Swiss Re Tackles Increasing Mental Health Claims with AI-Driven Wysa App: Insights from Paul Murray

Paul Murray, CEO of Life & Health Reinsurance at Swiss Re, recently discussed the significant rise in mental health claims during a CNBC interview. He attributed this increase to reduced taboos surrounding mental health discussions, leading to higher costs for insurance providers. To address this challenge, Swiss Re has partnered with Wysa to create Wysa Assure, an innovative AI-driven mental wellbeing app designed to offer accessible and confidential support. This app has demonstrated a 30% reduction in depression rates among users, akin to several therapy sessions, showcasing its effectiveness in reducing claims costs. Murray emphasized the importance of evolving product designs in light of the rising mental health claims, particularly in demographics such as Australians in their 30s, where claims have surged 700% over the past decade. He believes AI holds great potential for enhancing productivity by aiding individuals in returning to work after facing mental health challenges.

Source link