Insurers’ opportunity to help treat mental illness

Life reinsurer’s Gen Re’s partnership with Danish tech company Monsenso, which develops solutions for mental health, deserves recognition.

It addresses the need for the life insurance to innovate, as well as tackling the issue of mental illness that has too long been regarded by many in society as a taboo issue.

The partnership between Gen Re and Monsenso truly fits into the innovation bracket because the partnership aims to help insurance companies take advantage of Monsenso’s mHealth service, which can assist in the prevention, early intervention and treatment of mental illness.

The Monsenso mHealth solution provides care to people with behavioural disorders, and the provider says its solution has the potential to improve the prevention and management of disability claims.

It comes at an opportune time because innovation is critical for the global life insurance and reinsurance sector because as Munich Re’s head of products & innovation health, Sabine Fischer, says: “With the rapid rise in consumer adoption of technology, the industry is facing difficulties in shifting to accommodate customer expectations on service delivery and interaction.”

With its mHealth solution, Monsenso said individuals can self-monitor their lifestyle and their symptoms, helping them recover faster from mental illness.

Gen Re and Monsenso will work together to help insurance companies offer an enhanced service to their customers, and reduce costs in the process. By offering the solution, insurers can actively help their customers return to work more quickly, and avoid becoming ill again

Jules Constantinou, regional manager, Gen Re Life/Health UK & Ireland, said:  “It is important that the life insurance industry embrace new technologies and new processes in order to remain relevant in the lives of customers going forward.

“Clinical medicine is also evolving and we are very pleased to announce this partnership with Monsenso, which should improve outcomes for insurance claimants who are battling mental illness”.

Gen Re’s partnership with Monsenso in the mental health space is highly encouraging for the life insurance sector, clinical medicine and society as a whole.

Expect to see many other similar innovations as life insurers partner with health technology and data analytics companies in their quest to become wellness companies that help their policyholders live healthier lives.