Many financial services employees do not engage with external mental health support programs because of stress and job insecurity, according to workplace mental health partner SuperFriend.

MetLife Chief Claims Officer Mark Raberger says it is stressful for claims assessors to help customers with mental health issues and employees need training to protect their own wellbeing.

He says 25% of income protection claims and 21% of total and permanent disability (TPD) claims to MetLife have a primary mental health-related cause.

“This has effectively doubled over the past six years and it is likely to continue to increase if we don’t take action,” he says.

Mental illness-related TPD claims cost the industry $147.9 million, while the condition accounts for 15% of all insurance claims within superannuation, according to SuperFriend’s data.

But there is a much larger, unquantified, proportion of claims in which mental illness is a secondary cause, it says.

“Insurers and super funds are seeing more and more mental health claims, but they mustn’t overlook the wellbeing of their own people,” SuperFriend CEO Margo Lydon said.

“With one-quarter suffering high stress and one-third concerned about job security, financial services workers are a vulnerable group.”

The financial services industry needs open conversations about mental health to reduce stigma, she says.

“Financial services organisations need to apply best practice to their workplaces if they have any hope of supporting their customers.

“Look at your policies, capabilities, leadership, culture and connectedness, and think about if they are truly giving your people what they need.”

SuperFriend’s research was presented at a panel involving MetLife, icare NSW and mental health organisations.