Manulife dares startups to tackle Asia’s age imbalance

Contestants have until the end of April to apply.

Toronto-based insurer Manulife Financial Corp. has launched a contest in Asia challenging global startups to offer cutting-edge solutions to make the elderly more financially secure and help people live better as they get older.

Manulife cited Asian Development Bank’s research which found that one in four people in Asia will be over the age of 60 by 2050. In Indonesia, according to the 2023 Census, about 12% of the population is elderly—a number expected to rise to 20% or about 50 million by 2045.

“This demographic imbalance puts pressure on social structures, including healthcare systems and the long-term financial well-being of people across Asia, including Indonesia,” Shierly Ge, chief marketing officer at Manulife Indonesia, told Insurance Asia.

She said two-thirds of Indonesians have identified rising healthcare costs as the main challenge to improving their finances, based on the Manulife Asia Care Survey.

Manulife worked with UpLink, the World Economic Forum’s open innovation platform, for the competition, for which more than two-dozen startups have signed up. Contestants have until the end of April to apply.

The program seeks participants that can deliver impactful solutions through business-to-business, business-to-consumer, and business-to-government channels.

Later this year, Manulife will announce the 10 winning innovators. From this group, the top three will be awarded a share of $144,000 (CA$200,000) in prize money. The winners will have access to exclusive networking events and partnerships, as well as increased visibility and funding opportunities.

The competition is part of Manulife’s broader strategy to respond to demographic trends. In line with this, Manulife Indonesia focuses on life insurance with flexible investment benefits to support family legacy planning and financial resilience through old age.

It also offers health insurance products with inpatient coverage and benefits for the elderly, as well as products that help prepare education funds, retirement savings, and inheritance planning.

Insurance literacy in Indonesia stood at 31.7% in 2022, while penetration was 16.6%, according to its Financial Services Authority.

“We are not just offering products; we are fostering an innovation ecosystem that meets people’s needs at every stage of life,” Shierly said.

“This digital approach is essential to bridge the needs of different generations, especially younger, tech-savvy consumers who demand flexible and digital-first solutions,” she added.