- Technology is transforming every aspect of the insurance industry, but philanthropy remains a core mission.
- Younger workers are seeking companies that make a tangible difference in people’s lives.
Technology can enable charitable giving by quantifying the value of philanthropy, matching people to their passions, and advancing corporate missions.
In September, the Insurance Industry Charitable Foundation (IICF) released the Philanthropic Giving Index, which showed the insurance industry contributed over $1 billion to charitable endeavors and nearly 100,000 insurance professionals volunteered their time.
Technology has made it easier to donate to causes with a single tap on a mobile device and social media has helped build momentum around charitable efforts.
The IICF launched the International Step Up Challenge, a four-week exercise challenge that raises funds for vulnerable children and communities, with participants counting their steps using a Walker Tracker. Nearly 5,000 insurance professionals across 17 countries have participated in the challenge and the proceeds benefit the IICF Children’s Relief Fund and the Revitalising Communities Fund.
Philanthropy is becoming a competitive advantage in recruitment, as younger workers intentionally choose to work for companies that help them make an impact.
Creating a culture of philanthropy within an organization can be done by identifying community needs, creating volunteer opportunities, getting involved in a charitable organization, flexing creative muscle, and starting a gift matching program.
Regardless of the specific practices implemented, creating a culture of philanthropy allows employees to experience the fulfillment of helping others, and this intention often sticks with them for the rest of their lives.