SCOR launches Vitae Mental Health
The latest addition to the suite of Vitae calculators will allow underwriters new insights into mental health risks
Over the past few years, the impact of mental health conditions has been of increasing concern for society. The COVID-19 pandemic has further exacerbated this concern with some studies suggesting an increase in the prevalence of depressive and anxiety conditions by as much as 25%.
While awareness of the impacts of mental health conditions is growing, challenges remain. For example, it has traditionally been very difficult to diagnose anxiety and depressive disorders, meaning the diagnosis may change over time. Additionally, the presence of many differing factors and scenarios can make the insurance assessment of depressive and anxiety conditions complicated for the underwriter.
SCOR’s Vitae Mental Health solution, launched on October 10, 2022, delivers a way to ease the complex classification of these risks, while ensuring the circumstances of the individual customer are considered. This new solution is backed by the most up to date and relevant evidence, and includes new features organised around differing scenarios that will assist the underwriter to provide more individualised assessments.
In order to take into account localised factors that contribute to mental health and ensure an accurate approach to assessing the risks related to mental health in a given market, Vitae Mental Health will initially be made available for the Australia and New Zealand markets and will be further extended to other markets over time.