Insurance Philanthropy at Its Finest: IICF Shares the Industry’s Unwavering Efforts

The IICF held its annual media roundtable to discuss its 2021 philanthropic efforts and its initiatives for 2022.
By: | April 7, 2022

Representatives from the risk and insurance industry, the Insurance Industry Charitable Foundation (IICF) and the media gathered on March 17 for IICF’s annual media roundtable featuring philanthropic efforts of the industry.

Presenters from seven companies and IICF Key Partners spoke about charitable giving within their company and the greater industry. Companies represented included Aon, Chubb and Lloyd’s, among other big names in the insurance industry.

Hank Watkins, chair, IICF international board of governors and regional director and president, America, at Lloyd’s, kicked off the roundtable speaking about moments that matter in our world and the times the insurance industry has worked tirelessly to help.

He was joined by Bill Ross, chief executive officer at IICF, to introduce the roundtable. Ross spoke about several new IICF initiatives for 2022, including the IICF Ukrainian Humanitarian Relief Fund and the 3rd annual IICF International Step Up Challenge to raise money for the IICF Children’s Relief Fund.

The IICF Children’s Relief Fund was established as a direct response to the COVID-19 pandemic — a collective effort to unite the risk and insurance industry to help children and families made vulnerable by the pandemic.

The fund was designed to combat food insecurity and provide more access to education resources. It raised over $1.3 million in 2020 and helped give 2.5 million meals to children and families. While the Children’s Relief Fund provides help to children in the U.S., the IICF also helps those in need in the UK through the IICF Revitalising Communities Fund. Both funds remain open for donations.

Some common themes were clear through the philanthropic giving in 2021 — namely, a focus on local efforts aimed at community resilience; programs designed for the next generation of insurance and risk management professionals; and efforts toward advancing diversity, equity, and inclusion goals in our industry.

2021 Philanthropic Contributions

Notable contributions from 2021 included funds directed at local initiatives, like The Hartford’s $1 million donation to develop local homes in the historic Asylum Hill neighborhood near its flagship location and $1 million in scholarships to students at UConn Hartford to promote equitable access to higher education in its local community.

Other notable companies also produced favorable outcomes in their philanthropic efforts.

Burns & Wilcox’s food insecurity campaign saw donations to over 50 food banks across the U.S. and Canada with employees donating 620 hours in their local communities to fight food insecurity. Verisk kept its efforts local, too — during its Volunteer Week in 2021, over 500 employees raised $10,000 to support their local regions while donating 2,500 hours of service.

AIG donated $27 million through charitable contributions and matching grants in 2021, including $5 million earmarked for programs to support community resilience, COVID-19 recovery and equitable practices while fighting racial inequality. AIG also supported associates affected by natural disasters and financial hardship through its AIG Compassionate Colleagues Fund.

Some contributions focused directly on the next generation, like CNA’s partnership with the Thurgood Marshall College Fund to create a scholarship for low- to moderate-income students and an Early Innovators program directed at high school students.

EY showcased its longstanding support of Junior Achievement, noting that more than 13,000 EY volunteers have donated time to the organization supporting almost 150,000 students over the last five years.

Munich Re discussed its Dare to Dream program that offers insurance internships to Chicago-area high schoolers in unrepresented communities.

IDEA Council Leads the Way in Thought Leadership

The IICF’s IDEA (Inclusion, Diversity, Equity, and Accessibility) Council provides thought leadership around DEI initiatives. Betsy Myatt, VP and chief program officer at IICF, spoke about the IDEA Council.

With over 40 members, the council is working together with a mission of making the world, our industry, and our communities better since its launch in 2020.

Upcoming IICF Events

The IICF plans to host its Inclusion in Insurance Regional Forums this year throughout June. The four events will take place in New York, LA, Chicago and Dallas.

The series focuses on advancing an inclusive future for our industry. Sponsorships are still available, and registration is open now.

The IICF has a new program for individuals called the Global Membership Program. Starting in May 2022, individuals who want to join a socially conscious group of insurance professionals can become global members of the IICF.

Different membership options are available now. Becoming a member will allow individuals to amplify their charitable efforts, participate in community grant and volunteer efforts, and access exclusive educational programming. &

Abi Potter Clough, MBA, CPCU, is a keynote speaker, author and business consultant focused on Insurtech, leadership and strategy. She has over 15 years of experience at a Fortune 500 company with expertise in P&C claims operational leadership, lean management consulting, digital communications and Insurtech. As the past chair of the International Insurance Interest Group of the CPCU Society, Abi remains involved in many international initiatives and projects. She has published two books about change management and relocation. Abi can be reached at [email protected].

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