Mental health support remains an area of innovation for insurers and a topic of interest for consumers, with 15.9% of individuals stating mental health support is an essential feature in a private medical insurance (PMI) policy.
Additionally, 21.6% of employers rank mental health and wellbeing as of key importance in supporting employees as per GlobalData’s 2022 UK SME Insurance Survey. The Wysa Assure app (which includes artificial intelligence [AI]-based mental health support) is one example of an innovative solution that has emerged due to the increased focus on mental health.
GlobalData’s 2022 Global Consumer Survey
GlobalData’s 2022 Q4 Global Consumer Survey found that 75.6% of individuals expressed some degree of concern for their mental wellbeing, demonstrating that consumers would benefit from increased support in this area. Furthermore, a third of respondents to Swiss Re Institute’s 2022 COVID-19 consumer survey reported a decline in their mental health, with 64% of individuals in emerging countries seeking mental health care over the course of 2022.
According to GlobalData’s 2022 UK Insurance Consumer Survey, 15.9% of respondents view mental health support as an essential feature for PMI policies. To meet the requirements of consumers and mitigate mental health-related claims, insurance firms should provide policyholders with access to support and resources that help them actively manage their mental wellbeing.
The main component of Wysa Assure is a cognitive behavioural therapy-based AI chatbot that provides users with on-demand assistance and directs them to evidence-based mental health resources catered to their specific requirements. The software prioritises user anonymity, addressing concerns about data protection while integrating self-management tools and insurers’ support networks. This strategy promotes proactive management of mental health and seeking out early assistance, which could provide cost savings to insurers by reducing claims.
Mental health support is a key aspect of overall wellbeing. Giving customers access to the right resources will help reduce the number of claims. Such resources will be progressively integrated into health insurance policies going forward as insurers increasingly recognise the importance of mental health-focused solutions. This trend—with companies like Wysa at the forefront—will prove advantageous to both insurers and their customers.
Guillaume Anns is Associate Analyst – Insurance, GlobalData