It's not just physical injuries that can hurt your wallet.
According to CGU, psychological injuries account for a whopping 20% of workers' compensation claims. With mental health claims on the rise across Australian businesses, CGU is stepping up to provide support to injured workers and their employers. The message is clear - it's time to take care of our minds as well as our bodies, and CGU is leading the way.
In response to this data, CGU has introduced a range of mental health claims initiatives to enhance support for injured workers and address the associated challenges.
The company is now working with leading experts in this field, such as Navigator Group, to streamline and automate the workers' compensation claims process while taking a proactive approach to risk identification and management.
CGU is also partnering with the Medical Assist Program to ensure that the most appropriate return-to-work options are considered, and to promote the mental health benefits of returning to work sooner with appropriate treatment and consideration.
These programs are designed to improve the well-being of injured workers and help them get back to work as soon as possible.
Psychological claims can be divided into primary psychological injuries and secondary psychological injuries. Primary psychological injuries account for 5% of claims and relate to direct mental health impacts following incidents such as workplace bullying.
Secondary psychological injuries, on the other hand, make up 15% of claims and develop due to the impacts of a physical injury on other aspects of a person's life. CGU found that claims costs can quadruple if there are secondary psychological injuries.
The initiatives from CGU come at a crucial time for businesses as claims costs are increasing due to inflation and the impacts of COVID-19.
Through these and other initiatives, CGU is already seeing improvements in return-to-work timelines and in reducing claims periods and costs.
By introducing mental health claims initiatives, CGU is not only helping injured workers but also providing support for employers who are facing the financial burden of increased claims costs.
With a proactive approach to risk management and support for injured workers, CGU is setting an example for other companies to prioritize the well-being of their employees.