In this episode, we are very pleased to be speaking with Claire Russell, founder of Mental Health in Business, about the importance of implementing wellbeing initiatives to positively reshape workplace culture.

Whilst in recent years, the proliferation of awareness regarding the need for mental health support has undoubtedly had a positive impact on businesses, there remains a risk that it could become merely a box-ticking exercise. Claire argues that it is crucial for businesses to foster an environment in which employees would genuinely feel comfortable raising their hand and asking for support when they need it. The challenge regarding the need for a change in the conversation is amplified by the contrasting attitudes toward mental health across generations. Amongst some older industry professionals there is often an attitude that personal problems should be left at the door. This conflicts with the expectations and interests of younger industry professionals who consider the need for mental health support as urgent and fundamental. Bridging this generational gap is key, and can only occur if the discussion about mental health support in the workplace is embraced and reinforced from the top down.

There is also a powerful business case for such initiatives. In the UK, the cost of poor mental health by headcount for businesses is £3.5-4k per person per year; and in the insurance industry, the number is closer to £4.5k. As such, by investing wisely into meaningful mental health initiatives, businesses can achieve a significant return on investment, in addition to fostering a more supportive and encouraging work environment.

To this end, the MGAA is delighted to be partnering with the MHIB to provide an array of tools and resources to members. This includes regional courses and workshops running throughout the year, and four quarterly webinars examining current issues relating to mental health. These provisions will be expanded in accordance with member demand.

Quote:

“Six years ago, when we started this business, in a lot of the conversations that I was having with leaders of businesses, I was really having to make a business case for them to invest in workplace mental health and wellbeing. The conversation has changed a little bit now. It's not so much that business owners or leaders in the main need to be persuaded of that. It's more that they really need to look at what they're doing and make sure that that what they're doing is wise, and that they're putting in place initiatives and programs that are really meaningful.”

“There are attitudes and beliefs that are held by [certain] people that we should be able to be resilient, and dust ourselves off, and leave our problems outside of the door. I understand where those attitudes come from. That's the attitude that I was surrounded by when I was in the early stages of my career. So I get it. But then if you look at the younger people who are coming into the industry now, our future industry leaders, they are bringing a very different perspective. They have very different requirements [and] views around mental health. So, there can exist something of a generation gap.”

Resources:

MGAA - https://www.mgaa.co.uk/

Mental Health in Business - https://mhib.co.uk/

About the Guest:

Claire Russell is the Founder of Mental Health in Business, which she launched 6 years ago. Having previously worked in a number of insurance brokerages, after undergoing a mental health crisis Claire became interested in driving change around wellbeing support in the workplace.

Claire’s LinkedIn Profile: https://www.linkedin.com/in/claire-russell-business/

About the Host:

Mike's extensive expertise in the insurance sector has allowed him to witness and adapt to the dynamic shifts within the industry. Throughout his 40 year career, he has navigated the traditional realms of insurers, brokers, and MGAs (Managing General Agents) across both Commercial and Personal Lines markets.

He has held Executive positions at AXA, Midas, UK General and most recently Insurtech start up Qlaims before becoming Chief Executive Officer at the MGAA in September 2020. 

Mike is excited about the new MGAA podcast series, which aims to showcase key figures in the UK insurance industry and beyond, providing insight into the challenges and opportunities that the MGA industry encounters.

Mike's LinkedIn Profile: https://www.linkedin.com/in/michael-keating-230b8424/