Canadian ICMIF member The Commonwell Mutual Insurance Group has this week announced the introduction of “Pay It Forward” – an innovative initiative developed in response to the COVID-19 pandemic. Every member is to be sent CAD 100 as part of the organisation’s COVID-19 Member Response Plan giving a total payment of CAD 8.4 million.
“We are proud to count more than 84,000 households in our membership at The Commonwell Mutual Insurance Group,” said President & CEO Tim Shauf. “We want to honour their support of us with a special one-time payment of CAD 100 that may be used to ease personal financial pressure or “Pay It Forward” by donating to others in need in their community.”
“As a community insurer, we are stepping forward to help our communities in a time of challenge that is affecting all of us,” said Shauf. “Our “Pay it Forward” initiative stems from the fact that we have been able to carry on business as an essential service while others have not. It recognises that while we can’t fix all problems, each of us, through individual decisions and individual actions, can make a difference. The payment will be sent to members in the next four weeks.”
“This pandemic is a generational-impacting event that we will see effects from for years to come,” said Shauf. “As a mutual insurance company, we are rooted in our communities and we believe this unprecedented time calls for unprecedented and innovative measures.”
The Commonwell Mutual Insurance Group team has developed a multi-faceted COVID-19 Member Response Plan which has been unfolding over the past weeks. The organisation has introduced several measures to create more flexibility for individual members who are experiencing financial hardship as well as actively facilitating policy changes for members whose circumstances have changed and wish to reduce their monthly premium.
Shauf said: “Today’s announcement takes this a step further and applies to all members, regardless of their type of policy. It’s about creating the opportunity for members to use this one-time payment to help pay a bill, buy groceries or “Pay It Forward”, if their circumstances allow. Our members can then help us help those in our communities who could use it most.”
As part of its Member Response Plan, the company’s community support program, C.A.R.E. (Create a Ripple Effect) has been refined to focus more on the urgent needs of frontline workers and local food banks and has provided more than 120,000 nutritious meals to these groups.
Each Commonwell team member receives an annual C.A.R.E. allocation of CAD 100 which can be contributed to charitable organisations supporting health, children or safety initiatives. Shauf said: “This year, we offered to match this donation and our employees chose to donate their CAD 100 to our frontline heroes in long-term care facilities and to food banks,” he adds. “I’m very proud of our team and everything they are doing to continue to serve our members and to help us “Pay It Forward” in this extraordinary time.
“There is more to come soon. We are looking forward to more announcements about how we plan to continue to support and strengthen our communities,” Shauf concluded.