New Study Reveals Challenges, Opportunities, and Insurance Buying Trends in the Nonprofit Industry in 2021

BALA CYNWYD, Pa., Oct. 6, 2021 /PRNewswire-PRWeb/ -- Philadelphia Insurance Companies, a leading provider of nonprofit insurance, announces a research report in partnership with NonProfit PRO and NAPCO Research on insurance trends in the nonprofit industry.

The research report, titled "Challenges, Opportunities, and Insurance Buying Trends in the Nonprofit Industry – 2021," analyzes top priorities and insurance buying behaviors of nonprofits.

The top three challenges survey respondents identified included:

• Increased competition for fundraising dollars
• Resuming in-person events/activities due to the pandemic
• Donor acquisition

"The survey revealed the impacts of COVID-19 on the industry, the trends influencing nonprofits' growth plans, the actions and investments nonprofit organizations are taking to expand services, and critical factors determining insurance requirements and provider preference," commented Nathan Safran, director of research at NAPCO Media.

COVID-19 has taken a significant toll on the nonprofit sector, with in-person fundraising opportunities and events all but disappearing, making the development of donor and volunteer relationship more challenging. The reduction in volunteer engagement was the leading impact of the pandemic (cited by 55% of respondents), followed by challenges engaging with donors (54%).

The leading strategy for addressing charitable giving among respondents is to shift more fundraising activities to digital platforms:

• 51% said they are planning to shift to online and social media channels
• 48% plan to invest in the development of a donor base
• 47% are considering emerging technologies, such as mobile and digital communications

Adopting technology to manage a range of actions — including online fundraising, donor relationship management, data security, case management, and marketing — remains strong; however, the percentage of nonprofits using or exploring these technologies is marginally down compared with 2019 figures. As nonprofit organizations continue to face widespread disruption brought on by the pandemic, it is perhaps to be expected that longer-term strategy investments, such as technology platforms, are a reduced priority in times of crisis.

When it comes to insurance purchasing challenges, price makes an expected appearance at the top of the list, with 47% of respondents noting it as a significant barrier, and 31% citing it as a moderate challenge. This is consistent with the findings of 2019's report; however, the gap between it being a price issue and other challenges has diminished, suggesting other factors are gaining in importance. Most notably:

• 21% of respondents report that excessive complexity of the application process is a significant challenge — up from 13% in 2019
• 20% report significant challenges understanding the difference between insurance policies —up from 15% in 2019
• 20% report that responsiveness of sales reps/brokers is a significant challenge —up from 8% in 2019

NAPCO hosted a webinar sponsored by Philadelphia Insurance Companies detailing the findings in the study. The webinar featured thoughts from Timothy Barrett, Chief Financial Officer of Pine Street Inn, Inc. and Paul Siragusa, Senior Vice President of Human Services Underwriting at Philadelphia Insurance Companies. The webinar recording is available for viewing here and the research report is available for download here.

Philadelphia Insurance
Philadelphia Insurance Companies (PHLY) has provided industry leading expertise and unsurpassed customer service for nearly 60 years. Headquartered in Bala Cynwyd, PA, the company provides value-added coverages and services for over 120 niche markets across the United States including protection for nonprofits. We offer customizable package policies, along with superior customer service and a free risk management plan toolkit to help meet the ever growing needs of nonprofits. Rated A++ (Superior) by AM Best; Rated A+ by Standard and Poor's; 96% overall customer satisfaction; 50 local offices across the country; Specializing in over 120 niche markets; visit http://www.PHLY.com to learn more!

NonProfit PRO
NonProfit PRO is the go-to source for nonprofit management and strategy. Developed for thought leaders and innovators, we cover an array of topics focused on leadership management, development, fundraising strategy, technology and much more. We offer a magazine, website and daily e-newsletter, NonProfit PRO Today, with a fresh look and quick, hard-hitting content as the go-to source for modern nonprofit professionals. NonProfit PRO also offers a wide range of tools, including a live, multi-day conference, a bi-weekly podcast, a weekly video series, webinars, custom publishing, research and more. For more information visit nonprofitpro.com.

NAPCO Research
Led by a former Forrester Research analyst, the NAPCO Research team crafts custom data-centric solutions that leverage our highly engaged audiences across the markets in which we operate, our industry subject matter experts and in-house research expertise. We partner with our clients to identify their unique business problem and create solutions that enable deeply informed decision-making.

NAPCO Media
NAPCO Media, NonProfitPRO's parent company, is a leading B-to-B media company specializing in creating community through content via integrated media programs, video services, marketing services, events and event management, custom content, eLearning and market research. NAPCO Media has rapidly expanded its portfolio to include NAPCO Video Services, NAPCO Events, NAPCO Marketing Services and NAPCO Research.

Media Contact

Michelle Voli, Philadelphia Insurance Companies, 6106177088, [email protected]

SOURCE Philadelphia Insurance Companies

Related Links

http://www.PHLY.com