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Financial Services Council- Suggestions for improving insurance outcomes for mental health  consumers

Improving research  and data collection to better understand issues relating to mental health and discrimination and inform future work/advocacy in this area;

•		FSC will continue  to research and understand  the impact of mental  health on the life insurance  industry through  underwriting and claims analysis.

Development and adoption of voluntary guidelines and, where appropriate, regulatory solutions;

•  The FSC will finalise updated  claims and underwriting guidance  notes for mental health.
•	As part  of the  implementation process for the  updated  Guidance  the  FSC will undertake  a member  education  program (in consultation  with ALUCA) to ensure employees of  FSC  members  are  aware  of the  processes for  assessing  mental health insurance applications and claims.

Improving and increasing education and awareness about  mental  health and insurance processes for: consumers and carers; insurance, superannuation and financial planning sector staff; mental  health  professionals; and the general  population;

• Continued  dissemination   and  communication   (perhaps   through  ASIC's MoneySmart  website)  of the  brief and  detailed  guide  to  insurance  for  mental health consumers.
•		FSC will provide feedback  (and content  where  appropriate) to  beyondb/ue and Mental  Health Council of Australia on  content  and  tone  of  new  mental  health and insurance  website.
•	Relevant stakeholders (in particular financial advice  providers,  brokers, medical

)

professionals  and  FSC1

should  undertake   research  to  better understand the

current  attitudes and understanding  of insurance  processes. The research should include quantitative and qualitative analysis.
•		Upon completion  of the research stakeholders should use the findings to develop an ongoing  education  framework  for life insurance  and financial advice professionals as appropriate to raise awareness of issues related  to life insurance and mental  health to increase access for consumers.

Continued information provision to both inform and support mental  health consumers/carers in applying for, or making claims against  insurance products.

•	Continued     dissemination     and    communication     (perhaps   through     ASIC's MoneySmart  website)  of the  brief and  detailed  guide  to  insurance  for  mental health consumers

1 Note: the FSC recommends Treasury directly engages with relevant medical sector stakeholders for example,
· AMA, Australian General Practitioners Network, Royal Austraiian College of General Practitioners etc. to ensure commitment and engagement with the process