Transforming HR, payroll, and group benefits administration for Clients across Canada
TORONTO, Oct. 18, 2018 /CNW/ - Sun Life Assurance Company of Canada ("Sun Life") announced today an investment and strategic relationship with Rise People Inc. ("Rise"), Canada's first and only all-in-one HR, payroll and benefits administration solution. Sun Life invested $15 million in equity of Rise, and has the option to invest an additional $9 million under agreed terms. Sun Life and Rise will collaborate to bring new digital connections and services to forward-thinking businesses across the country.
Rise's platform masters the complexities of managing employers' administration needs. HR, time tracking, payroll, and benefits administration are brought together in a single system – offering more choice, convenience and personalization to employees, while significantly reducing employer costs. Together, Sun Life and Rise are focused on driving even greater value for employees and employers, including:
- Unparalleled onboarding and enrolment experience for new hires;
- Complete HR and benefits experience for employees that maximizes health, productivity and engagement; and
- Total integration with Sun Life, giving administrators a one-and-done tool that brings greater cost savings, accuracy and efficiencies.
"We know first-hand how complex the group benefits and HR administration process can be. Companies are looking for simple, integrated and tech-savvy solutions so that they can focus on what matters the most – employees," said Dave Jones, Senior Vice-President, Group Benefits, Sun Life Financial Canada. "Our strategic relationship with Rise will open up a range of new services to many of our Clients and allow advisors to differentiate and expand their value proposition with a digital platform that simplifies administration and engages employees."
Sun Life is the only national insurance carrier to pioneer this approach with Rise, offering more services to existing clients and reaching a wider consumer base through a single health and wellness platform. Today's announcement reinforces Sun Life Financial Canada's ambition to be the best digital benefits provider in the Canadian market.
"Today's announcement marks a new milestone in furthering our mission to put people at the heart of people management," said Rise People's Founder and Chief Executive Officer, Faiz Abdulla. "Our continually evolving platform delivers a client experience that simplifies administration and fuels employee engagement. Together, Rise and Sun Life plan to offer a unified experience customized to an employer's needs, chat-based conversational enrolment, personal health and wellness coaching driven by AI, positive incentive health programs, and a marketplace for employees to access exclusive promotions on all kinds of lifestyle products."
Sun Life and Rise intend to officially launch the integrated solution to small to mid-sized employers and Clients across Canada in the first quarter of 2019. Following Rise's successful rollout of its national partner program in 2017, the company intends to expand the program to top-tier Canadian insurance consulting and advisory firms.
Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies.
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 June 30, 2018, Sun Life Financial had total assets under management of $986 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.
About Rise People
Rise People is Canada's first and only all-in-one HR platform. Rise offers a modern suite of HR, payroll, and health and financial wellness solutions that is used by over 30,000 employees. Rise is headquartered in Vancouver, Canada. For more information, visit www.risepeople.com and schedule a demo to see how Rise can give you more choice, convenience, and savings.
Forward Looking Statements
Certain statements in this news release are forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Information about risk factors relating to Sun Life Financial can be found in the annual information form of Sun Life Financial Inc. for the year ended December 31, 2017 under the heading "Risk Factors" and other regulatory filings filed with or furnished to Canadian and U.S. securities regulators available at www.sedar.com and www.sec.gov.
Note to editors: All figures in Canadian dollars
Media Relations Contact:
Sun Life Financial
T. 604-336-2900 x508
SOURCE Sun Life Financial Canada