Swiss Re Introduces AI-Powered Mental Health App, Collaborates with Wysa for Holistic Support

Swiss Re Introduces AI-Powered Mental Health App, Collaborates with Wysa for Holistic Support

(IN BRIEF) Swiss Re Reinsurance Solutions has partnered with Wysa to launch Wysa Assure, an AI-driven mental health support app. Combining Swiss Re’s risk expertise with Wysa’s AI technology, the app offers on-demand mental health assistance through an AI chatbot rooted in cognitive behavioral therapy principles. The app prioritizes user anonymity and integrates self-management tools, insurers’ support networks, and risk-oriented scoring mechanisms. The app aims to encourage proactive mental health management and early support seeking, potentially leading to claims savings for insurers. The app is currently being piloted by MLC Life Insurance in Australia. Its efficacy is substantiated by research showcasing significant reductions in anxiety and depression-related symptoms.

(PRESS RELEASE) ZURICH, 29-Aug-2023 — /EuropaWire/ — Central to Wysa Assure’s design is an AI chatbot built on cognitive behavioural therapy principles, enabling users to be supported on-demand, guiding them through evidence-based mental health resources selected for their needs. The app prioritises user anonymity to address data protection concerns, while seamlessly integrating self-management modules and insurers’ support networks. This innovative approach fosters proactive mental wellbeing management and encourages early support seeking, avoiding symptom deterioration, thus potentially enabling claims savings for insurers.

The Swiss Re Institute’s 2022 consumer survey findings1  show the growing role of insurers in enhancing customers’ mental resilience. One-third of respondents reported a decline in mental health, and 64% of individuals in emerging markets sought mental health support during this timeframe. Through the incorporation of Swiss Re’s risk-oriented scoring mechanism, Wysa Assure users have the capacity to monitor their mental health, while insurers benefit from a comprehensive reporting suite equipped with data to enhance their portfolio management.

“Wysa Assure combines mental wellbeing and protection, emphasising the importance of open discussion around mental health,” said Carl Christensen, Head Life & Health Solutions at Swiss Re Reinsurance Solutions. “The app we co-developed with Wysa is designed to meet the needs of insurers and their customers, reflecting our commitment to customer-centric solutions that improve the adoption of insurance whilst improving the quality of people’s lives. We look forward to bringing this health and wellness solutions to other markets soon.”

Australia is first to benefit, with MLC Life Insurance the first to pilot the solution. Wysa Assure is available to existing and new MLC Life Insurance retail customers through its Vivo programme. Other notable features include stress-relief programmes and therapeutic techniques, as well as exercises and a wellbeing score to help users keep focused on their mental and emotional health.

“We’re always looking for innovative ways to improve the total customer experience, and that’s why we’re proud to be pioneers in this space and to further complement our award-winning Vivo program,” said Andrew Beevors, Chief Claims Officer for MLC Life Insurance. “We’re focused on delivering an industry-leading customer experience because we know how important our promise for life is to our customers, often at the most challenging times. Our ‘here for you’ philosophy means offering a personalised, caring, and supportive response.”

Wysa Assure’s efficacy is validated through extensive research demonstrating its success in reducing symptoms of depression, anxiety, and comorbid physical health concerns, showing an average decrease of 30% in anxiety and depression-related symptoms2.

Ramakant Vempati, Co-Founder & President of Wysa, said: “Wysa Assure is more than a mental health tool; it is an AI companion designed to assist anyone navigating life’s challenges. We are confident that Wysa Assure will help enhance the industry’s understanding of mental illness, paving the way for better protection and product design.”

The launch of Wysa Assure in Australia represents a significant milestone in using technology to address mental health. It demonstrates Swiss Re Reinsurance Solutions’ commitment to partnering with clients on innovative solutions, which leverage the company’s global expertise and deep risk knowledge.

About Swiss Re

The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

About MLC Life Insurance

MLC Life Insurance is a specialised life insurance business. Nippon Life Insurance holds a majority 80% of the shares in MLC Limited. The Australian-led and managed business, established in 1886, aims to leverage Nippon Life’s global presence and experience in understanding and meeting the protection needs of everyday Australians.

About Wysa

Wysa provides anonymous mental health support on-demand. Wysa believe access to support should be available whenever people need it. Stigma prevails, so we take away the need for people to ask for help and eliminate the need for people to make a judgement call on when they should seek professional support. Wysa’s clinically proven AI-first approach enables employees to improve their mental health before symptoms become severe, and encourages them to take additional support when it’s needed by guiding them towards Wysa’s human coaching, your EAP or national crisis lines. Wysa has helped over 6 million people through 550 million AI conversations across 95 countries.

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SOURCE: Swiss Re