QBE Insurance has achieved a significant milestone by becoming the first financial institution and insurer in Australia to earn the “Advanced Workplace” status from Mental Health First Aid (MHFA) Australia.
This recognition reflects QBE’s ongoing dedication to integrating mental health first aid training across its operations and fostering a supportive workplace culture.
The MHFA Australia Workplace Recognition Program, which began in 2015, acknowledges organisations that not only invest in mental health first aid skills but also commit to embedding these practices within their workplace.
QBE’s advancement from a “Skilled Workplace” to “Advanced Workplace” was achieved by fulfilling specific criteria, including the implementation of at least 12 targeted actions to support mental health first aid training.
A key initiative included expanding the Mental Health First Aid Officers (MHFAO) network across QBE’s operations in Australia and New Zealand, aimed at improving accessibility and providing mental health support to employees.
Shiona Watson, QBE Australia Pacific’s chief people officer, emphasised that the recognition highlights the company’s ongoing efforts to prioritise employee mental health within its organisational framework.
“Investing in mental health enhances employee satisfaction and productivity as well as contributes towards a positive and resilient workplace,” she said.
QBE earned the recognition amid the rising number of mental health injury claims in Australia.
The Australian Insurance Law Association (AILA) is preparing to address the growing number of mental health injury claims at its upcoming National Conference, “Sunny Side Up,” scheduled for September on the Gold Coast.
Speakers such as Kylie Horton (executive manager of Queensland CTP claims at Suncorp Group) and Janine Reid (chief legal officer at WorkCover Queensland) will address the surge in psychiatric injury claims.
Horton said that over 30% of Suncorp Group’s CTP claims now involve psychiatric injuries, presenting a significant challenge in distinguishing between accident-related psychological conditions and pre-existing issues, which are not covered under Queensland’s CTP framework.
Zurich Financial Services Australia (Zurich) also made strides in the mental health space by hosting its first Mental Health Roundtable, which brought together experts from various fields to address mental health challenges within the insurance industry.
Discussions during the Zurich Roundtable focused on leveraging artificial intelligence (AI) to identify mental health risk factors affecting policyholders.
The forum also examined the latest research and explored complex issues contributing to the rise in mental health challenges in Australia. Participants discussed how life and health insurers can better support individuals facing these issues, with a focus on strengthening customer resilience and improving outcomes.
Zurich’s 2023 life insurance data revealed that mental health conditions accounted for 18% of claims, making it the third most common cause after musculoskeletal conditions and cancer. The average payout for mental health claims was noted at $118,000, with women more likely to file these types of claims.
These findings align with trends highlighted in Zurich’s “Cost of Care” report, which detailed the financial burden associated with managing mental health conditions and underscored the importance of early intervention.
