Korea IT Times celebrates its 20th anniversary with Insightful columns from local and international thought leaders. Following contributions from experts across various fields in July, August, September, October, and November, we now introduce this December's column.
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Jin Hyung Kim, Emeritus Professor at KAIST: "AI Jesus Speaking 100 Languages, Miracle or Threat?"
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Jong-Shik Kim, Chair Professor of aSSIST University: "An Aging Society and Startups"
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Emanuel Pastreich, President of The Asia Institute: "Yoon Fights Dirty, Are Koreans Ready?"
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Sven Lindström, Executive VP, Midsummer: "Solar Energy Trends in 2025"
By Jong-Shik Kim, Chair Professor
These days, we often hear people say that we live in an era where living to 100 years old is now possible. Even if one retires around 60, they still have to live another 40 years, necessitating life strategies and measures to prepare for life's second and third acts. This discussion finds sympathy and understanding, as early detection of diseases common in middle and old age and a decrease in infant mortality rates, which heavily influenced average life expectancy, have indeed increased longevity. Developments in public medicine, the spread of hygienic living environments, and improved nutritional intake have increased life expectancy by about three years every ten years since the 20th century, leading to the prevailing belief that life expectancy will continuously increase.
However, it is currently known that while we can restore the functions of some parts of our body through surgery, treatments, or medication, we cannot prevent the overall aging process. Thus, "The Era of Living to 100" is not based on scientific statistical data. While it's unclear who coined the term, some see it as a marketing phrase for selling insurance or medical-related products and services to older individuals.
According to recent research by Professor Jay Olshansky of the University of Illinois, the probability of a child born in 2019 living to 100 is only 5.1% for females and a mere 1.8% for males. Olshansky’s research over the past 30 years demonstrates a significant slowdown in extending human life expectancy compared to past experiences and expectations.
Although there are differences between countries, the average life expectancy in South Korea is 83.8 years, according to the World Health Organisation (WHO). This figure is an average for both sexes; according to Statistics Korea, women live about 5.8 years longer than men. This is the highest in the world except Japan. In addition, health-adjusted life expectancy, which may be more important than life expectancy itself, is documented at 72.5 years, among the world's highest. Based on these statistics, Koreans generally live relatively healthy lives with no major illnesses until the age of about 72-73 and then live another decade or so before dying. As this is an average, it's not surprising that people occasionally live well into their 90s, suggesting that many others die much earlier. Although an era of 100-year life expectancy may come one day, it is unlikely to happen any time soon.
A more significant concern than life expectancy is aging. By 2030, one in six people worldwide is expected to be over 60. In South Korea, it is predicted that by around 2025, the population aged 65 and over will account for 21% of the total population. The move towards aging societies is an irreversible global trend. For the elderly, the more important and realistic challenge than life expectancy is how to live healthily, happily and joyfully every day. Many startups are emerging to provide different values to meet the desire for such a healthy and happy life. The startups profiled below mostly offer services based on IT, especially AI technologies.
Companies such as Conquest and Addition Wealth offer financial well-being platforms that help people plan and make decisions about investments, home ownership, education, taxes, and retirement. These financial decisions require expertise and are not always easy to understand, but they are essential. The use of these services can provide personalized advice and support, offering real-time analysis to help achieve financial well-being based on the client's financial situation and needs and tailoring investment strategies for optimal wealth accumulation.
An online platform service called GetSetUp provides learning and knowledge content for the mental, physical and social health of older people. It helps this age group maintain a healthy and active life after retirement through continuous online learning in financial literacy, technology, personal growth and health literacy, similar to a lifelong learning assistant.
Juli is a company that uses an AI-based app to help people with chronic conditions such as asthma or depression. It provides daily updates on their health status derived from symptom diagnoses and suggests different solutions for symptom relief or treatment based on continuous scientific data. Quickly analyzing personal factors such as sleep status, temperature, humidity, and pulse offers optimized solutions tailored to the individual, helping to reduce medical costs.
Tell us a company that uses AI technology to analyze a user's speech to accurately diagnose cognitive decline, memory problems, or dementia symptoms, which are some of the biggest concerns for the elderly. It analyses measurable elements such as the speed, vocabulary and pronunciation of speech to determine the user's condition and recommend appropriate treatment methods. The system can also be used to improve children's learning abilities.
About the author
Dr Jong-Shik Kim is Chair Professor at aSSIST University and Visiting Professor at Hanyang University. With a deep interest in the startup ecosystem, he serves as an advisor on leadership and decision-making for emerging technology-based ventures. From 2013 to 2023, Dr Kim operated the Master of Science in Technology Management program of Stony Brook University at aSSIST University. He also has more than 20 years of senior leadership experience in global corporations, including serving as CEO of Cummins' business and investments in Korea, China, and Asia and as CEO of Tata-Daewoo Commercial Vehicle Ltd, a Korean subsidiary of the Tata Group. Dr Kim received a Bachelor of Science degree in mechanical engineering from Seoul National University (1977), a Master of Science degree in mechanical engineering from the Illinois Institute of Technology (1981) and a Ph.D. in mechanical engineering from Purdue University (1986).
