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Money can’t buy the benefits of pro bono work

Money can’t buy the benefits of pro bono work

Insurance and financial services professionals shy away from pro bono work because many do not see the benefits of investing time and knowledge in the community for free, claims the Chartered Insurance Institute (CII) in a new report.

Pro bono work is a lot more than ‘giving something back to the community’, according to the CII publication ‘Everybody wins: Pro bono work as a hallmark of the professional’.

Many community groups run on a shoestring budget and cannot afford professional help – but the value effect of pro bono aid filters down and can make a real difference to the group’s work.

The idea of pro bono work is new to the insurance and financial sectors, but has long been a norm in other professions, like accounting, tax and law.

The CII argues voluntary work can advance both professional and personal development while building public confidence in insurance and financial advisers.

A pro bono reputation can also enhance the local profile of a practitioner.

The CII and Personal Finance Society (PFS) are already involved in pro bono work with members, but are calling for more practitioners to make this best practice more widespread across the profession.

The CII report covers key points, including:

  •  The trend of UK and US professionals to embrace pro bono work
  •  Pro bono in other professions and the benefits to the practitioner
  •  Examples of pro bono work at the CII and PFS
  •  The future of pro bono work and the role the insurance and financial services profession should play

“The CII and PFS are involved in a number of initiatives that demonstrate our professions willingness to get behind pro bono work,” said Chris Hanks, president of the CII.

“We are proud to have the support of many members who are willing to donate their time and expertise but we need more professionals to get involved if we are to be able to use our commitment as a way of enhancing our reputation, attracting talent, and making a recognisable difference to society.”

The full pro bono report and more details are at www.cii.co.uk/papersinprofessionalism.

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