Exploring the impact of burnout on Insurance

Burnout may be a current buzz word, but it is a serious issue affecting more Australians than ever, especially post COVID-19 with 46% of Australians reporting feeling burnt out in a survey.

Burnout is more than just feeling fatigued and can impact both physical and mental health, including increased hospitalisation for cardiovascular disease and musculoskeletal disorders.

Although burnout has been described in medical literature for many years, the prevalence and impact of burnout appears to be increasing, especially post the COVID-19 pandemic.

Life, health and general insurers protect against financial consequences of illness and injuries and so need to be aware of the impact of burnout on current and future claims experience through understanding the condition using relevant data collection during underwriting and claims processing.

Insurers have a responsibility to understand what burnout is as well as its impact on claims experience with mental health conditions already a significant component of claims costs.

There is also a growing recognition of the need to address burnout in the workplace with the condition estimated to cost Australian businesses $10.9bn per year, from increased errors and reduced morale and workplace engagement.

Insurers are well placed to support employers, take steps to identify, prevent and manage burnout. The journey towards understanding is ongoing and this white paper for insurers is just the start.

Download the whitepaper