Sun Life Financial has entered a partnership with MaRS Discovery District to collaborate and share knowledge 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.
A North American urban innovation hub, MaRS supports young ventures that are tackling key challenges in the health, cleantech, finance, commerce, work and learning sectors. In addition to helping startups launch, grow and scale, the MaRS community facilitates cross-disciplinary collaboration and commercialization of discoveries.
“Our 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,” says Kevin Dougherty, president of Sun Life Financial Canada.
Sun Life plans to leverage connections at MaRS Discovery District to expand the company’s digital innovation agenda, which has advanced the following:
Real-time decision management technology — Sun Life’s Digital Benefits Assistant leverages big data and 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 enrollment tool to aid 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.
Facebook lead-generation ads and a mobile app in Canada — The app will provide access to members of both a benefits and retirement savings plan at work. The app will also enable members to submit claims on their mobile device and receive instant processing to receive payment.
“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,” says Zayna Khayat , a 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.