WELLESLEY, Mass., April 1, 2019 /PRNewswire/ -- Sun Life and
Maxwell Health have launched a combined benefits technology
solution, providing employers and their employees with an intuitive
digital benefits experience. (See employer platform highlights in
this video.) Not just an annual enrollment tool, the platform is a
24/7 benefits and HR command center that makes it easy for members
and HR teams to access and manage employee benefits year-round. In
addition to supporting a complete portfolio of Sun Life benefits,
the new "Sun Life + Maxwell Health" platform enrolls medical
insurance and includes distinct advantages for brokers and
employers that result in less time spent on manual administrative
tasks.
Sun Life acquired Maxwell Health in 2018 with aligned goals
of helping employers and their employees achieve financial security
and access the right benefits to live healthier, more productive
lives. As an offering from one company, the Sun Life + Maxwell
Health platform can provide a faster, simpler, more integrated
experience than other benefits administration platforms.
"We believe in meeting clients where they are," said
Vinay Gidwaney, head of Maxwell
Health. "Employers are looking for the time savings and additional
employee engagement that comes from a digital benefits experience,
plus dedicated technology support year-round. Offering their suite
of Sun Life benefits within the enhanced Maxwell experience allows
employers to administer the benefits enrollment process in an
efficient, paperless way, and at the same time offer employees the
support and education they need to make the right benefits
decisions and cover the financial gaps in their insurance."
In a recent Sun Life broker survey, 32 percent of brokers said
the most difficult part of the benefits platform discussion with
their employer clients is effectively explaining how the platform
can alleviate and integrate administrative tasks and processes.
Since the Sun Life + Maxwell Health platform is working in real
time throughout the year, HR administrators have access to a
comprehensive benefits solution that reduces time spent on
burdensome tasks and allows them to focus on adding more business
value.
Key differentiators of the Sun Life + Maxwell Health offering
include:
- Full-service client implementation – Not an industry norm,
full-service means less work for brokers and a dramatically shorter
time to onboard new employer clients to the technology. According
to a recent study by SelectHub, technology implementation is
the biggest concern among HR decision makers;
- Streamlined data exchange – As a combined offering, the
platform consolidates touchpoints for data intake and onboarding,
streamlining the electronic data interface/exchange (EDI/EDX) with
the employers' medical carrier and other coverage providers;
- Real-time data – Since EDI is ongoing, employee data is kept
up-to-date, accurate and accessible in real-time, allowing
employers to better assess plan design and benefit offerings;
- Automation of HR tasks – The platform centralizes HR functions,
handling tasks such as Evidence of Insurability (EOI) for
enrollment, and ongoing eligibility management; and
- Easier payment and billing – One combined bill for the Maxwell
platform and Sun Life coverages simplifies the payment
process.
The platform allows consumers to access and review their
benefits portfolio any time of the year through a web-based portal
or the Maxwell Health mobile app, helping them fully utilize the
value of their benefits package.
"In the U.S., much of the population is underinsured, and this
results in burdensome out-of-pocket spending for healthcare," said
Joi Tillman, vice president of
Voluntary Benefits at Sun Life Financial U.S. "It is vital to help
employees approach their benefits decisions holistically. Choosing
the right insurance to supplement high-deductible health plans with
voluntary coverage such as critical illness and accident insurance
can provide much-needed financial protection. We are excited to
offer this new platform that provides a seamless decision support
and enrollment experience for consumers. Members can expect more
innovative touchpoints as the platform continually evolves, as
early as the 2019 enrollment season.
"A huge additional benefit for the Sun Life family is Maxwell
Health's talent, which gives us the edge in addressing brokers' and
employers' top concerns in the insurtech space, such as advanced,
data-driven solutions for underwriting and claims processing,"
added Tillman. "With Maxwell, we've gained a center of innovation
that we will leverage to advance Sun Life's digital capabilities
throughout the company."
The Sun Life + Maxwell Health platform supports products from
any employer-chosen insurance provider, and is available for
quoting by brokers April 1 for
July 1 effective dates.
Clients already using Maxwell's direct platform will continue to
do so and access the comprehensive benefits experience they already
enjoy.
About Sun Life Financial
Sun Life Financial is a
leading international financial services organization providing a
diverse range of insurance, wealth and asset management solutions
to individuals 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 December
31, 2018, Sun Life Financial had total assets under
management of C$951 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 insurance
products and services in the U.S. includes disability, absence
management, life, dental, vision, voluntary and medical stop-loss.
Sun Life employs approximately 6,000 people in its U.S insurance
and asset management businesses. Group Insurance policies are
issued by Sun Life Assurance Company of Canada (Wellesley
Hills, Mass.) and Sun Life and Health Insurance Company
(U.S.) (Lansing, Mich.). For more
information, please visit www.sunlife.com/us.
About Maxwell Health
Maxwell's mission is to make
better health and financial security possible for all Americans by
simplifying benefits and insurance. Maxwell Health is a marketplace
that empowers consultants and employers to offer the best benefits
to employees, helping them achieve better health and financial
security. The platform automates HR and benefits administration,
providing a user-friendly experience for employees to understand,
shop for, and use their benefits.
Media contact:
Devon Fernald
Sun Life Financial
781-416-7151
Devon.portney.fernald@sunlife.com
Sara Revsin
Maxwell Health
814-450-5527
sara@maxwellhealth.com
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SOURCE Sun Life Financial