Sun Life Financial Canada is forming a strategic relationship with Rise People Inc.
The partnership includes a $15-million equity investment in the digital human resources company with an option to invest an additional $9 million.
“We know first hand how complex the group benefits and HR administration process can be,” said Dave Jones, senior vice-president of group benefits for Sun Life Financial Canada, in a press release. “Companies are looking for simple, integrated and tech-savvy solutions so that they can focus on what matters the most — employees.
“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.”
The partnership is focused on bringing greater value to employers and employees in the areas of onboarding and enrolment. Other offerings include an HR platform that focuses on health, productivity and engagement, as well as complete integration with Sun Life to help cost savings, accuracy and efficiency for administrators.
The integrated solution will be launched in the first quarter of 2019.
“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 [artificial intelligenc], positive incentive health programs and a marketplace for employees to access exclusive promotions on all kinds of lifestyle products,” said Faiz Abdulla, founder and chief executive officer of Rise People.