CONTENT FROM SOMPO HOLDINGS
Population aging is now one of the key demographic shifts taking place in almost every nation.
Not only are populations aging, but they’re also living longer than they were just a few short decades ago. The OECD reports, for instance, that the over 80s will make up 8% of the G20 population by 2050.
ADAPTING TO AN AGING WORLD
One of the biggest challenges faced by healthcare systems worldwide is the chronic shortage of skilled, quality care workers.
The ratio of caregivers to seniors in the US is projected to drop from seven to one in 2022 to four to one in 2030. There will be almost 43% fewer care workers in 2030 as the population of seniors outpaces the number of caregivers available to look after them.
The shortage of trained, quality elderly care staff has serious implications for individuals and society. The elderly, in need of special attention, suffer reduced quality of life. Their families, who, in turn, have to pick up the care baton, face economic pressures and mental health issues. And society suffers from having part of its population sidelined, unable to return to employment, volunteer, or interact productively in everyday social life.
CHANGING THE FACE OF ELDERLY CARE
One global company that is tackling these challenges head on is the Japanese insurer and risk solution provider, SOMPO.
SOMPO has reinvented the traditional approach to elderly care in Japan which it hopes to take globally through its international partnerships.
The 135-year-old insurer has expanded the business as a leading Japanese care business through Sompo Care, acquiring care facilities across Japan and building a digitally enabled integrated network of nursing homes, elderly living facilities, and care providers.
Sompo Care strives to extend healthy and purposeful lives for seniors by providing services that fall outside of long-term health insurance. Iki Guide, for example, is a counseling service for seniors in the community that supports them in being active in their daily lives. The service provides customized personal advice on such things as nutrition, health, community involvement, and even opportunities for senior employment post-retirement.
Along with the rest of the world, Japan, the world’s first and most rapidly aging country, is set to see an increase in shortages of care workers — from 320,000 in 2025 to 690,000 in 2040.
Sompo Care has three particular innovative approaches
