Manulife Announces New Global Longevity Innovation Challenge, in Partnership with the World Economic Forum';s UpLink

Rhea-AI Summary

Manulife announces a new multi-year partnership with UpLink, the World Economic Forum's open innovation platform, to shape the future of longevity innovation and address demographic and financial challenges of global aging. The partnership includes annual Global Longevity Innovation challenges, aiming to promote healthier lifestyles and drive the longevity economy for society's health and well-being. The program will be activated across Manulife's global headquarters in Canada, the U.S., and Asia.

Insights

Market Research Analyst

The announcement by Manulife of a multi-year partnership with UpLink, the World Economic Forum's innovation platform, is a strategic move that reflects a growing trend in the insurance and financial services industry. Companies are increasingly recognizing the potential of the 'longevity economy', which caters to the needs of an aging population. This sector is ripe for innovation, particularly in the realms of health, wellness and financial services tailored to longer lifespans.

By focusing on longevity innovation, Manulife is positioning itself at the forefront of a market that is expected to expand significantly as global demographics shift towards an older population. This proactive approach not only has the potential to generate new revenue streams but also enhances the company's image as a forward-thinking and socially responsible entity. The emphasis on healthier lifestyles and socio-economic equality aligns with broader consumer trends towards ethical and sustainable business practices.

Investors should monitor the outcomes of the Global Longevity Innovation challenges for potential breakthroughs that could disrupt the market. The success of this initiative could lead to the development of new products and services that cater to a demographic with increasing financial and healthcare needs, possibly impacting Manulife's long-term growth and profitability.

Medical Research Analyst

The partnership between Manulife and UpLink signifies the insurance industry's investment in addressing the challenges associated with aging populations. The focus on innovation in longevity is not only a business opportunity but also a societal imperative. The statistic cited by Manulife's CEO about one-fifth of an individual's life being lived with morbidity underscores the urgency for advancements in medical research and technology to improve health outcomes.

Manulife's support for the longevity ecosystem could accelerate the development of new healthcare solutions and preventive measures. The initiative's success could lead to a reduction in the burden of chronic diseases and associated healthcare costs, which is a critical concern for insurers, governments and individuals. The potential for cross-sector collaboration with health and financial entities could foster a holistic approach to aging, integrating financial planning with health maintenance.

Economist

The collaboration between Manulife and the World Economic Forum's UpLink platform is indicative of a strategic investment in the 'longevity economy', which is a growing segment due to the increase in life expectancy worldwide. Economically, this partnership could stimulate innovation and growth in sectors that serve the elderly, such as healthcare, finance and technology. By addressing the demographic and financial challenges of global aging, Manulife could be contributing to the sustainability of public and private pension systems, as well as healthcare infrastructure.

From an economic perspective, the focus on creating a resilient and equitable retirement ecosystem may also have broader implications for labor markets and consumption patterns. As people live longer and healthier lives, the traditional model of retirement is being re-evaluated, potentially leading to extended working lives and changes in savings behavior. These shifts could have significant macroeconomic implications, influencing economic growth, savings rates and the allocation of public resources.

Multi-year partnership will source global start-ups working to shape the future of longevity innovation and build an enabling ecosystem to accelerate their growth

DAVOS, Switzerland, Jan. 17, 2024 /PRNewswire/ - Manulife today announced a new multi-year partnership with UpLink, the World Economic Forum's (WEF) open innovation platform, designed to help shape the future of, and investment in, longevity innovation. The three-year partnership will include annual Manulife powered Global Longevity Innovation challenges, run by UpLink. Manulife will also support WEF's broader efforts to address the demographic and financial challenges of global ageing to help more people live longer, healthier, and better lives.

"Around the world, people are living longer, but not necessarily healthier," said Roy Gori, President and CEO of Manulife. "One-fifth of an individual's life, on average, is now expected to be lived with morbidity or in a state of illness. Solving this longevity crisis will require a comprehensive approach to promoting healthier lifestyles, addressing socio-economic inequalities, and investing in new research and technologies. By working across sectors and with partners like the World Economic Forum, we can focus on driving the longevity economy for the future of society's health and well-being." 

The Manulife powered UpLink challenges will support an ecosystem of innovators who can help accelerate solutions in longevity focused on finance, health, and well-being. Importantly, the program will be activated across Manulife's global headquarters in Canada, the U.S., and Asia, as the company works to drive global change through place-based solutions.

"This collaboration will drive innovation in the retirement ecosystem, offering financial solutions and policy recommendations for a resilient, equitable, and sustainable extended life," said Olivier Schwab, Managing Director, World Economic Forum. "By combining Manulife's expertise, UpLink's commitment to elevating early-stage impact entrepreneurs, and the work of the Forum's Centre for Financial and Monetary Systems, this initiative will play a pivotal role in promoting healthy aging and enhanced living standards throughout the world."

This multi-year investment builds upon Manulife's 2023 partnership with WEF's UpLink to run innovation challenges to spur nature-based solutions to climate change across two key areas. The first focused on sourcing innovative solutions across the entire sustainable forestry value chain, while the second surfaced innovations aimed at improving the connection between planetary and human health. In total, 21 ecopreneurial start-ups providing innovative and scalable models for sustainable forest management and more were selected as challenge winners. More information about the program can be found here.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.

Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

About UpLink

UpLink is the open innovation platform of the World Economic Forum, designed to unlock an 'entrepreneur revolution' for people and planet by supporting start-ups with innovative solutions for the world's most pressing issues, as outlined by the United Nations Sustainable Development Goals (SDGs).

Launched at the World Economic Forum's 2020 Annual Meeting in Davos in partnership with Deloitte and Salesforce, UpLink builds bridges between entrepreneurs and the investors, experts and partners who can help scale their ventures. UpLink crowdsources new innovations through a competition framework known as innovation challenges. UpLink has now run more than 43 challenges and identified over 350 entrepreneurs with innovative solutions across critical SDG areas including health, food, freshwater, ocean, plastics, education, climate and more. For more information, visit https://uplink.weforum.org.

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SOURCE Manulife

FAQ

What is the new partnership announced by Manulife?

Manulife announced a multi-year partnership with UpLink, the World Economic Forum's open innovation platform, to shape the future of longevity innovation and address demographic and financial challenges of global aging.

What are the key components of the partnership?

The partnership includes annual Global Longevity Innovation challenges, aiming to promote healthier lifestyles and drive the longevity economy for society's health and well-being.

Where will the program be activated?

The program will be activated across Manulife's global headquarters in Canada, the U.S., and Asia.