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The impact of poor mental health on our society has grown significantly in recent years, with a heightened awareness of its importance in one’s overall wellbeing. At the same time, the insurance industry is undergoing a fundamental transformation, with digitalization creating a huge opportunity to offer more comprehensive coverage. With the backdrop of mental health issues costing insurance companies USD 15B in disability claims per year, offering preventive personalised mental health services can not only improve customer satisfaction, but also enhance their competitive edge in the market.
According to the World Health Organization, one in four people will experience a mental health issue at some point in their lives. Additionally, a recent survey in Hong Kong found that 92% of the population claims to be stressed. With these statistics in mind, there is a pressing need for insurers to consider offering mental health coverage as part of their policies. By providing access to mental health and lifestyle health resources for employees and customers, insurers can help individuals address these challenges and improve their overall wellbeing.
Mental health protection does not only appeal to retail customers, but also corporate clients. As companies introduce and welcome hybrid work mode, remote employee mental health has become a commonly discussed issue among leaders and HR. With remote team members experiencing increased levels of stress, anxiety, and burnout, insurance companies that recognize these shifts and provide relevant support will be better positioned to retain and attract customers and employees.
Currently, only 18% of insurance providers cover out-patient mental health or have preventative measures for their customers. An effective way for insurers to stand out in the market is to offer personalised mental health services, historically offerings have included access to employee wellness programmes, employee assistance programmes (EAPs), and workplace counselling. These services are helpful but engagement has been low. What has been proven to boost these is to address the unique needs of each customer, leading to better mental health outcomes and increased customer satisfaction.
By partnering with Neurum Health, who has a wealth of experience in serving corporate clients, insurers can leverage our credibility, scalability, and highly personalised digital health solution to provide tailored support to their community in a meaningful and turnkey manner. Neurum Health’s platform offers a wide range of services that are customised based on users’ data, including access to more than 300+ self-paced programmes and tools for self-care personalised using cutting-edge technology. These enable insurers to connect and grow with their customers.
There are several advantages for insurers that offer personalised mental health services to their customers. Improved customer satisfaction can be achieved by providing access to mental health support, which demonstrates their commitment to their customers' wellbeing, leading to increased satisfaction and loyalty.
In addition, our case studies have shown that addressing mental health concerns can lead to improved productivity and reduced absenteeism in the workplace. Insurers that offer mental health support can help businesses improve their workforce productivity and reduce costs related to lost work hours.
Offering access to preventive mental health services can also help customers protect their mental health early on, potentially reducing the need for more costly treatments down the line and leading to reduced claims costs.
Furthermore, as mental health awareness continues to grow, more people are seeking insurance policies that include comprehensive mental health support. Insurers that offer personalised mental health services can differentiate themselves in the market and attract new customers.
In conclusion, incorporating personalised mental health services into insurance offerings is a smart move for insurers looking to stay ahead of the curve by truly moving their position from payor to partner. By providing tailored support that addresses the unique needs of each customer, insurers can improve mental health outcomes, enhance customer satisfaction, and gain a competitive advantage in the market. Neurum Health offers an innovative digital mind and lifestyle health solution that can help insurers achieve these goals and demonstrate their commitment to their customers' wellbeing.
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