Insurance sector to cater to mental health
More than 23 per cent of income protection claims involve mental health conditions, according to ANZ claims data, prompting insurers to change the services they provide and cater to the wellbeing of their customers.
Head of mental health and wellness, life insurance, Maria Falas, noted that one in five Australians experience mental illness every year, and said the industry needed to keep pace with the changing expectations of customers and continue to meet their needs.
“There is now an enhanced focus on wellness across the developed world, which is a valuable opportunity for insurers to create deeper and more lasting relationships with customers, “ she said.
Falas said mental health and wellness programs, for example the OnePath program, were central to ANZ’s innovation, adviser support and trustee services.
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