New research reveals a growing acknowledgement amongst insurance brokers of the importance of contributing positively to society, with charitable giving the most popular way of achieving this goal.
The study, conducted by specialist insurer Ecclesiastical, suggests that, for the first time, UK brokers are making a significant contribution to their communities, responding to a growing consumer demand for a more responsible approach to business.
It says brokers’ primary motives for engaging in activities that benefit society are making a difference (78%), improving the reputation of their business (76%) and giving something back to customers (71%).
With latest figures showing the public continue to distrust financial services firms, two thirds of brokers (66%) believe that contributing positively to society is an important factor in helping financial services firms change perceptions among their customers.
John Blundell, managing director of UKGI at Ecclesiastical, said: “It’s clear that brokers recognise the importance of contributing positively to society, primarily because they want to give something back, but also because they want to improve the reputation of their business. Their contribution to society also has significant implications for their commercial success, because today’s consumers and employees expect greater social responsibility from businesses, led by a millennial generation dubbed the most socially responsible ever.”
By far the most popular activity is supporting a charity, with over three quarters of brokers (78%) contributing in this way. The most common way of supporting a charity is through a company fundraising scheme (53%), followed by providing free advice for charities (42%), matched funding for employees (41%) and employee volunteering (41%).
Charities are selected predominantly because they are local (30%) or because causes are close to the heart of an employee (29%).
Beyond supporting charities, the most common business contributions were work experience provision (61%) and sponsorship of local sports teams (58%). Nearly half (48%) of brokers support green initiatives to reduce their environmental impact, while a third (34%) partner with a community group or school.