your team and support the organizations for which your colleagues are passionate.
- Tap into industry resources to make a bigger impact. Organizations like IICF can serve as an important bridge for insurance professionals to get involved locally, regionally or nationally, to team up with industry colleagues and make a bigger impact with their philanthropic efforts in their communities.
But such organizations are not just for larger corporations. For instance, IICF’s individual Global Membership provides access to exclusive volunteer and networking opportunities and a community of insurance professionals who are passionate about giving back.
Philanthropic involvement can be key to the future success of your agency. I believe it is truly the best way to inspire team members, build a strong culture, attract talent and raise your agency’s profile in the community, all while supporting those in need.
The author
Jodie Kaufman Davis is executive vice president and a Board member at H.W. Kaufman Group. She also serves as the Chair of the IICF 30th anniversary campaign. Currently, IICF is offering a complimentary year of membership with a donation of $30 or more to its 30th anniversary celebration, which is raising funds for children struggling with hunger. For more information, visit iicf.org.
