AXIS Capital Research — Stress on the Rise for Insurance Workers

AXIS Capital hired The Harris Poll to do a survey of insurance professionals on stress. The survey was done last month and found stress and anxiety on the rise. A lot of those surveyed say the industry is missing the mark in addressing mental health needs.

Most say their stress and anxiety is coming from a topsy-turvy economy, tensions around the world, weather events that are extreme or bordering on extreme, and technology advances. like AI, that many see as disruptive.

The survey found 88% of those interviewed as being concerned about the impact those concerns, and other pressures, and how they are impacting their mental well-being.

Here’s more:

• 77% sought out mental health support in the last year
• 82% of employees age 18 to 34 reached out for mental support
• 81% of employees 34 to 44 reached out for mental support
• Just 64% of employees over age 45 sought help with mental issues

The survey results indicate that stress levels are going up with increasing workloads and responsibilities.

• In the UK, 82% say they have experienced more stress and anxiety in the last 12 months
• In the US that number is 60%
• 84% of respondents in the UK say their workload rose in the last 12 months
• The US number is 69%

AXIS Capital’s research found mental health resources readily available but the survey notes they are both underused and undervalued:

• 80% say mental health is not prioritized enough in the insurance sector when compared to other industries
• Just 64% said they’re satisfied with the mental health resources offered by their company

Here’s what the employees say will help:

• 53% want flexible work times
• 45% want mental health days worked into their work schedule
• 43% want an offer of financial wellness programs
• 22% of US employees do not feel they can manage their stress and anxiety
• In the UK that number is 46%
• 76% of employees do not think mental health issues are talked about enough in the insurance industry
• That figure is 72% in the US and 87% in the UK

Lisa Pariot is the chief people officer at AXIS Capital. She said the survey shows employees want more empathy, open communication and improved mental health benefits. “The data clearly shows that our colleagues are seeking empathy, open communication and benefits regarding mental health needs in the workplace,” she said.

Source link: Insurance Business America — https://bit.ly/3YFbmOb