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Zurich Australia convenes inaugural Mental Health Roundtable

14 August 2024

Zurich Financial Services Australia (Zurich) recently convened the inaugural meeting of its Mental Health Roundtable, a bi-annual forum of key academic, clinical and civil society representatives to discuss key trends and areas for greater collaboration with the life insurance industry.

Attendees discussed recent developments Zurich has pursued in relation to utilising Artificial Intelligence (AI) to identify key mental health factors. Recent academic research was also presented, together with an exploration of the issues contributing to a growing prevalence of mental health conditions in Australia and factors for driving improved resilience.

The forum also explored mental health-related challenges and opportunities within the life and health insurance sectors, with a view to improve customer outcomes and opportunities for greater collaboration.

Justin Delaney, Chief Executive Officer, Zurich Australia & New Zealand said: “Mental health is obviously a critical issue for individuals, our society and the broader economy. As a leading global insurer and one of the largest retail life insurers in Australia, Zurich continues to witness the rising and profound impact of mental health issues across the breadth of our diverse customer base.”

“The rich discussion and shared insights from this forum are an encouraging sign. No one wants insurance to be a barrier to individuals seeking and receiving the appropriate advice or care.”

“We hope and expect this bi-annual roundtable will act as an important advisory mechanism, promoting more meaningful engagement and understanding across both the mental health and life insurance sectors to support improved resilience,” Mr Delaney said.

Professor Alison Calear, Co-Head, Centre for Mental Health Research, The Australian National University (ANU) said: “Research shows that the prevalence of mental health conditions continues to rise, particularly for young Australians.”

“The drivers of poor mental health and the changes required to improve it remain very complex. Forums like this are an incredibly important opportunity to share unique insights and perspectives in order to adequately address this growing issue,” Professor Calear said.

Belinda Elworthy, Chief Executive Officer, Gotcha4Life Foundation said: “In a landscape that can feel increasingly complex, it is connection, commitment and collective action that can help us to drive meaningful change. I appreciated the opportunity to come together and share insights and diverse perspectives.’

Dr Daisy Brooke, Chief Executive Officer, Mental Health Professionals Network (MHPN) and Tackle Your Feelings Steering Committee member said: “The roundtable was a fantastic opportunity for stakeholders in the sector to collaborate and share insights around the evolving nature of mental health presentations in the Australian community.”

“Zurich’s ongoing commitment to host a forum dedicated to discussing research and innovation in mental health is an example of the leadership they are showing in the financial services industry,” Dr Brooke said.

Approximately one quarter of Zurich life insurance applications include a disclosure for a mental health condition. Mental health was the third most common cause for claim at Zurich in 2023, representing close to one in five claims*. For some Zurich retail life insurance products, mental health accounted for up to 35 per cent of claims, representing one of the most common reasons for claim.

The inaugural Zurich Mental Health Roundtable was attended by:

  • Professor Alison Calear, Co-Head, Centre for Mental Health Research, Australian National University (ANU) College of Health and Medicine
  • Katherine Newton, Chief Executive Officer, R U OK?
  • Jackie Hallan, Director of Service, ReachOut
  • Belinda Elworthy, Chief Executive Officer, Gotcha4Life Foundation
  • Dr Simon Benson, Clinical Director, Bupa
  • Dr Daisy Brooke, Chief Executive Officer, Mental Health Professionals Network (MHPN) and Tackle Your Feelings Steering Committee member

 

Zurich Executives in attendance included: Justin Delaney, Chief Executive Officer; Jacqui Lennon, Head of Retail; and Matt Paterson, Chief Claims Officer.


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*Retail, direct and group insurance claims, inclusive of OnePath

Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands.  Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
 

Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.