MLC Life Insurance says it is the first Australian life insurer to offer customers AI-guided mental health support.
A statement from the insurer says it is also the first in the world to offer Wysa Assure, a new version of Wysa, which includes wellbeing scores to quantify mental health status for improved monitoring.
MLC Life Insurance says that with one in two Australians likely to face a mental health related concern in their lifetime, it has partnered with Swiss Re Reinsurance Solutions, to launch a pilot of Wysa Assure.
It says this is “…a world-leading, AI-based mental health support app that integrates Swiss Re’s risk expertise and proprietary scoring system, to help meet the growing needs of customers.”
Andrew Beevors, Chief Claims Officer for MLC Life Insurance, notes the company is always looking for ways to improve the total customer experience “…and that’s why we’re proud to be pioneers in this space and to further complement our …Vivo program.”
The firm says that central to the design of Wysa Assure is an AI chatbot, built on cognitive behavioural therapy principles, that is clinically proven to improve symptoms of depression and anxiety.
“The app prioritises user anonymity in compliance with data protection laws and to encourage customers to feel comfortable to open up,” it says
The app integrates self-care modules and MLC Life Insurance’s broader Vivo support networks “…with built-in crisis escalation pathways to human care that can be triggered during AI conversation with the user, or by the user selecting an SOS feature.”
MLC Life Insurance says this approach fosters proactive mental wellbeing management “…and encourages early support-seeking, avoiding worsening symptoms while offering a broader approach to crisis risk mitigation.”
…one in three working-age Australians currently suffer from moderate to severe depression or anxiety…
It adds that a new report from Wysa found that one in three working-age Australians currently suffer from moderate to severe depression or anxiety.
“Worryingly, 46% of those suffering have not accessed support, due to embarrassment, perceived cost, or the inability to self-diagnose need. By offering Wysa Assure, MLC Life Insurance is avoiding these barriers to access and giving customers an alternative support mechanism.”
Ramakant Vempati, Co-Founder and President of Wysa, says the app is more than a mental health tool “…it is an AI companion designed to assist anyone navigating life’s challenges, without them having to self-identify their needs or overcome stigma and come forward for help.”
… survey findings show the growing role of insurers in enhancing customers’ mental resilience…
The Swiss Re Institute’s 2022 consumer survey findings show the growing role of insurers in enhancing customers’ mental resilience.
It says one-third of respondents reported a decline in mental health, and 64% of individuals in emerging markets sought mental health support during this timeframe. Through the incorporation of Swiss Re’s scoring mechanism, customers are able to monitor their mental health.
Carl Christensen, Head Life & Health Solutions at Swiss Re Reinsurance Solutions, says the firm is committed to delivering solutions that are customer-focused.
“Wysa Assure embodies this ethos, focusing on enhancing mental wellbeing. It delivers risk-based scoring and reporting to insurers, underscoring the … benefits that mental health management can introduce to their businesses.”
The app is available to existing and new MLC Life Insurance retail customers through its Vivo program.
The firm says its AI chatbot function enables users to be counselled in real time while providing recommendations for evidence-based mental health resources.
It adds that Wysa Assure’s efficacy is “…validated through extensive research demonstrating its success in reducing symptoms of depression, anxiety, and co-morbid physical health concerns, showing an average decrease of 30% in anxiety and depression-related symptoms.”
