There has never been a better time for organisations to consider their mental health and wellbeing strategies with rates of absenteeism and presenteeism on the rise and workforces across the country affected. The issue is costing businesses billions of pounds, but QBE is here to help with an innovative solution.
A costly issue
Mental health issues are the single biggest cause of workdays lost in the UK, accounting for approximately 57%. According to Deloitte this fact is costing British businesses up to GBP45bn a year in lost revenues and the figure has steadily increased at a rate of 16% per annum since 2016.
Many organisations are improving their understanding of the challenges that mental health issues can pose to their businesses. However, our research suggests more can be done, particularly regarding factors contributing to a rise in rates of absenteeism and presenteeism.
Are you a QBE customer?
Begin the process of optimising mental health in your organisation.
Get startedMental health issues are the single biggest cause of workdays lost in the UK, accounting for approximately 57%. According to Deloitte this fact is costing British businesses up to GBP45bn a year in lost revenues and the figure has steadily increased at a rate of 16% per annum since 2016.
Many organisations are improving their understanding of the challenges that mental health issues can pose to their businesses. However, our research suggests more can be done, particularly regarding factors contributing to a rise in rates of absenteeism and presenteeism.
Are you a QBE customer?
Begin the process of optimising mental health in your organisation.
Get started
Why mental health should be a priority
Accidents and claims
Potential losses covered by casualty, property, motor and professional insurance policies have the potential to be influenced by adverse mental health conditions. This can often be due to the impact of presenteeism and employees not recognising the link between their own mental health and performance in the workplace.
Personal and organisational performance studies have shown individual wellbeing has a direct impact on an organisation's overall culture and employee’s propensity for human error. The business is only as resilient as the most vulnerable link in its mental health chain.
Safety first
Human error is the hidden claims driver that is not recorded, but our research indicates customers with mentally resilient workforces will have fewer accidents and an improved claims profile when compared to those who don't.
Prosperous culture
Our research indicates companies that invest in their mental health strategies will have an improved culture, creating an environment where employees can prosper and maximise their potential.
Financial sense
There have been many studies completed around the impact of positive Mental Health in the workplace. It is suggested that a return of £5 for every £1 invested can be achieved through improved productivity engagement and reduced employee absence and presenteeism.
QBE has a solution
To help our customers and industry meet the mental health challenge, we have collaborated with renowned charity Mind, and organisational culture and human error specialists Anker and Marsh, along with other trusted mental health providers to launch an organisational mental health optimisation tool, unique in the insurance market.
Accidents and claims
Potential losses covered by casualty, property, motor and professional insurance policies have the potential to be influenced by adverse mental health conditions. This can often be due to the impact of presenteeism and employees not recognising the link between their own mental health and performance in the workplace.
Personal and organisational performance studies have shown individual wellbeing has a direct impact on an organisation's overall culture and employee’s propensity for human error. The business is only as resilient as the most vulnerable link in its mental health chain.
Safety first
Human error is the hidden claims driver that is not recorded, but our research indicates customers with mentally resilient workforces will have fewer accidents and an improved claims profile when compared to those who don't.
Prosperous culture
Our research indicates companies that invest in their mental health strategies will have an improved culture, creating an environment where employees can prosper and maximise their potential.
Financial sense
There have been many studies completed around the impact of positive Mental Health in the workplace. It is suggested that a return of £5 for every £1 invested can be achieved through improved productivity engagement and reduced employee absence and presenteeism.
QBE has a solution
To help our customers and industry meet the mental health challenge, we have collaborated with renowned charity Mind, and organisational culture and human error specialists Anker and Marsh, along with other trusted mental health providers to launch an organisational mental health optimisation tool, unique in the insurance market.
How it works
Organisations engaging with the tool are posed a number of questions designed to consider the following areas:
- Organisational culture
- Programmes of activity
- Workplace design and organisational arrangements
- Mental health culture
- Confidence and capability
- Available tools and support
- Transparency and accountability
Once the organisation has completed the process, they are provided with a bespoke risk improvement plan, aligned to each of the areas outlined above, along with a proposed timeframe for completion. This will enable them to evaluate where they are on their mental health journey and identify areas for improvement. The risk improvement plan will signpost them to a suite of resources and guidance, a large proportion of which is provided by our specialist partner provider panel.
Are you a QBE customer?
Begin the process of optimising mental health in your organisation.
Get startedOrganisations engaging with the tool are posed a number of questions designed to consider the following areas:
- Organisational culture
- Programmes of activity
- Workplace design and organisational arrangements
- Mental health culture
- Confidence and capability
- Available tools and support
- Transparency and accountability
Once the organisation has completed the process, they are provided with a bespoke risk improvement plan, aligned to each of the areas outlined above, along with a proposed timeframe for completion. This will enable them to evaluate where they are on their mental health journey and identify areas for improvement. The risk improvement plan will signpost them to a suite of resources and guidance, a large proportion of which is provided by our specialist partner provider panel.
Are you a QBE customer?
Begin the process of optimising mental health in your organisation.
Get started
The result
Our primary goal is to help organisations build and maintain healthy and happy workforces.
We also believe even a marginal improvement in an organisation's approach towards mental health will help to significantly address some of the issues behind the alarming statistics we presented at the beginning of this article.
Consequently, we believe that QBE customers who engage fully with the process will see an improvement in their overall claims experience, which is better for us, better for them, and of course better for their people.
Our primary goal is to help organisations build and maintain healthy and happy workforces.
We also believe even a marginal improvement in an organisation's approach towards mental health will help to significantly address some of the issues behind the alarming statistics we presented at the beginning of this article.
Consequently, we believe that QBE customers who engage fully with the process will see an improvement in their overall claims experience, which is better for us, better for them, and of course better for their people.
I'm a QBE customer - how do I begin?
If you are a QBE customer and would like to begin the process of optimising your approach to mental health - click here to request your bespoke login. If you're not a QBE customer at present but would like to have a discussion with us about any of the points raised, please email us at mentalhealth@uk.qbe.com.
If you are a QBE customer and would like to begin the process of optimising your approach to mental health - click here to request your bespoke login. If you're not a QBE customer at present but would like to have a discussion with us about any of the points raised, please email us at mentalhealth@uk.qbe.com.
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