The life insurance industry in Australia and internationally, has experienced a significant increase in the volume of mental health related claims. This experience, has required life insurers to listen and learn more about the complex area of mental health. Importantly, the actual experience of life insurers in receiving and managing these claims has shone a light on a number of systemic issues including classification of conditions, health system structures, support networks available and the ongoing stigma related to mental health condition disclosure.

As a result, for both the broader community and the life insurance industry, it is clear that a number of changes are required in relation to the capability, culture and processes of organisations in serving, supporting and engaging with individuals who are experiencing mental health conditions. Our insights in relation to these matters are summarised here and addressed in more detail throughout the paper.

Some of the work has already begun, but an enterprise approach will need to be considered to ensure insurers are both aware and prepared for changes in regulation, ongoing reduction in stigma regarding metal health conditions and changes to mental health funding models. Engagement with the community and customers regarding their expectations is key in supporting sustainable change.

View full paper here