Polina Kesov - Insurance Broker
“I hope for a shift towards avoiding mental illness.”
Meet Polina Kesov, an insurance broker whose insights delve into the realm of insurance coverage for burnout.
Let's delve deeper into Polina's world. She provides insurance services to a diverse clientele, ranging from small businesses to listed companies across Australia. Over her 18-year tenure in the industry, Polina has witnessed a notable surge in insurance awareness. "People are increasingly cognisant of insurance, largely driven by recent weather issues, particularly the floods," she notes. "Additionally, the rise in cyber attacks has spurred interest in cyber-insurance, contributing to a broader understanding of insurance as a whole."
Surprisingly, in spite of this heightened awareness, the landscape for insurance products covering mental health remains largely unchanged. Subscription rates and product offerings have seen minimal evolution, despite the wealth of testimonials highlighting the enduring impact of mental health struggles. "While pricing has moderately increased, Income Protection and Accident and Sickness Cover have remained relatively static," Polina observes.
These two insurance categories differ primarily in their enrolment criteria and financial structures, originating from distinct insurance pools. Income Protection, tailored for specific occupations, requires pre-assessment health checks and entails waiting periods. Conversely, Accident and Sickness Cover, while offering similar payout amounts, lacks these stringent prerequisites.
Although the core products have remained consistent, Polina notes a shift in the format of pre-contract health assessments. Previously focusing on basic medical parameters and history, assessments now incorporate deeper inquiries into lifestyle and anxiety. In some instances, assessments are conducted online with tele-health consultants.
Having processed numerous applications, Polina has observed that anxiety is prevalent across professions, affecting roughly 9 out of 10 individuals. ”It’s shocking to see that even those who appear very strong and stoic experience anxiety ” she remarks. "It's also alarming to witness individuals with mental health concerns being prescribed identical medications, as if it's a one-size-fits-all solution."
Polina advocates for a paradigm shift within the insurance industry, emphasising proactive measures to prevent mental illness. "While conversations about mental health are increasingly used for marketing, they should serve as avenues for prevention," she asserts. However, she acknowledges the inertia within the industry. "Insurance remains entrenched in traditional paradigms, dominated by a 'work hard, make money' ethos.” A decade ago, AIA introduced a vitality program incentivising healthy lifestyles, yet widespread adoption has been lacking, driven by the industry's lucrative status quo.
Exposed to burnout risks through her clients' insurance claims, Polina acknowledges her own susceptibility as a broker and business owner. She recounts the digital overload inherent in her daily routine and the toll of attempting to unwind during holidays. Consequently, she prioritises disconnecting on Fridays and engaging in activities that foster personal connection. ”It doesn’t matter whether it's for work-related events or me-time, I step away from the computer," she emphasises.
Polina hopes for a cultural shift towards equipping individuals, particularly business owners, with the tools to navigate high-performance environments without succumbing to burnout.
Polina is based in Sydney, Australia where she manages Insurance Insights Australia (www.ii-A.com.au).
Polina has been managing Insurance Insights Australia for 18 years.