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Awareness around mental wellness has undoubtedly grown in recent years and many organisations are now better equipped to mitigate risk – however, one specialist broker says psychological health remains a significant issue for SMEs across Australia.
Marcus Pallotta is a senior consultant for Marsh, specialising in workforce strategies – he says mental wellness is one of the most important issues to consider when advising business clients.
“One of the most topical issues in contemporary workplaces is psychological health and its potential impact on the workforce,” Pallotta tells Insurance Business. “Additionally, these claims tend to have significant impact on premium.”
Pallotta, who recently picked up the 2018 NIBA Young Professional Broker of the Year Award for Western Australia, says the issue is pertinent in his local area.
“This is particularly relevant in WA, where project-based work leaves employees with uncertainty surrounding their occupation and income,” he says. “It’s definitely a focus area for the industry at present.”
While psychological health is an area of importance for the industry, Pallotta also says emerging risks are also prolific, surfacing faster and more frequently thanks to the acceleration of technology.
“A plethora of our clients are exploring investment in this area, with an intention to automate some processes involved in the supply chain,” says Pallotta.
“As these initiatives progress it is critical that there are solutions for businesses in insuring these risks adequately,” he continues. “With technology moving at an exponential pace, the products developed by insurers must correctly reflect the risk.”
