BIoT Canada

Sun Life turns to start ups to expand its ‘digital innovation agenda’

July 11, 2016  

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Sun Life Financial today announced a partnership with MaRS Discovery District today, which it said is focused on collaboration and knowledge sharing with the start-up community as part of Sun Life’s focus on evolving its business model and client focus. Sun Life will join other corporate partners to connect with the start-up community as part of the MaRS fintech and health clusters

Kevin Dougherty, president of Sun Life Financial Canada said the partnership with MaRS 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.”

Sun Life plans to leverage connections at MaRS Discovery District to expand the company’s digital innovation agenda, which currently includes:

* First real-time decision management technology in the insurance industry – Sun Life’s Digital Benefits Assistant leverages big data and advanced analytics to help group plan members better understand their benefits and pension plans. The program offers real-time, personalized advice that helps plan members achieve financial well-being and security.

* MAX my money@work – a digital enrolment tool that revolutionizes how Canadian plan sponsors handle their fiduciary responsibilities and regularly engage plan members in their workplace retirement and savings plan.

* Workplace Mental Health Risk Assessment — a digital assessment for workplace mental health risks.

“Health as we know it is radically being redefined, driven by consumers, technology and the inability of formal health systems to deliver services that meet the needs and expectations of society,” said Zayna Khayat, Senior Advisor of Health System Innovation at MaRS. “With this, health plans and insurers are undergoing a major reconceptualization of their business models and value propositions.”

MaRS Discovery District (@MaRSDD) in Toronto, bills itself as one of the “world’s largest urban innovation hubs that supports promising young ventures that are tackling key challenges in the health, cleantech, finance and commerce, as well as work and learning sectors.