How to Leverage Insurance for Good as a Fundraising Tool
Raizor discusses how your charity can leverage Insurance for Good as a fundraising tool for your supporters. This can create meaningful recurring revenue for your charity.
How to Leverage Insurance for Good as a Fundraising Tool
As we deal with an aging donor population, the phasing out of cheques and other fundraising challenges, charities are increasingly seeking new ways to engage with donors.
Lockdowns have shown how unreliable our fundraising eventscan be and many businesses are dealing with new pressures as we navigate ourway out of COVID-19, which can impact corporate giving.
Often the answer has been to encourage regular donations. While this is more reliable income, it is still affected by economic cycles and competition from other fundraisers.
But what if you could offer your supporters a free optionfor regular giving? Or better still, a money saving offer that contributed tocharity? A true win-win.
At Raizor, we call this “Spending Giving”, and a great example is an exciting new product we’ve recently introduced to the market, Insurance for Good.
Developed by Raizor and serviced by Crombie Lockwood, Insurance for Good is a commercial insurance fundraising tool that works for charities in two ways:
1) Ensures your organisation is getting the best possible insurance advice, service, and price available; and,
2) Provides value back to your supporters while generating a significant, annual revenue stream for your charity.
Each policy donates 20% of the brokerage commission to charity every year. An average small to medium size enterprise (SME) would donate around $1,500 - $2,000 per year. Bigger businesses can donate significantly more. Market data suggests an average client stays with his broker for around seven years.
In other words, just one SME is worth a lifetime value of around $14,000 in donations.
It doesn’t take much volume to build significant, recurring revenue that your organisation can rely on for years to come.
To date, our clients have either saved on their premium, improved their cover - or both. This way, ‘spending giving’ through procurement becomesa no brainer.
Examples from our clients range from charities, consultancy firms, online retailers, and large commercial property owners and many others.
One common misconception is that our charity partners need to approach their largest corporate sponsors in order to gain traction with Insurance for Good. In New Zealand, there is 1 business for every 10 people. Chances are there are a handful of business owners that are already supporting you. Insurance for Good is a great way to supplement their contributions.
You don’t have to be the expert, just introduce our friendly team.
