May 25, 2019
SHANGHAI, China -- Manulife-Sinochem today announced that it has entered into a three-year strategic partnership with Fudan Development Institute [FDDI], becoming the FDDI’s first joint-venture insurance partner. Manulife-Sinochem will leverage FDDI’s think tank expertise to support academic research into China’s health and pension space. In order to mark the accomplishments of this inaugural year, the companies jointly released China’s first Female Health and Risk Management Whitepaper today, underscoring their research into Chinese women’s physical and mental wellbeing and health risk management.
Professor Zhang Yi, the Executive Vice Dean of FDDI, said: “FDDI always pays attention to the development of the financial, insurance and technology industries and is committed to identifying new channels and new models of university-enterprise cooperation. We hope that through university-enterprise cooperation, both academics and entrepreneurs will give full play to their respective advantages, so as to better explore insurance and social security issues in the context of economic globalization and propose effective solutions. The cooperation between Manulife-Sinochem and FDDI focuses on the health and risks of women. We believe that this has important and practical significance for enabling women's potential and building a harmonious society.”
According to the whitepaper, women are more attuned to getting insurance products for family members and play a critical role when purchasing, but they often overlook insurance coverage for themselves. Of the women surveyed, those that have long-term health policies were insured for, on average, an amount 17% less than men with similar conditions.
In terms of health risk management, the survey notes that 58% of respondents showed signs of anxiety, of which less than 10% took active measures to manage their pressure. Moreover, fewer women with anxiety mentioned the need for therapy compared to men, but the number of women who sought psychological counseling is three times higher. These statistics highlight the importance of identifying and treating mental health is as important as physical health among women.
Kai Zhang, CEO of Manulife-Sinochem said, “As women face differences such as life expectancy, biological and psychological make-up and specific illnesses, studying female health protection and risk management is vitally important. Through our partnerships with leading academic institutions and think tanks across China, we hope to make in-depth research and advancements in preventative and protective healthcare solutions for women. Therefore we are able to provide tailor-made products and value-added health services to assist women, so that they can proactively assess health risks and manage their health to best take care of themselves.”
As China faces an expanding aging population, growing rates of chronic illness and increasing personal medical expenses, the demand for health care and pension planning has swelled rapidly. The partnership forged between Manulife-Sinochem and FDDI will help address the social issues of health and old-age and assist in developing a multi-layered social security and insurance system to realize a truly Healthy China.
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