Here's how one insurance company takes corporate philanthropy to the next level.
Joseph Grochmal set out to do well while doing good, but he invented a whole new way to do both. Grochmal observed that most mature insurance agencies were stuck at an annual growth rate of less than 1 percent because people buy insurance based on price or convenience--there's nothing really exciting or different about any particular agency.
So Grochmal started North Canaan, Connecticut-based GoodWorks Insurance in 2005. "We created this idea of a charitable contract," he says. "We are making a commitment to give half our profits to charities." In fact, the contract is so well-documented and entrenched in Grochmal's company that he's applied for a business process patent to protect it.
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