Mass Mutual Competitors: CSR
Mass Mutual's top competitors based on market share are Northwestern-Mutual, New York Life, Lincoln National Corp., and John Hancock Financial.
- Since 2012, Northwestern Mutual has launched various CSR activities aimed at tackling childhood cancer in several U.S. cities. These initiatives include launching digital holiday campaigns to fight childhood cancer, rolling out campaigns to ease the financial and emotional burden for children and their families, and "donating $200,000 to fight pediatric cancer through NCAA® Championship Floor Auction."
- Together with the partners, Northwestern Mutual is impacting the community through "improving education; revitalizing neighborhoods; enhancing its hometown by ensuring it is an inviting and exciting place to live, work and play; and accelerating the search for cures for childhood cancer
- Since 2013, the firm has supported "nonprofits focused on fostering safe neighborhoods, healthy and thriving youth, strong families and quality education" in three neighborhoods: Milwaukee's Amani, Metcalfe Park, and Muskego Way. Last year, they invested about $1.7 million in grants toward the project.
- The insurance firm is leveraging diversity & inclusion in their relationships with employees and suppliers to drive meaningful change. Northwestern Mutual has made commitments to educate their leaders and employees in diversity & inclusion, as well as contract with "minority-owned, women-owned, physically disabled-owned, military veteran-owned suppliers for at least 25% of the work on The Northwestern Mutual Tower and Commons."
New York Life
- New York Life positions itself as a company that "exists for good — the good of its policy owners, their families, and the communities," while introducing its CSR initiatives.
- The insurance firm has awarded, since 2008, "over 600 grants of $5,000 to $25,000 apiece to children's food programs, children’s hospitals, senior services, children's bereavement organization, community builds, and many other initiatives across the country, resulting in nearly $8 million in direct funds to local communities."
- New York life also provides competitive Community Impact Grants to field employees and agents who are "actively engaged and serve as local "champions" for nonprofits."
- The company leverages sustainability efforts to protect the environment, as well as diversity and inclusion programs to create influence, engage employees, and drive meaningful change.
- New York Life and the workforce "donate funds and resources to support communities hit by disasters."
- The New York Life Foundation has donated over $300 million in charities to local nonprofit organizations that "invests in programs that benefit young people, particularly in the areas of educational enhancement and childhood bereavement support."
Lincoln National Corp.
- Lincoln National Corp. believes that good corporate social responsibility is "intrinsic to its success and, therefore, it is committed to improving the quality of life in the communities, investing in sustainable business practices and empowering people to live greater lives."
- Lincoln National hosts a 24-hour coding challenge, every year, "where high-school and undergraduate students have an opportunity to solve technology-related problems currently affecting a Greensboro-based nonprofit organization."
- Each year, Lincoln Financial Foundation awards grants to 300 nonprofits that empower education, the arts, human services, and economic and workforce development. In 2018, they "awarded 108 education grants and corporate contributions totaling $2.7 million."
- The firm employs sustainable efforts to "reduce its negative impact on the environment" through energy conservation and natural resources' stewardship. "For more than 30 years, they have been on the cutting edge of building energy-efficient practices. "
- Through the Lincoln Financial Matching Gift Program, the firm awards employees involved in active volunteer at nonprofit organizations.
- Each year, Lincoln Legacy Initiative donates "$50,000 to an education-focused nonprofit organization."
- Lincoln National maintains an environment that empowers diversity and inclusion and "provide benefits and programs to empower employees to take charge of their financial future, health and career."
John Hancock Financial
- John Hancock Financial is committed to advance the "health and well-being of customers, employees, and communities."
- They are involved in corporate giving, community investment, event sponsorship, and signature corps (each year their employees volunteer in over 100 projects).
- Each summer, John Hancock, through the MLK Scholars Program, sponsors "the employment of over 600 Boston teens at nearly 60 local non-profit organizations—the largest summer jobs program of its kind in the United States."
- In 2019, they committed "$1 million to fund 630 summer Jobs for Boston teens."
Corporate Social Responsibility Trends
- Companies in the insurance industry are incorporating volunteering activities in their CSR programs, allowing them to enhance "employee morale, workplace atmosphere, and brand perception."
- For example, companies in the insurance industry are volunteering in different ways, including "pro bono and skills-sharing support to nonprofit organizations, disaster response, relief and recovery, employee-driven outreach in local communities and many other creative corporate social responsibility initiatives."
- The insurance industry is also "hoping to recruit and retain workers by emphasizing the culture of volunteering."
Environment and Climate Change
- Many insurance companies are involved in CSR activities that contribute to "safer communities and reduce environmental impact at home and abroad."
- They are at the forefront in making assessments and "documenting what is happening with climate change," such as the increased flood levels, natural disasters, and rising waters.
- To support communities in adapting to climate change and preserving the environment, many insurance companies make it their civic duty to make environmental assessments and publicize CSR reports "in order to better serve the community and local governments in making an impact on future practices and preventative measures."
Diversity and Inclusion
- Leading organizations are striving to make diversity and inclusion "the centerpiece of their company culture."
- During the 2016 Business Insurance Diversity & Inclusion Institute Leadership Conference, "insurance industry CEOs came together to sign a “commitment statement” embracing diversity and inclusion in the commercial sector."
- Some insurance companies driving this trend include Travelers Insurance, Allstate, The Hartford, and XL Catlin USA.
- Allstate Insurance spends over $450 million "with diverse businesses, as well as providing mentoring opportunities for participants."
- Travelers Insurance provides "safety risk management education for minority- and women-owned small businesses."
- XL Catlin USA focuses on "building relationships with minority and women-owned suppliers, promoting their development and supporting the growth of the communities in which they do business."
The research team identified MassMutual Life Insurance competitors based on their percentage share in the insurance industry, as compiled here. To identify the corporate social responsibility trends among insurance companies, nationally; the team inquired for those that are executed often by several firms in the sector.