Insurers should leverage today’s technology to prevent mental health issues
When it comes to health insurance, prevention is typically better than a cure. However, mental health support lags behind in this regard, due to the misconception that you can’t fix what you can’t measure. Infinity Life Tech is one start-up that is looking to combat this damaging fallacy through the power of technology.
Poor mental health is an ongoing issue in the UK, with one out of three missed days of work being attributed to such issues. The severe impact mental health is having on workers has also been enough to capture employers’ attention. GlobalData’s latest SME insurance survey found that 77% of respondents, all of which hold a senior position at an SME, believe that employers should take an active role in supporting their employees’ mental health. This highlights the need in the insurance market for providers to be able to understand and prevent mental health issues.
Chilean start-up Infinity Life Tech recently became the latest insurtech to focus on mental wellbeing with the launch of an app aimed at measuring emotional wellbeing.
The app will allow users to assign emotions to certain experiences and will then generate action-based recommendations for users to augment any positive experiences. The app will also include geolocation feature as well as the ability to monitor physical activity and sleep quality, without the need for any smartwatches or smartbands which other provider often rely on. The goal of the platform is to collect data that could detect a user’s risk of developing mental health issues, giving them the ability to manage and control their mental wellbeing before it becomes a greater issue.
The Infinity Life Tech platform is currently only offered in Latin America. However, UK insurers should adopt a similar platform or technology in their policies particularly given the often long NHS waiting times for mental health support and the subsequent reliance by many on private care.
By taking these steps, insurers would also benefit, as mental health has been linked to chronic diseases such as heart problems, which can impact life expectancy. This would also help employers understand their employees’ ability to cope with their work environment and improve productivity and positivity in their business.