Financial Services Industry
The Financial Services Industry (FSI) experiences one of the highest rates of mental ill-health in the workforce, with 33 percent of its workers living with a mental health condition(1).
Within the super-based group insurance industry, the incidence of mental health-related claims is on the rise with mental illness accounting for 15 percent of overall claim rates but resulting in 50 percent of claim costs. Mental ill-health is impacting the FSI in both those working within the industry and those reliant upon it in their time of greatest need during the claims process.
We are committed to ensuring our initiatives have the most impact possible by using our unique relationships with Partners and the wider Superannuation and Insurance Industry to gain access to key mental health data. This de-identified data(1), relating to insurance and superannuation, provides us with unprecedented insight into trends such as:
- People are likely to contact insurers before attempting suicide
- Mental illness-related Total and Permanent Disablement (TPD) claim rates peak for males aged 50-54 and females aged 55-59
- Victoria and Queensland had claim rates for suicide that were almost double the claim rates of other locations.
We use this data along with information provided by our Partners and the mental health sector to develop best-practice programs, resources and research reports to support financial organisations to improve their mental health and wellbeing practices and policies.