Millennials Driving Insurance Industry's $600 Million Annual Charitable Giving

Millennials Shaping Corporate Social Responsibility in Insurance

The insurance industry's charitable giving has reached nearly $600 million annually, according to a recent study by the Insurance Industry Charitable Foundation (IICF) in partnership with McKinsey & Company. This trend is largely influenced by millennials, who prefer to work for companies that are involved in charitable causes, seeking a greater social impact through their work. Millennials also tend to share these values on social media, amplifying the visibility of corporate social responsibility (CSR) initiatives.

Consolidation and Focus on Volunteerism

The McKinsey report found that the level of giving has remained consistent, with a focus on education, health and social services, and community. Industry consolidation has lowered the number of companies engaged in corporate giving, but insurers are increasingly orienting philanthropy around volunteerism. This shift is in response to millennials' preference for companies directly involved in charitable efforts and activities, rather than those making only monetary donations.

Opportunities for Expansion and Measurement

The report highlights opportunities to expand programs and fuel community engagement. Key findings include an increase in the industry's desire to work toward a single cause, prioritization of contributions where employees live and work, and a shift toward increased volunteering opportunities. Measurement of charitable giving has also increased, with more companies using key performance indicators to evaluate the impact of their philanthropy. For organizations looking to amplify their philanthropic efforts, the findings suggest planning for greater employee engagement, measuring the impact of philanthropy, rethinking roles across the giving organization, and considering the value of a united, collaborative industry approach to CSR.