MaRS and Sun Life Financial Team Up to Expand Digital Innovation Agenda
At the beginning of this month, Sun Life Financial announced a newly minted partnership with the MaRS Discovery District. The partnership comes on the heels of Sun Life’s renewed focus on evolving its business model and shifting its focus to include new, forward-thinking clientele. The goal is to foster collaboration and knowledge sharing between Sun Life and Canada’s burgeoning startup community, which is also being tapped by a number of other corporate partners.

Sun Life will be part of the MaRS fintech and health clusters. This recently announced partnership, along with others, only reinforces the MaRS Discovery District’s impressive position as North America’s largest urban innovation hub.

According to Kevin Dougherty, President of Sun Life Financial Canada, “At Sun Life, we’re proud of our leadership role in helping to transform our industry through digital and other solutions that respond to our clients’ needs and changing expectations.”

“Our partnership with MaRS,” Dougherty continues, “will provide unique opportunities to share ideas and collaborate with start-ups on cutting-edge solutions designed to help our clients when it comes to their finances, health and well-being.”

Pushing Sun Life’s Digital Innovation Agenda

By facilitating this partnership with the MaRS Discovery District, Sun Life hopes to leverage newfound connections to expand their digital innovation agenda, which already boasts an impressive resume.

Currently, Sun Life is proud to offer the first real-time decision management technology in the insurance industry. According to Sun Life, their “Digital Benefits Assistant leverages big data and advanced analytics to help group plan members better understand their benefits and pension plans.”

Sun Life’s digital agenda also includes ‘MAX my money@work’, which is “a digital enrollment tool that revolutionizes how Canadian plan sponsors handle their fiduciary responsibilities and regularly engage plan members in their workplace retirement and savings plan.”

Sun Life’s Workplace Mental Health Risk Assessment helps to identify workplace mental health risks and they are the first traditional financial services institution in Canada, and first globally among investment and insurance companies, to market Facebook Lead Generation ads.

Finally, Sun Life’s mobile app is the first of its kind in Canada. It “provide[s] integrated, seamless access to members of both a benefits and retirement savings plan at work – enabling members for the first time to submit claims on their mobile device and receive instant processing to receive payment.”

MaRS Overjoyed to Add a New Partner

According to Zayna Khayat, Senior Advisor of Health System Innovation at MaRS, “Health as we know it is radically being redefined, driven by consumers, technology and the inability of former health systems to deliver services that meet the needs and expectations of society. With this, health plans and insurers are undergoing a major reconceptualization of their business models and value propositions. As a Canadian and global leader in health insurance, we are thrilled to be working with Sun Life to help realize this new future of health.”

“Digital financial solutions are providing consumers with greater control over how they save for retirement and benefit from financial services,” adds MaRS Head of Financial Technology, Adam Nanjee. “We are excited that Sun Life is joining the MaRS partnership group to collaborate with a growing community of corporate partners, technology companies and entrepreneurs to further drive financial innovation.”

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Posted by: DSR
Monday, August 1, 2016
Tag: Healthcare
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