Brokers are increasingly recognizing the value of charity partnerships, with new research from Ecclesiastical highlighting significant benefits for society and stronger relationships with customers and employees.
A survey conducted by the specialist insurer with 250 brokers revealed that 89% are engaged in supporting their communities, up from 81% in 2021. Notably, 74% of brokers now support a charity, an increase from 61% three years ago. Other popular forms of community support include sponsoring clubs (55%), providing work experience opportunities (44%), supporting business or community forums (46%), and aiding community groups or schools (32%).
The primary motivation for brokers to make a positive social impact have remained consistent: making a difference in the community (66%), giving back to customers (60%), and enhancing social reputation (60%). However, broader benefits have emerged, such as building business networks (53%), attracting customers who value corporate social responsibility (45%), and improving employee recruitment and retention (39%).
There has been a noticeable rise in brokers forming formal charity partnerships, now at 32% compared to 25% previously. These partnerships have evolved to reflect deeper, more collaborative relationships. While traditional support methods like company fundraising (93%) and volunteering (58%) remain popular, brokers are increasingly providing pro bono expertise (45%), offering networking opportunities (33%), and placing representatives on charity boards (24%).
Richard Coleman, managing Director of Ecclesiastical Insurance, commented on the findings, stating that they were “encouraging”.
“Beyond fundraising and volunteering, brokers are exploring new ways to add value to these partnerships, aligning their values and ambitions to create substantial social impact,” he said.
He also highlighted the role of social impact in the competitive broker labour market, noting that firms making a positive social impact see benefits in employee recruitment and retention.
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