WELLESLEY, Mass., June 4, 2018 /PRNewswire/ -- Sun Life
Financial announced today that it has acquired Maxwell Health,
an innovative start-up with an employee benefits platform that
makes benefits and HR administration simple for employers and their
employees.
With Maxwell Health's platform, employees at small and mid-sized
businesses can enroll in all their benefits, including medical,
dental, vision, life, short- and long-term disability, voluntary
coverages, financial benefits such as health savings accounts, and
lifestyle products like telemedicine. Maxwell Health's
comprehensive benefits administration platform supports an
employer's benefits strategy while streamlining the process by
integrating with carriers, payroll systems and other third-party
administrators.
"Bringing Maxwell Health's leading benefits platform into the
Sun Life family takes us another step toward our goal of
transforming the benefits experience by making it easier for people
to understand and choose the right benefits for themselves and
their families," said Dan Fishbein,
M.D., president of Sun Life Financial U.S. "The acquisition gives
us a total benefits solution and advances our strategy with small
and mid-sized employers, where we are focused on simplifying
benefits and delivering leading enrollment solutions. Employer
clients increasingly want simpler, integrated benefits along with
digital services that ease the burden of benefits
administration."
David Healy, senior vice
president of Group Benefits for Sun Life Financial U.S, added,
"Maxwell Health adds entrepreneurial technology talent that will
advance Sun Life as an innovator in the insurtech space. The
addition of Maxwell Health's capabilities enhances our broad range
of group benefits products and services with an easy-to-use online
marketplace. We are committed to working with brokers and employers
to create a better employee experience for benefits – one that adds
voluntary benefits and wellness offerings to traditional insurance
solutions in one place."
Veer Gidwaney, CEO and co-founder of Maxwell Health, said, "With
Sun Life, we are excited to expand the reach of our platform with
brokers and carriers nationwide. Our mission to make better health
and financial security possible for all by simplifying benefits and
insurance fully aligns with Sun Life's purpose to help clients
achieve lifetime financial security and live healthier lives."
Employees using the platform can access their benefits through a
mobile app that includes virtual insurance ID cards and convenient
access to support for health and benefits-related questions.
Based in Boston, Maxwell Health
was founded in 2012 and has 125 employees. Maxwell Health will
continue to operate independently and provide services to the group
benefits industry, in addition to enhancing capabilities for Sun
Life.
Since 2015, Sun Life has been an investor in Maxwell Health and
a provider on its digital benefits marketplace with life,
disability and other insurance offerings. Terms of the acquisition
were not disclosed.
Goodwin Procter LLP served as legal advisor to Sun Life. For
Maxwell Health, Raymond James &
Associates, Inc. acted as financial advisor and Greenberg Traurig,
LLP served as legal advisor.
About Sun Life Financial
Sun Life Financial is
a leading international financial services organization providing
insurance, wealth and asset management solutions to individual and
corporate clients. Sun Life Financial has operations in a number of
markets worldwide, including Canada, the United
States, the United Kingdom,
Ireland, Hong Kong, the
Philippines, Japan,
Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March
31, 2018, Sun Life Financial had total assets under
management of C$979 billion. For more
information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
In the United States, Sun Life
Financial is one of the largest group benefits providers, serving
more than 60,000 employers in small, medium and large workplaces
across the country. Sun Life's broad portfolio of products and
services in the U.S. includes disability, absence management, life,
dental, vision, voluntary and stop-loss insurance. For more
information, please visit www.sunlife.com/us.
About Maxwell Health
Maxwell Health simplifies
benefits and HR for small-to-mid-sized employers. The platform
includes a marketplace that makes buying benefits intuitive for
employees, tools that streamline HR processes including benefits
administration and payroll, and a mobile app that makes using
benefits easy. The company's purpose is to help families achieve
health and financial well-being by modernizing how employees
experience insurance, financial, and wellness benefits. The
platform is provided by benefits advisors as well as insurance and
retirement companies that license Maxwell Health's technology. To
learn more about Maxwell Health, please visit
https://maxwellhealth.com/.
Media contacts:
Sun Life
Devon Portney Fernald
781-416-7151
Devon.Portney.Fernald@sunlife.com
Maxwell Health
Sara Hopson
(814) 450-5527
sara@maxwellhealth.com
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SOURCE Sun Life Financial