Insurance Industry's Charitable Giving on Par With Other Industries
The insurance industry's level of overall charitable giving and impact is comparable to other industries but more can be done, reported McKinsey & Company's Financial Services Practice this past October in an analysis of charitable giving in the property casualty insurance industry prepared for the Insurance Industry Charitable Foundation.
IICF Board member and IBA West members Jon Axel, Senior Vice President, Hub International Insurance Services, Inc. noted "the findings illustrate all the good we have done but also point out many more opportunities that exist," said Axel. McKinsey recommended the industry consider the following alterations to their current approach to a achieve greater recognition:
- Improving the link between business and social goals
- Committing to causes that leverage unique insurance-related skills
- Managing charitable giving like any major business investment, by setting objectives, measuring results and raising awareness of charitable giving in new ways (for example, greater use of third-party voices to tell the story).
Also, McKinsey noted the industry would have the greatest impact if they increase collaboration. In particular, the industry could play a major role in addressing pressing problems where there is a need for insurance knowledge. Click here
to read the full report.