Zurich Financial Services Australia recently convened the inaugural meeting of its Mental Health Roundtable, a bi-annual forum of academic, clinical and civil society representatives to discuss key trends and areas for greater collaboration with the life insurance industry.
Zurich says that attendees discussed recent developments Zurich has pursued in relation to utilising Artificial Intelligence to identify key mental health factors. Recent academic research was also presented, together with an exploration of the issues contributing to a growing prevalence of mental health conditions in Australia and factors for driving improved resilience.
The forum also explored mental health-related challenges and opportunities within the life and health insurance sectors, with a view to improve customer outcomes and opportunities for greater collaboration.
Justin Delaney, CEO Zurich Australia & New Zealand, says mental health is obviously a critical issue for individuals, society and the broader economy.
He says Zurich continues to witness the rising and profound impact of mental health issues across the breadth of its diverse customer base, noting the discussion and shared insights from the forum are an encouraging sign.
“No one wants insurance to be a barrier to individuals seeking and receiving the appropriate advice or care.”
Delaney adds that Zurich hopes and expects the bi-annual roundtable “…will act as an important advisory mechanism, promoting more meaningful engagement and understanding across both the mental health and life insurance sectors to support improved resilience.”
…Mental health was the third most common cause for claim at Zurich in 2023, representing close to one in five claims…
Zurich notes that approximately one quarter of its life insurance applications include a disclosure for a mental health condition.
“Mental health was the third most common cause for claim at Zurich in 2023, representing close to one in five claims. For some Zurich retail life insurance products, mental health accounted for up to 35% of claims, representing one of the most common reasons for claim,” the company says (see: Most Claims for Musculoskeletal, Cancer, Mental Health).
Professor Alison Calear, Co-Head, Centre for Mental Health Research, the Australian National University says research shows that the prevalence of mental health conditions continues to rise, particularly for young Australians.
“The drivers of poor mental health and the changes required to improve it remain very complex. Forums like this are an incredibly important opportunity to share unique insights and perspectives in order to adequately address this growing issue.”
