IICF CEO Chin Retires After 10 Years of Service to the Industry, Community

After devoting heart and soul to the Insurance Industry Charitable Fund (IICF) for 10 years, CEO Karen Chin officially retired on Oct. 1. The Walnut Creek, Calif.-based organization allows people in the insurance industry to contribute money and time to nonprofits in their communities.

Chin’s accomplishments include building the idea of community within a competitive industry and distributing over $1 million in grants each year to nonprofits.

“Karen has contributed a key element for an effective non-profit and that is heart and soul,” said Janet Kidd, regional vice president of IICF. “She will be missed, but her impact will continue to be felt for years to come.”

“The challenge of building ‘community’ within the insurance industry was initially a much bigger part of the job than I’d anticipated,” she said. “This is a very competitive industry; however, it has some of the finest individuals I’ve had occasion to meet.”

Chin came up with the idea for IICF Bridge Week, a nine-day statewide event where insurance employees provide service to nonprofits in their communities. The event is a means for uniting the insurance industry, according to Chin.

“Instead of individual companies all doing volunteer work separately, it’s tremendously satisfying to have them working together at the agencies to which we give grants, with the employees to whom they’re trying to demonstrate their corporate character, and for our carefully screened nonprofits who are showing their worth, their challenges and effectiveness,” she said.

Chin said that when she initially proposed the idea for IICF Bridge Week, many did not realize the impact that the event could have on the industry.

“I have to say I did when I proposed it – just because it’s a natural part of what the industry is and does,” she said. “I can’t tell you how grateful I am that the board and directors had the vision to support [Bridge Week]. It’s probably the prime example of the trust I’ve received.”

Kidd agreed that IICF Bridge Week is one of Chin’s biggest accomplishments. “The event has grown to where thousands of industry employees are now volunteering and having an impact in their communities during this week,” she said. “As far as we know, no other industry has put together such an event in which a total industry comes together for the good of the communities it both serves and lives in.”

Chin, who assumed the role of CEO in 1999 after serving as executive vice president, said that another major IICF accomplishment is the distribution of money to nonprofit organizations. When Chin first joined IICF, the new organization made $90,000 in grants to nonprofits and the numbers grew at a gradual pace for a few years. But since then, the amount of money in grants has grown rapidly.

“Some people may not realize that in the past few years the IICF has not just raised $1 million per year, but has made annual donations of at least $1million in California,” Chin said.
“The fact is that this has happened despite the tremendous consolidation in the industry, the downturn in the economy and all the challenges in the industry. I’m proud that we went beyond the competitiveness within the industry, and that the IICF board and directors understand that in today’s business climate there’s real value in working together for the greater good of the community.”

Before joining IICF, Chin had a career in public relations in New York and San Francisco, with a background in community development work and volunteerism that prepared her for the opportunities and challenges at IICF.

One of those challenges was deciding which organizations would receive charitable donations.

“Crafting a means for limited grant making dollars to have real impact is always a challenge,” she said. “No one and no company ever has all the dollars it would like for charitable donations. But there are ways to give smart and give effectively.”

The staff of the Richstone Family Center, a Hawthorne, Calif.-based nonprofit whose primary mission is to prevent and treat child abuse, were thankful to be an IIFC aid recipient.

“Their organization was responsible for helping us establish a program for young women coming out of foster care,” said Dorothy Courtney, executive director of Richstone Center. “They were the ones who provided the funds and they actually came and worked on the facility physically.”

Chin said that those organizations that receive major grants and those that receive smaller community grants usually get far more than just money.

Courtney agreed. “They’ve been both contributors of dollars and also contributors of time and energy, which is priceless,” she said. “We actually consider the whole insurance industry as part of the Richstone family.”

Chin hopes that despite her departure, IICF will continue to grow and have a greater impact on the insurance industry and communities. “I hope I’ve created the platforms for building in the future,” she said. “All this is really just a beginning.”

Incoming CEO Bill Ross hopes to build on Chin’s accomplishments. Ross spent more than 30 years with the Walt Disney Co., having last served as senior vice president of industry relations. He has served on several boards and nonprofit organizations. His first focus will be on understanding where IICF has gone since its founding in 1994. Ross said that he hoped to continue forging relationships with the industry.

“I think the best compliment that we can give to Karen is to continue to grow IICF. I want to increase awareness of the insurance industry’s work in contributing to the community. We can [do this] by increasing industry involvement and strengthening the IICF brand. We hope to attract more partners and alliances to IICF,” he added.

Ross said that IICF is considering opening a regional office in Southern California to increase IICF’s presence in that region. Also, the board of directors has discussed increasing the number of IICF-hosted events. IICF holds an annual gala in Northern California, and the board wants to expand on its success by holding a comparable event in Southern California. Ross said that the event would be different from the gala and is currently in the planning stages.

Chin said that IICF has found great new leadership in Ross and she hopes that the organization will expand beyond California. She also praised the legion of volunteers that help support the organization.

“I would say that building business value and creating multifaceted partnerships are among the highlights of the past 10 years,” she said. “I’m most proud of helping the vision of the IICF’s founders and board members come to fruition.”

Topics California Market