Planning for Impact with RGA: Developing a bespoke impact framework
The Challenge
Reinsurance Group of America, Incorporated (RGA) has been investing in its communities for the past 50+ years, with multiple significant partnerships spanning decades. More recently, RGA has worked to be more strategic with their community investments, identifying focus areas aligned with the company’s expertise and corporate priorities – health and longevity, education for careers in insurance, financial education, and RGA employee volunteer efforts. Now, RGA is looking to take the next step in being more intentional with their social impact measurement by developing an impact framework.
The Solution
RGA engaged the B4SI Team to develop a bespoke social impact framework, using the B4SI Community Investment Framework as a foundation. B4SI worked with RGA to identify the community needs the company is trying to solve and to interview and survey RGA community partners to identify which impacts are already being measured. The B4SI team then worked to synthesize and aggregate reported indicators across each RGA focus area and identify potential gaps in addressing targeted community needs.
The Impact
This framework will help RGA to be more strategic with its giving and gain a deeper understanding of the impact of its efforts. Though the framework is still being finalized, the process has already helped the RGA team to think more strategically and set a strong foundation for measuring and reporting its impact.
KEY TAKEAWAYS
ALIGN CORPORATE PRIORITIES WITH PARTNER REALITIES:
It is important that community investment indicators align with the needs the company is trying to address, while being realistic for resource-strapped nonprofit partners.
NOT EVERYTHING NEEDS TO FIT PERFECTLY:
Some activities that are valued by employees or the business may not align with all strategic community focus areas. In this case, companies may instead track impacts that align with their intended purpose.
DON’T REINVENT THE WHEEL:
A common framework, like B4SI’s Community Investment Framework, provides a robust and tested foundation for developing indicators and an impact framework.