A role for insurers to boost mental health and wellbeing

The COVID-19 pandemic didn't just affect our physical health. It worsened a global mental health crisis, as data shows more people have been affected by depression, anxiety or other conditions since COVID-19 emerged. Early intervention can help people take charge of their mental health and can contribute to societal resilience. Mobile apps offer insurers alternatives to reach those in need.

During the pandemic, my children joined countless others in switching to online learning.  At first, it was exciting – something different. While it was stressful for me at work, my high school-age son initially seemed to adjust quickly. But weeks of staying at home stretched into months. 

Football games, school musicals, and after-school “study” sessions (not certain they ever studied much) were all canceled. It's hard to believe my son picked his college without ever having visited, because on-site tours were cancelled. All of this started to impact his mental health. He became more withdrawn and joked that he “Googled his way through senior year."   

Since then, I have read that the state where I live (Connecticut), identified more than 150 schools during the pandemic that needed additional support to address a "mental health crisis" that emerged (or more likely, grew more urgent).  In addition, fears over inflation, Ukraine, pandemic fatigue and other societal issues have contributed to this growing crisis which is impacting all ages, backgrounds and nationalities.

My family and community's experience was not unique: The pandemic left people everywhere more vulnerable to deteriorating mental health. As the social restrictions interrupted people's lives, their sleep suffered. They may not have gotten enough exercise and their eating habits may have been altered. These are all key elements of "The Big 6" Lifestyle Factors that Swiss Re has previously identified as playing an important role in health and well-being.

A  Swiss Re Institute survey of insurance consumers released in mid-2022 found that a third of respondents globally reported deteriorating mental health over the past 12 months. The figure is especially alarming considering that even before the pandemic, the World Health Organization (WHO) estimated an eighth of the world's population was living with a mental disorder.

As the need increases, however, services, skills and funding for mental health often remain in short supply. The shortfall transcends geographies, posing unique challenges to advanced economies but also low- and middle-income countries. In the United States, for instance, data shows the workforce trained to treat a growing population suffering from mental illness is shrinking. This means there may not be sufficient professionals to help people navigate a mental health challenge. (In our experience it took several days of phone calls to find a health professional to help my son. Most were not taking new patients!)

For many years, insurers may not have seemed like a front-line resource for addressing mental health challenges. But that's changing, especially given the scope of this issue. People are growing more receptive to receiving proactive help from an array of resources, including their insurers, as they dedicate more attention to preserving mental wellbeing.

At Swiss Re, we have identified as many as 45 million consumers in six countries – Australia, Canada, France, Germany, Great Britain and the United States – who are receptive to innovative protection from insurers for their mental health and wellbeing.

Swiss Re's partnership with a digital mental health app provider, Wysa, has advanced swiftly since the height of the pandemic, with pilots progressing in multiple countries. Insurers are increasingly turning to this mobile-based solution, designed specifically for insurers to integrate into existing processes. In addition to Wysa's anonymous, successful platform – which has helped over five million people worldwide and scores 4.8 out of five in app stores – we've added vital components for insurers and their customers.

Not only will the app's wellbeing score encourage users to seek additional offline support when needed, it also enables anonymised, aggregated reports based on Swiss Re's risk scoring to assess the wellbeing status across a book of business.

There are some other particularly important reasons why Wysa is the right partner for Swiss Re, too. First, we want to ensure our efforts are focused on clinically validated data-driven outcomes. Proven, evidence-based tools are critical. Research shows Wysa users absent from work for physical and / or mental reasons return to work a third quicker than those who do not have the app. Wysa estimates a 30% reduction in employer costs through areas such as reduced absenteeism and increased productivity.

Early intervention, potentially triggered by "warning signals" sent by an app to its user, is critical. Mental wellbeing support can help ensure a condition does not materialise or become clinical.

Wysa's app has demonstrated clinical efficacy in not only anxiety and depression but has proven effective in helping people suffering from conditions with higher incidence of mental health issues, including chronic pain and arthritis.

The solution is gaining momentum across English-speaking markets, with insurers offering disability, medical and workers' compensation products that could benefit from such tools.

The experience with my son reinforced the importance of mental well-being on a person’s health and the need for early intervention.  With early intervention, research shows positive outcomes can be found.  I’m so grateful my son is doing better, and we were able to get him the support he needed.  But I do wish we had been able to intervene earlier.

Let me re-emphasise an important caveat: Most people we've surveyed told us they want technological solutions such as apps that can provide timely, effective, evidence-based assistance to be paired with traditional offline support that leverages personalised, human expertise when it's necessary to navigate mental health challenges.

Apps should be part of a balanced approach to mental health that takes advantage of resources that address people's needs individually, because everybody's needs are different.  The ability to support this approach is another key reason we formed our Wysa partnership.

The great thing about new tools to augment mental health and wellbeing is that all stakeholders can benefit: People are healthier and happier, communities grow stronger, and insurers can manage an area where costs are growing. Swiss Re aims to strengthen its understanding of the needs of people, to support the improvement of their mental health and their insurance journey.