A new report from the Actuaries Institute reveals that the insurance industry is falling short on mental health. The green paper, Mental Health and Insurance, found that the insurance industry is facing 'systemic difficulties' in how it deals with mental health cover, despite nearly half of us experiencing a psychological issue at some stage in our lives.
The paper examines what improvements can be made in the short and long term to provide better services to Australians. A lack of data, the report states, is hindering the process of improvement.
The report looked at how lump sum payments may be hindering recovery and a return to work. Shifting the focus from claims eligibility to recovery and wellness was an improvement the industry could make, since early interventions can significantly improve outcomes. Insurers and doctors want the same outcome: a return to health for the person.