The insurance industry is making a concerted effort worldwide to address the ongoing problems associated with mental health. This includes identifying consumer needs, developing programs, and refining products.
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Mental health problems affect people of all age groups and from all walks of life. An ongoing effort across the insurance industry seeks to identify consumer needs, create and support programs that address the issue, and refine product offerings to better serve people with mental health challenges.
To better understand wide-ranging customer needs, insurers continue to conduct mental health surveys. A few recent examples include an AIA Group (Hong Kong) mental and physical wellbeing survey, an Aflac (US) workforce report, a report by Sukoo Health (India), and a New Zealand national workplace wellbeing report. 69É«ÇéƬ has recently published its own Mental Health Survey.
Many insurers also offer grants and programs to address the mental health crisis. In the US, the United Health Foundation awarded a grant of $2.5 million to The Arc of the United States to improve mental health for people with intellectual or developmental disabilities. The Cigna Group Foundation announced a new grant program to address youth mental health and will allocate more than $27 million to non-profit organizations over the next three years. Humana and DUOS have a new collaborative program to help improve health for veteran members in the state of Louisiana with chronic conditions. Clover Health launched a new program with Quartet Health called Clover Home Care which offers both in-home and virtual care, led by physicians and nurse practitioners, to address serious mental health issues.
On the product side, insurers around the world are implementing a variety of innovative approaches.
Many insurers offer mental health coverage through employee assistance programs (EAPs) or via group benefit or supplemental health products. Voya Protect is an optional benefit that provides mental health coverage for conditions such as anxiety, bipolar disorder, and major depressive disorder. Voya Financial’ s research found that 55% of working Americans believe that the employer has a responsibility to ensure their employees are mentally healthy and emotionally well.
Several insurers have teamed with insurtechs and virtual providers of services. Recent partnerships include Independence Blue Cross and Teladoc Health; Blue Cross Blue Shield of Michigan and Cambria Health 69É«ÇéƬ; and The Hartford and Marvin Behavioral Health. Services offered through these alliances include 24/7 access to virtual services, coaching services, and a digital platform that offers an array of evidence-based, self-guided mental health programs and tools.
Mental health services are slowly being offered to Medicare members in the US. Talkspace is rolling out its service to 5 million traditional Medicare members in Florida. Representative Neal Dunn of Florida is making a push in Congress to ensure access to mental health for children on Medicaid.
MassMutual announced in October 2024 that eligible policyowners will have free access to Wysa Assure, an AI-powered conversational mental health app created by Wysa and Swiss Re. This offering is part of their Health and Wellness Program. Wysa Assure makes every day mental health support accessible through its AI-guided chat support, available 24/7.
Teachers Life and their Press Start CoLab Program is an accelerator helping young people tackle pressing social issues. The program is focused on mental health in 2024. Another example is Manulife’s support of women’s mental health and wellbeing through the Centre for Addiction and Mental Health (CAMH). A three-year partnership has recently been established to support the Women’s Health Research Cluster. The $1 million donation will support women’s mental health and wellbeing, both in Canada and around the world.
AIA Australia introduced its first program for menopausal women aged 40-55 years. The program offers rehabilitation support for mental health disorders, such as anxiety and depression. Medibank launched a low-cost health product, Healthy Living Extra, designed especially for young Australians. It costs as little as $3.45 per week and provides 24/7 mental health phone support.
HSBC Life increased the opportunities for mental health coverage with standard terms at the application stage with no back-office underwriting or need for personal health information. Initial tests of this approach reflect a 10% increase in receiving terms for applicants disclosing a mental illness. Seventy percent of applicants disclosing mental health issues received standard terms at the application stage.
Bupa is introducing Bupa Well+, a comprehensive health and wellbeing subscription service in the UK, which offers digital solutions for prevention, diagnosis, and treatment. Customers with Bupa Well+ will have access to digital consultations with GPs, nurses, physios, and mental health specialists, as well as access to treatment support from mental health and physio programs.
In South Africa, the Vimbo App is proven to be capable of reducing the common symptoms of depression and anxiety, using proven cognitive behavioural therapy (CBT). The insurer Discovery is now making of Vimbo at the claims stage.
In the Philippines, the government is holding ongoing conversations regarding the coverage of mental health. Recently, the city government of Mati and the Philippine Health Insurance Corporation (PhilHealth) entered into an agreement to offer mental healthcare packages to members. The PhilHealth mental health package started in October 2023 with benefits of PHP9,000 and PHP16,000 per patient.
In Thailand, driven by an increase in the number of psychiatric patients, Bangkok Insurance joined forces with the Department of Mental Health campaign to raise awareness about depression. With an estimated 1.5 million Thais suffering from depression, this initiative aims to educate the public. Prudential Thailand launched the TTB Mao Mao Ultra Care Life and Health Insurance product, which is designed to provide comprehensive care for customers. The plan offers special additional care for mental health for the insured and their family members.
In Vietnam, FWD launched Care Medical Rider 3.0, which offers six protection plan options ranging from basic to advanced, and the sum assured ranges from VND 50 million to VND 3 trillion. It features dedicated support and counselling services from mental health experts through the Thoughtful app and is free of charge for a year.
Etiqa Insurance Singapore launched a new critical illness (CI) plan that offers comprehensive protection against more than 100 CI and mental health conditions across multiple stages of illnesses. The Essential Critical Secure Plan provides a monthly cash payout of up to 200% of the original sum insured.
Singlife Dementia Cover is the first insurance plan in Singapore to offer yearly payouts for individuals living with dementia and other mental health conditions – providing financial security for individuals affected by cognitive decline. The plan pays out up to S$10,000 each year for dementia and mental health conditions, such as major depressive, schizophrenia, and bipolar disorders.
Given their investment in research, programs, and platforms, it is evident insurers consider mental health an important issue. Their product offerings will continue to evolve as more groups of people in need of services are identified. Mental health is now regarded as one of the five pillars of health along with physical activity, nutrition, sleep, and social connections – and an important area for continued expansion of insurance coverage.
