ALUCA’s Virtual Mental Health Roundtable Discussion
Mental health is a major cause on life insurance disability related claim benefits and impacts the life of many Australians. This growing toll of mental health care costs has a negative effect on the economy due to the increased expenditure on health.
ALUCA held a special life insurance virtual roundtable meeting, sponsored by Hannover Re, on August 14th, 2024 which was designed to unpack the challenges that mental health has on the life insurance industry looking at its impact across the life insurance value chain. The meeting gathered industry leaders to explore themes, challenges and opportunities essential for addressing mental health within life insurance and the broader community.
The virtual mental health roundtable discussion was filmed via zoom and 8 video clips are provided around key themes and challenges.
Kresh Wright, Head of Life and Health ANZ, Swiss Re
Karen Janes, Chief Underwriter, AIA Australia
Andrew Beevors, Chief Claims Officer, MLC Life Insurance
Jennifer Faglioni, Head of Product, Proposition and Corporate, Zurich Australia
Jane Hogan, Insurance Governance Manager, AwareSuper
Michael Johnston, General Manager, Policy, CALI
Claudine Martijn, Clinical Psychologist, ClearView
Rael Kwasnik, Advisor, Newlane Risk
CHAIR: Carmel Twist, ALUCA Board Director and Head of Underwriting RGA
In this opening discussion we consider the current main challenges within our industry surrounding mental health and explore, the industry approach to underwriting mental health – do we ask the right questions of our customers?
In this second part of the discussion, we explore how mental health claims are typically more complex duration than other condition types and the factors that influence this including which are under our control. We also consider product design including TPD and incremental support as mental health may not be a permanent TPD condition.
In this next segment we consider how it can be difficult for customers with mental health diagnoses to access timely, evidence-based treatment and look at how insurers influence this to maximise recovery and return to work outcomes.
In this fourth segment, we explore how post-pandemic cultural shifts in the workplace could be playing a part in deteriorating mental health. We also touch on burnout and how this also contributes to declining mental health.
In this fifth segment we explore how the industry manages mental health from a customer and adviser view.
In this next clip, discussion centres around the future, technology and emerging data. With an overall deterioration in global mental health trends, what we might encounter what this might look like for the insurance applicants of tomorrow.
What, if anything, have we learned from previous challenges from advocacy groups and how might we manage them differently in the future.
In this final segment, each virtual roundtable participant provides their final reflections from the virtual mental health roundtable discussions.
DISCLAIMER: The Australasian Life Underwriting and Claims Association (ALUCA) Ltd.’s virtual mental health roundtable provides the views and ideas of the roundtable participants and does not represent any company view. ALUCA’s virtual mental health roundtable is intended to provide a spectrum of high-level information on mental health in life insurance and the challenges the participants see from either an underwriting, claims, rehabilitation, product or adviser perspective. It is the viewer’s prerogative whether to accept the views outlined in the videos. Whilst ALUCA has made best efforts to ensure the accuracy of any content, it can accept no responsibility for any action of others arising from the content of the videos. Viewers should therefore ensure they take the appropriate legal, taxation, actuarial, financial and any other advice where necessary before making any decisions in this respect. ALUCA accepts no responsibility for any errors or omissions in the videos, or for any consequence of any suggested actions or conclusions detailed in the videos, or actions or conclusions inferred by anyone viewing the videos.
Thank you ALUCA MH Roundtable sponsor
