Financial Services Industry

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 and 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 super and insurance industries to gain access to key mental health data. This de-identified data(1), relating to insurance and superannuation, provides us with unprecedented insights 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, and
  • 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.

What can you do?

SuperFriend was born from the industry’s commitment to improve mental health and wellbeing for Australian workers. Our vision is for an Australia where all workplaces are mentally healthy.

We offer a range of simple, practical and affordable solutions tailored for financial services workers, and their employers and members.

Get started here, or see below for more.

  1. 2014 Return on investment analysis, PwC Report

Programs and Resources for the Financial Services Industry

SuperMIND - Mental Health Claim Data

What happens when 13 Australian super funds and group insurers share five years’ worth of data relating to suicide and mental health-related claims? We found out through our SuperMIND project, which resulted in rich and useful insights and–more importantly–targeted, effective support for members.

Read More