How insurers are leading a prevention revolution in wellbeing

Insurers need to step up, providing employers and consumers with not only reactive support for mental and physical health issues but also tools for prevention

In today’s fast-paced world, where digital connectivity blurs the lines between work and life, it’s crucial for insurers, holding the traditional role of providing employee benefits, to find new ways to support evolving industries.

Collectively, we need to redefine how we support the wellbeing of consumers and employees to create a healthier, more balanced future for all.

Gaps in mental health support

Workforces face unprecedented pressures ー digital device reliance means employees are ‘always on’, blurring the boundaries between personal and professional life.

This relentless connectivity, especially post-pandemic, has led to a significant imbalance in work-life dynamics.

A recent survey by Bloom UK found that out of 700 women, 93% said that a lack of work-life balance has negatively affected their mental health.

Coupled with the increased financial uncertainty many face, it’s clear current strategies are insufficient for improving employee health and wellbeing.

The UK’s mental health support system is strained, with 23% of patients waiting more than 12 weeks for treatment.

This delay represents a prolonged period of suffering for those in need, also casting a wider net of impact on families and employers.

In the workplace, the situation is equally dire. One in five UK employees feel unable to manage stress and pressure alone, spotlighting the urgent need for better support mechanisms.

These challenges not only affect individuals suffering from burnout, stress, or anxiety but also affects employers through increased absenteeism and reduced productivity, ultimately putting a financial burden on both employer and insurer.

The role of insurers in the prevention revolution

The evolving landscape of workplace wellbeing offers a critical opportunity for insurers. The question now is: how can insurers better support employers and employees in this challenging environment?

Millennials and Gen Zs - now two of the most influential groups in both the workplace and consumer market - assert a non-negotiable demand for a holistic approach to wellbeing.

Insurers need to step up, providing employers and consumers with not only reactive support for mental and physical health issues but also tools for prevention.

This overdue shift towards a preventive approach means a significant evolution in the insurers’ role. It underscores the necessity to address the needs of a diverse customer base, including both corporate clients and individual consumers, particularly those who may not have access to insurance through their employer.

The solution

Innovative insurers are stepping in, not only to support those already experiencing mental and physical health concerns but also to empower people with effective strategies to take care of themselves before they get sick to the point of needing clinical support.

To do so, insurers are introducing digital engagement tools to promote wellbeing.

These tools offer preventative, upstream support by promoting small and effective lifestyle changes, often in the form a more active lifestyle and healthier habits.

These habits help prevent larger downstream mental and physical health issues while complementing treatment services.

Digital tools also allow for more timely support ー people can access self-serve resources immediately, educate themselves on their concerns and implement lifestyle changes, without needing to wait to book an appointment if self-serve support fulfils their needs.

While many different solutions are increasingly offered, it’s important to provide a clinically reviewed wellbeing programme to ensure that the right kind of resources and strategies are shared with employees.

This will have a positive affect on workforce productivity and happiness while bridging geographical disparities.

The prevention revolution

In leading the ‘prevention revolution’ in healthcare and wellbeing, insurers are not just adapting but spearheading a fundamental change in health management.

This approach demands innovation to create solutions for both immediate and long-term wellbeing. By focusing on prevention as well as treatment, insurers play a crucial role in cultivating a healthier workforce and society.