Zurich Financial Services’ inaugural meeting of its Mental Health Roundtable was held in Australia on Wednesday 14 August.
Members of the bi-annual forum discussed areas for greater collaboration with the life insurance industry, including using 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.
Justin Delaney, CEO Zurich Australia & New Zealand, says mental health is a critical issue.
He says Zurich continues to witness the rising and profound impact of mental health issues across the breadth of its customer base.
“No one wants insurance to be a barrier to individuals seeking and receiving the appropriate advice or care,” he said.
Delaney adds that Zurich 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.”
Professor Alison Calear, Co-Head, Centre for Mental Health Research, the Australian National University, says 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.”
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.