Manulife/John Hancock Enters Five-Year, Multimillion Dollar Research Collaboration with MIT AgeLab to Drive Longevity Innovation and Research

Rhea-AI Summary

John Hancock and its parent company Manulife (NYSE: MFC) announced a five-year, multimillion-dollar research collaboration with MIT AgeLab to advance longevity innovation and research. This partnership aims to develop actionable insights for businesses, policymakers, and individuals, focusing on improving the quality of life for aging populations. The initiative will create a longevity preparedness index, measuring Americans' readiness for longer, healthier lives, with plans to expand to Canada. Additional workshops and industry consortium participation will further explore critical aspects of longevity.

Positive

• Five-year, multimillion-dollar collaboration with MIT AgeLab.
• Focus on longevity innovation benefiting aging populations.
• Development of a longevity preparedness index.
• Support for Manulife's Impact Agenda on health and well-being.
• Annual workshops and thought leadership initiatives.
• Expansion of research scope to include Canada.

Negative

• Significant investment may pose financial risk if outcomes are not favorable.
• Potential for increased expenses associated with long-term research projects.
• Dependence on collaboration outcomes for future business strategies.

Insights

Financial Analyst

The collaboration between Manulife/John Hancock and MIT AgeLab can have significant long-term implications for the companies’ financial health and market positioning. By engaging in longevity research, Manulife aims to be seen as a leader in innovative insurance products tailored for an aging population. This strategic move could potentially enhance brand loyalty and attract a broader clientele concerned with long-term health and financial stability.

From a financial perspective, such research initiatives can be seen as an investment in future product differentiation. The creation of a longevity preparedness index could yield unique insights that may lead to new insurance products or services, setting Manulife apart from competitors. While the immediate financial impact may be minimal, the long-term benefits could include increased customer retention, higher premiums for specialized products and a potential increase in market share.

Investors should closely watch any upcoming announcements related to new products or services that stem from this research collaboration. The success of the partnership will greatly depend on how well Manulife can translate these research findings into actionable business strategies that improve their bottom line.

Healthcare Analyst

Collaborating with MIT AgeLab, known for its interdisciplinary approach, can provide invaluable insights into the intersection of health and aging. Such research can inform preventative health measures, potentially decreasing healthcare costs for policyholders in the long run. By understanding better how to manage health as people age, Manulife/John Hancock can innovate in insurance products focused on preventative care, thereby improving overall health outcomes for their customers.

Moreover, the insights gained from the longevity preparedness index can guide the development of customized health plans and wellness programs. This could reduce the period of morbidity in clients' lives, aligning with growing trends in personalized medicine and preventative healthcare. The ability to offer such tailored plans would significantly enhance the value proposition of Manulife’s insurance products.

Market Research Analyst

The planned longevity preparedness index and associated workshops provide a platform for Manulife/John Hancock to position themselves as thought leaders within the insurance and longevity sectors. As the global population ages, understanding and addressing the needs of older adults will become increasingly critical. This proactive approach positions the company well to capture and retain market share in a competitive industry.

This initiative also aligns with broader societal trends concerning aging and prepares Manulife to better serve an expanding demographic that demands both financial security and health support. Insights from this research could inform not just new product development but also marketing strategies that resonate with this growing customer base.

Retail investors should consider the potential for Manulife to leverage this project into brand enhancement and increased customer engagement. These factors can indirectly contribute to long-term stock performance through improved customer satisfaction and loyalty.

Announces longevity preparedness research; builds on insurer's commitment to help people live longer, healthier, better lives

BOSTON, May 14, 2024 /PRNewswire/ - John Hancock, along with its Toronto-based parent company Manulife (NYSE: MFC), today announced a five-year, multimillion-dollar research collaboration with the Massachusetts Institute of Technology (MIT) AgeLab, a multi-disciplinary research institute that works with business, government, and NGOs, leading innovation and research to help improve the quality of life for the aging population and their loved ones. Over the next five years, Manulife/John Hancock and the MIT AgeLab will collaborate to research the future of longevity innovation, developing research, thought leadership, and workshops with the goal of driving actionable insights for the business community, policymakers, and individuals and their families.

