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Would you donate to charity if it costed you nothing? Let’s hope the answer is yes.
Givesurance, a Woodland Hills-based funding platform, has launched a donation wallet that allows users to become philanthropists without incurring any cost.
Donors can receive up to 5 percent cash back on the their auto, home, or commercial insurance payment in the form of a donation credit that can be given to any non-profit organization.
“If all of the US households give up to 5 percent of their insurance payment back as a donation credit, more than 100 billion dollars would go towards charities,’” CEO and founder Jennifer Rasiah said. “We want to create this awareness that everyone with some form of insurance can make a difference. Although an average person might be paying $1,200 a year in insurance, that kicks back to up to $80 a year in donation. And that $80 can go a long way.”
Rasiah has been in the insurance industry for over 15 years and noticed that the culture of helping others was lacking in the insurance industry. In 2013 she started an insurance brokerage that donated 30 percent of commission, to nonprofits which eventually evolved into Givesurance.
Givesurance currently has 11 employees in Woodland Hills and has received funding from a previous Alibaba employee as well as Leslie Alexander, the owner of the Houston Rockets. Originally part of the San Francisco incubator 500 Startups, the platform works with any insurance provider such as Progressive, MetLife and Travelers.
“The first year we’ll be focusing on partnering with charities and creating brand awareness,” Rasiah added. “For now, we’re super excited to be launching with some awesome nonprofit partners.”
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