Insurance Brokerage Givesurance Helps Clients Donate Funds
Alyson Wyers — August 15, 2015 — Social Good
References: givesurance.org & springwise
Corporate social responsibility is more important than ever for businesses, considering the increasing numbers of consumers who highly value transparency -- which is something this insurance brokerage wants to help with. Startup Givesurance enables company clients to donate to charities for free. They do this my taking 5% of a client's insurance payments and turn them into charitable donation credits.
Given insurance is usually a large and not often totally used expense, this insurance brokerage makes sure the leftover funds go to a good cause. This means companies don't have to increase their payments and can give back with their existing plan. Typically insurance firms will use this commission on advertising, but Givesurance is using part of it for philanthropic purposes.
The client donation credits can also be directed towards the client's organization of choice.
Given insurance is usually a large and not often totally used expense, this insurance brokerage makes sure the leftover funds go to a good cause. This means companies don't have to increase their payments and can give back with their existing plan. Typically insurance firms will use this commission on advertising, but Givesurance is using part of it for philanthropic purposes.
The client donation credits can also be directed towards the client's organization of choice.
Trend Themes
1. Corporate Social Responsibility - Opportunity for businesses to enhance their brand image and connect with socially conscious consumers by integrating charitable initiatives into their operations.
2. Transparency and Accountability - Increasing consumer demand for transparency in business practices creates an opportunity for companies to showcase their commitment to social causes by offering donation options.
3. Unused Expense Optimization - Innovative companies can capitalize on the trend of unutilized expenses by offering services that redirect unused funds towards charitable donations, providing a win-win situation for businesses and worthy causes.
Industry Implications
1. Insurance - Insurance companies can disrupt the industry by incorporating charitable features into their policies, appealing to consumers who value giving back.
2. Fintech - Financial technology companies can develop platforms and tools that facilitate the seamless integration of charitable initiatives, enabling businesses to easily track and manage their donations.
3. Advertising - Ad agencies and marketing firms can explore partnerships with philanthropic organizations, offering innovative advertising campaigns that highlight their clients' commitment to giving and social responsibility.
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