Insurances are often large expenses that — thankfully — don’t always get used. To help customers make the most of this expense, a brokerage startup Givesurance is now enabling them to donate money to charity via their existing insurance payments, without increasing their outgoings. Most insurance companies spend a significant amount of their commission on advertising, attempting to attract new clients. Givesurance, converts some of this commission into client donation credits, which can be given to a charity of their choice.
To begin, new clients provide Givesurance with their existing insurance plan — the company, renewal date and policy number. The startup is already working with over 200 insurers — including Progressive, Metlife and Zurich — but if the client’s company is not yet on board, Givesurance will suggest a similar plan with one of their partners. Then, the brokerage will return 5 percent of the payment to the client in the form of donation credits, which amounts to approximately 30 percent of Giversurance’s commission.
Customers can choose from a growing selection of NGOs who are currently working with Givesurance to donate to. We recently saw a travel agency enable customers to donate one percent of their holiday expenses to charity. Are there other large expenses that would make sense to include a donation within them?