Gift Insurance is a new company that offers competitive quotes on insurance products and promises to donate the equivalent of six months premium to the charity of the customer’s choice.
Founders Adam Gregory and Martin Lunn promise either to better or match the best quote any insurance company is offering on life assurance, mortgage protection and critical illness cover. “Take out one of those policies through us and your nominated charity will receive 50% of the commission we receive,” said Mr Lunn.
They believe Gift Insurance is different to other insurance brokers and advisers because of its commitment to generating income for charities. “We can do this by reducing overheads to a minimum and by taking less commission ourselves” explained Mr Lunn.
Policies booked through the Web site generate even more commission for charities – the equivalent of 7 months premium.
Martin Lunn told UK Fundraising that the service was intended to raise funds for all kinds of charities, large and small. All the customer had to do was name the charity s/he wanted to benefit. Of course, Gift Insurance hope that charities will also promote the service to their donors.
The company raised some concerns among fundraisers on the corporate fundraising special interest group list last week due to its list of charities on its Web site. The company has now taken action to indicate which charities have signed agreements with it and which are simply listed to help customers choose a beneficiary charity.
Gift Insurance launches on Tuesday 4 May 2004, but has already begun to handle business via its Web site and telephone lines and generate donations for charities.