Mindset, The Age of the Millennial, and Mental Health
Fred J. Hegner, CPCU, FLMI
General Manager of Regional Health: Focusing on a Simple and Engaging Journey for the Insurance Customer
Publish Nov 2, 2021
Last week, I was looking around in my bedroom for some books I hadn't picked up in a while. Hidden behind a few Malcolm Gladwell books and Angela Duckworth's fantastic book on "Grit", I came across a long forgotten gem: "Mindset: The New Psychology of Success" by Carol S. Dweck. This book lays out the basic choice we have in life when pursuing the important things such as parenting, careers, schooling, and relationships: are we going to adopt a "fixed" mindset or "growth" mindset? While most people would argue that the only way to successfully transform and continue living is to have a "growth" mindset, it is not surprising to learn that every business idea, every life decision, every relationship choice is complicated by our past and the delicate fabric of human behavior. While we have every intention of wanting to grow, we are constantly reminded of what is important to us and what we don't want to risk. Breaking out of a "fixed" mindset requires courage and the ability to transform without fear. Unfortunately, for many Millennials today including those at the helm of many companies, the ability to adopt a "growth" mindset is not an easy one. We must delve into the challenges that all of us have faced in the last two years with the COVID pandemic and be prepared for the behavioral repercussions of a post-pandemic life. The reality is that an entire generation of workers (some just joining the workforce and others about to leave it) will be suffering from poor mental health for years to come. This will make overcoming fear in the quest for productive transformation even more difficult.
Breaking out of a "fixed" mindset requires courage and the ability to transform without fear....The reality is that an entire generation of workers (some just joining the workforce and others about to leave it) will be suffering from poor mental health for years to come. This will make overcoming fear in the quest for productive transformation even more difficult.
A 2021 study by Swiss Re focused on the Thailand mental health market had some interesting findings:
- The most important mental health problems for which respondents want coverage are major depressive disorders, anxiety disorders and bipolar disorders.
- Most respondents would welcome early intervention from their insurer should they develop mental health symptoms.
- The key areas for insurer support are mental wellness counselling, medical and hospitalization support, and rehabilitation. They also expect additional services such as free mental health check-ups and diagnosis, specialist consultations and round-the-clock hotline assistance.
- More than 40% of parents are interested in additional services for children such as counselling, medication and hospitalization support, and therapy.
What this study goes on to show is that mental health is becoming less marginalized and stigmatized in Thailand and throughout many parts of Asia including Southeast Asia. It is now ok to "not be ok". Clearly, the private health insurance industry has a responsibility in more ways than one to offer solutions. Not only is there an aspect of Corporate Social Responsibility to ensure the mental health of the next generation of leaders, but creating valuable products and services tied to mental health will help insurers engage with their customers for years to come.
Not only is there an aspect of Corporate Social Responsibility to ensure the mental health of the next generation of leaders, but creating valuable products and services tied to mental health will help insurers engage with their customers for years to come.
Here at Tune Protect, we value the importance of the post-pandemic mental wellness era. This is why we have started to form partnerships with some innovative corporate and individual wellness companies such as Malaysian-based Naluri.
Naluri specializes in what is called the online DASS-21 health assessment, a fairly easy and quick assessment that can pinpoint our customers' risk for serious mental health conditions such as depression and anxiety. Furthermore, Naluri has pioneered a "digital first" approach to engaging with their customers (whether individuals or company employees) to tailor truly unique solutions to help our customers reduce the amount of depression, anxiety, and stress in their daily lives. Such solutions include online coaching, therapy, and mental and physical exercises which are all conducted through a mobile device such as a telephone or tablet.
Getting back to mental health and the challenges impacting Millennials in today's workplace, we here at Tune Protect want to offer more services with innovative partners such as Naluri. Furthermore, we want to develop new products that speak to Millennials so they can remain focused on their personal lives and careers without suffering major setbacks. Such products will help Millennials tackle the serious challenge of the "work life balance" which is all too common for most of us today. Tune Protect is truly concerned about such trends as the "Great Millennial Burnout" and the "Great Resignation" which are impacting waves of younger workers today.
Tune Protect is truly concerned about such trends as the "Great Millennial Burnout" and the "Great Resignation" which are impacting waves of younger workers today.
These trends which started to appear in the US and Europe earlier this year are not just tied to the local economy; they are deeply rooted in the underlying mental health of millions of Millennial workers. At Tune Protect, we will look for ways to combat the fear of burnout and provide solutions to more Millennials so they can carry out productive work and personal lives by offering them supplemental mental health insurance products. Examples of such products are already cropping up in India on e-commerce platforms such as Digit and PolicyBazzar.
At Tune Protect, we will look for ways to combat the fear of burnout and provide solutions to more Millennials so they can carry out productive work and personal lives by offering them supplemental mental health insurance products.
Our innovative products will be offered through a "digital first" approach on our our mobile and internet platforms and through other e-commerce platforms. We believe that the benefits of such products will enable private and public companies alike to transform at faster rates thanks to more grounded and happier employees.
We believe that the benefits of such products will enable private and public companies alike to transform at faster rates thanks to more grounded and happier employees.
The transformational fear gripping Millennials today is a serious problem and we all have our part to play. Finding solutions for this problem will allow our global economy to reap higher rates of productivity and efficiency in the critical post-pandemic years. Our part here at Tune Protect is tapping into Millennial awareness and offering them the right insurance products and services to help them lead productive and healthy lives. Join us in securing our future together with our Millennials. The Millennial "Mindset" is the key battle we are waging today. Let's make sure we end up on the winning side.