The World Economic Forum (WEF) reports that by 2050, the number of people aged over 60 is expected to double to 2.1 billion. Yet, one-fifth of an individual's life, on average, is now expected to be lived with morbidity or in a state of illness. Lifespans and healthspans are not evenly distributed at the national or global level: a significant outcome of socioeconomic and environmental disparities. As such gaps expand, so does the need for immediate action to address what is already a major longevity crisis in our communities and the world at large. As the aging population grows, better understanding the intersection of health and wealth, including preventative health measures and retirement planning, will be paramount.

"The fastest-growing age cohort in the world is people over 85. As we continue to see people live longer lives, it is crucial that we gain new insight into how we can make longer lives synonymous with better and healthier lives," said Brooks Tingle, president and CEO, John Hancock. "We fundamentally believe in helping make this a reality and know that this ambition does not start and end within the walls of our business. That's why we're committed to collaborating with leaders in the space, like the MIT AgeLab, to help provide others—from policymakers to industry leaders to healthcare advocates—with critical learnings that can scale our shared mission to drive better health and wealth outcomes."

This research will explore the critical tenets of longevity in the United States and hopes to develop a first-of-its-kind longevity preparedness index, to be produced annually over an initial five-year period. As lifespans continue to increase worldwide, the index will measure the readiness of Americans from every generation to live a longer, healthier, and better life; and provide data-driven insights for maximizing financial planning, health and wellness habits, work and retirement transition planning, housing choices, end-of-life planning, and technological advances that support critical health and financial needs at each step of the aging process. Research on the first annual index will begin in the spring of 2024. The index is expected to expand to include Canada as the collaboration evolves.

MIT AgeLab founder and director Dr. Joseph Coughlin will lead this work with a team of social and data scientists along with experts outside of MIT. In addition to the index, the group will host several workshops throughout the year to engage in discussions and activations around longevity, generational dynamics, new technology, and behavioral insurance. Manulife/John Hancock has also joined the MIT AgeLab PLAN, an industry consortium examining how the business of advice might better prepare people to live 100 good years.

"My research team is excited to embark on this research collaboration with Manulife/John Hancock," said MIT AgeLab's Coughlin. "The spirit of MIT is to think and do. We want not only to identify the many different dimensions of what it takes to live longer, better; but also to measure the preparedness of a nation to live 100 good years. It is our shared objective that our work will educate and motivate people to do what it takes for themselves, their families, and their communities—to turn a longer life into a better life for all."

The MIT AgeLab, based within MIT's Center for Transportation & Logistics, is known internationally for its multi-disciplinary work exploring avenues of pragmatic, actionable innovation desired by, and useful to, aging consumers and workers, as well as their loved ones. This ongoing project spans sectors including automotive, healthcare, caregiving, housing and community design, and financial services; and inspired Coughlin's bestselling 2017 book, The Longevity Economy.

This announcement supports Manulife's Impact Agenda, which seeks to empower sustained health and well-being, and builds on John Hancock's inaugural Longer. Healthier. Better. Symposium hosted in Boston in September of 2023, where global leaders across public and private sectors convened to share the latest research and innovations driving the future of longevity. Globally, Manulife was proud to support WEF's recently announced Longevity Economy Principles, which offer a strategic approach to addressing the global longevity crisis. Manulife also recently announced a multi-year partnership with UpLink, WEF's open innovation platform, designed to help shape the future of, and investment in, longevity innovation.

Learn more about Manulife, John Hancock, and the MIT AgeLab.

About John Hancock and Manulife

John Hancock is a unit of Manulife Financial Corporation, a leading international financial services provider that helps people make their decisions easier and lives better by providing financial advice, insurance, and wealth and asset management solutions. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. One of the largest life insurers in the United States, John Hancock supports more than ten million Americans with a broad range of financial products, including life insurance and annuities. John Hancock also supports US investors by bringing leading investment capabilities and retirement planning and administration expertise to individuals and institutions. Additional information about John Hancock may be found at johnhancock.com.

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SOURCE John Hancock

FAQ

What is the duration of Manulife's collaboration with MIT AgeLab?

The collaboration lasts for five years.

What is the focus of the research collaboration between John Hancock and MIT AgeLab?

The focus is on longevity innovation and improving the quality of life for aging populations.

What will the longevity preparedness index measure?

The index will measure Americans' readiness for longer, healthier lives.

When will the research on the first annual longevity preparedness index begin?

Research will begin in the spring of 2024.

Will the longevity preparedness index include populations outside the United States?

Yes, it is planned to expand to include Canada.

What is the stock symbol for Manulife?

The stock symbol for Manulife is MFC.