MaRS and Sun Life Financial partner to expand health and fintech innovation

On Monday, Toronto’s MaRS Discovery District and Sun Life Financial announced a partnership aimed at fostering collaboration in the health technology and fintech sectors.

“At Sun Life, we’re proud of our leadership role in helping to transform our industry through digital and other solutions that respond to our clients’ needs and changing expectations. 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 thMaRSeir finances, health and well-being,” said Kevin Dougherty, president of Sun Life Financial Canada, in a statement.

This isn’t Sun Life’s first dive into innovation. The company recently launched Digital Innovations Assistant, a tool designed to help helps groups better understand the benefits of pension plans. Furthermore, the company also introduced MAX my money@work this past January. The latter is a digital enrolment tool that allows employees to conduct a regular review of their group pension and savings options.

“Digital financial solutions are providing consumers with greater control over how they save for retirement and benefit from financial services. We are excited that Sun Life is joining the MaRS partnership group to collaborate with a growing community of corporate partners, technology companies and entrepreneurs to further drive financial innovation,” said Adam Nanjee, the head of financial technology at MaRS.

On the healthcare side of things, Sun Life also hosts the Workplace Mental Health Risk Assessment, a digital assessment to determine mental health risks in the workplace.

“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. With this, health plans and insurers are undergoing a major reconceptualization of their business models and value propositions,” said Zayna Khayat the senior advisor of health system innovation at MaRS, in a statement.

Sun Life Financial and MaRs will work with groups in the discovery district to enhance their roles in the health and fintech communities.

Related reading: Government of Ontario is now accepting applications for $20 million Health Technologies Fund