When Jennifer Rasiah decided to launch her own brokerage, it wasn’t because she wanted to earn a higher income. On the contrary, the 18-year insurance industry veteran wanted to find a better means to give money away.
“With a personal passion in volunteering, I began to think about how the insurance industry could do some good while simultaneously allowing customers to donate a percentage of their insurance premiums,” she said. “I decided to turn my personal passion into a business because I knew the incredible impact we could make.”
That business, Givesurance, allows consumers to donate 3% to 5% of their home or auto insurance premiums to philanthropic causes such as Habitat for Humanity, Big Cat Rescue and the Ovarian Cancer Research Fund.
“Prospective users simply check their insurance plan’s eligibility with us. If eligible, and most are since we partner with more than 225 insurance carriers, we then finalize their paperwork and get them set up to receive donation credits,” Rasiah explains. “After collecting credits in their Givesurance donation wallet, users can donate to our partnering charities.”
Rasiah says the inspiration struck when she realized how much money insurance professionals spend on advertising and marketing every year. Although the proceeds are taken out of Givesurance’s commissions, Rasiah feels that the losses are offset by consumer loyalty to its services.
“Givesurance becomes the broker, or the service provider, for our partnering insurance carriers,” Rasiah said. “Companies like
Travelers, Safeco and Hartford love working with us because we elevate their brand awareness and ensure they’ll have a longer retention in helping their customers do good.”
If a client’s current insurer is not on the platform, Givesurance will work with them to find a comparable policy with a participating carrier. Rasiah feels that the accumulative impact of these charitable contributions could be substantial for non-profit organizations throughout the U.S.
“Our figures and research show more than $2.1 trillion is spent on insurance premiums yearly, and we can take $100 billion of that and turn it into donations,” she said.
Launched in June, Givesurance is backed by such investors as Houston Rockets owner Leslie Alexander and China’s ride-sharing service DD Taxi. It is currently licensed in 40 states, but will soon be available nationwide.
While there are no immediate plans to enter Canada, Rosiah does note, “We will expand to untapped markets once we finalize this licensing process.”
