Brokers building deeper relationships with the charity sector

The specialist insurer’s survey of 250 brokers¹ examined how firms are making a positive contribution in their communities.

The research found almost nine in ten brokers (89%) are supporting their communities in some way compared to 81% in 2021 when the research was last carried out.

Most brokers support a charity (74% up from 61% in 2021), followed by sponsoring a club (55% up from 46%), providing work experience opportunities (44% up from 37%), supporting a business or community forum (46% up from 35%), and supporting a community group or school (32% up from 24%).

When asked why they wanted to make a positive social impact, the top three motivations were unchanged from three years ago - making a difference to our community (66%), giving something back to customers (60%) and enhancing our social reputation (60%).

But there were broader benefits cited by brokers in this latest research, compared to three years ago, including building our business network (53%), customers are more likely to choose a company that contributes to society (45%), and employee recruitment and retention (39%).

This year’s survey saw a rise in the number of brokers with a charity partnership, increasing to 32% from 25%.

The research also found the way broker businesses support their charity partners has changed over the past three years, reflecting deeper relationships.

Company fundraising (93%), volunteering (58%) and match funding (48%) are still the most popular forms of support for charity partnerships. Like many businesses, however, brokers are seeking more value from their relationships.

More than two in five (45%) brokers are sharing expertise pro bono with their charity partner, a third (33%) are providing networking opportunities and a quarter (24%) have a representative on a charity board.

Richard Coleman, Managing Director of Ecclesiastical Insurance, said: “It’s positive to see that more brokers are realising the benefits of a charity partnership, and are building more collaborative relationships. While company fundraising and volunteering are still the most popular forms of support, a growing number of brokers are exploring alternative sources of value. The best partnerships exist where businesses and charities are aligned in their values and ambitions, and work collaboratively together to create real social impact.

“At a time when there is a lot of movement in the broker labour market, a growing number of firms are realising that making a positive social impact can also have a positive effect on employee recruitment and retention.

“As part of the Benefact Group, we understand the importance of giving back to the community and engaging colleagues with our charitable purpose. We’ve helped more than 10,000 good causes, and through our charity support programme and Movement for Good awards, we’re building long-lasting meaningful relationships with charities operating within our sectors.”

Ecclesiastical is part of the Benefact Group, the UK’s third largest corporate donor, which gives all available profits to good causes, and provides insight, support, and guidance for the charity sector.

Movement for Good is Benefact Group’s annual programme of giving that donates over £1 million to charities and good causes nominated by the public. Nominations for £1,000 grants are open now, and large grant applications will open on 8 July 2024.

¹ 250 Interviews carried out by FWD in March 2024