Why social responsibility and justice matter
The most impacted consumers are both highly concerned about social justice causes and place a greater value on an insurance firm’s social responsibility efforts in their purchasing decisions.
More than half of the most impacted respondents reported that a firm’s commitment to social responsibility (racial injustice, environmentalism, income equality, police brutality and employee relations) to be very important in their decision to purchase insurance. In addition, the most impacted were twice as likely (61%) to donate money, time or supplies to a racial justice organization since March of 2020 than respondents overall (31%).
Corporate activity around social purpose is becoming increasingly important to brand reputation and customer retention — and insurers need to think differently about what they are doing in this space.
Insurers have an opportunity to engage a socially active, energized audience by amplifying their corporate social responsibility efforts, including policies and investments to promote equality, diversity and inclusion. Within executive ranks, environmental, social and corporate governance (ESG) and sustainability-related initiatives and a focus on long-term value creation are important to demonstrating the vital purpose of the industry.