Insurers can play a key role in strengthening mental health resilience, according to a new report from analysts at Swiss Re Institute.
A recent survey from Swiss Re highlighted that the COVID-19 pandemic has impacted mental health wellbeing in Europe, with 40% of those below the age of 35 reporting a deterioration in their mental health status in 2021.
Findings from the survey also showed that awareness of mental health has become a top priority across all age groups and that demand for associated healthcare solutions, including digital services, is rising.
Therefore, Swiss Re analysts noted that providing services to younger generations through health apps is one key area where insurers can help improve mental health resilience in the region.
In general, the variety of mental health support platforms, such as telehealth & H&W apps, is multiplying beyond traditional medical services, and their adoption is highest among the younger generation.
Insurers can play a very strong role within mental health resilience, as they can promote preventive care by integrating digital tools into policies, and also joining forces with new market players.
For those insurers that manage to follow and focus on the habits of the younger and more tech-savvy customers, will be best positioned for the future of mental healthcare.
Analysts noted that they see two complementary actions: Firstly, incentivise consumer use of diagnostics and care tools through policy-integrated telehealth platforms and apps could help to lower the overall cost of mental healthcare services, and also promote the adoption of sound lifestyle habits and trigger preventive actions.
In addition, by strengthening links with existing apps and mental health providers, this could allow insurers to move into an established pool of younger customers that are looking for mental health support services.
The report saids: “We find that mental health professionals are among the preferred recommendation channels through which youths would download and use H&W apps, while close to 80% of younger Europeans would be ready to share personal data for improvements in health and insurance services.”
Meanwhile, Swiss Re recently released another report that focuses on the impact of COVID-19 on Australia’s community.
