***Sun Life delivers truly client-centric experiences with powerful digital tools***
[Hong Kong, November 6, 2018] Sun Life Hong Kong Limited (“Sun Life” or “the Company”) today marked a milestone in its digital journey with the launch of new features on the My Sun Life HK mobile application (“My Sun Life HK app” or “the mobile application”) and mobile office SunSmart. From December 12 onwards, My Sun Life HK app will support hospitalization and accident claims submissions from individual insurance clients2 offering a fast, simple and better way to manage insurance claims. With the Company’s Straight-Through-Processing system and Faster Payment System (“FPS”) infrastructure by the Hong Kong Monetary Authority (“HKMA”), Sun Life will be able to settle and pay accident claims submitted through My Sun Life HK app within 24 hours at the earliest1, as one of the quickest turnaround times in the industry. Application forms for insurance products can also be completed as fast as 15 minutes at the earliest via SunSmart, a mobile office designed for financial advisors.
Belinda Au, General Manager, Distribution and Marketing, Sun Life Hong Kong Limited, said, “Technology is an enabler allowing us to interact with clients, deliver what they need, and make sure we stay relevant throughout their lives. Sun Life’s digital strategy is centered on delivering truly client-centric experiences by making insurance more accessible at key moments, providing personalized and proactive service, and empowering clients to make decisions for a brighter future for themselves and their families. Today’s launch symbolizes the beginning of our digital journey. We will continue to develop and provide better services with the help of technology, meeting our clients’ evolving needs.”
Accident claims paid within 24 hours at the earliest through My Sun Life HK
Sun Life is excited to announce that from December 12 onwards, the Company will be launching the eClaims service on My Sun Life HK, a mobile application for Sun Life’s individual insurance clients. My Sun Life HK app has already brought exciting features to individual insurance clients including family coverage summary, premium due alert, assets value and investment-linked fund prices update. Since October 2018, policy holders of Sun Life’s investment-linked assurance schemes have been able to switch investment-linked funds and adjust the amount of money allocated for each investment-link fund through the mobile application whenever, wherever.
Sun Life understands that claiming insurance could be a time consuming process, yet a critical moment to clients. From December 12 onwards, Sun Life’s individual insurance clients will be able to submit hospitalization and accident claims through My Sun Life HK app2, which account for over 95% of all claims that Sun Life receives. With the Company’s Straight-Through-Processing system and FPS infrastructure by the HKMA, Sun Life will be able to settle and pay accident claims submitted through My Sun Life HK app within 24 hours at the earliest1, much quicker than paper-based claim processes. The new function not only saves time and provides more flexibility to clients, it also aligns with Sun Life’s global sustainability efforts by reducing paper in terms of claim forms and communications.
Insurance applications completed as fast as 15 minutes at the earliest
The new mobile office SunSmart is designed for financial advisors of Sun Life Hong Kong. SunSmart enables advisors to view clients’ portfolios, and proactively respond to them at the key moments in the client journey.
With SunSmart, advisors are able to help clients complete application forms for insurance products in as fast as 15 minutes, a leading turnaround time in the industry, anytime, anywhere in Hong Kong, without the need to fill out paper forms. It is hoped that insurance policies will be effective as fast as 24 hours at the earliest after submission via SunSmart, by end of 2019 after the implementation of a fully automated application review process.
Sun Life aims to provide digital tools to advisors to lessen paperwork so that they can focus on understanding and fulfilling clients’ needs. The new system also provides insights to advisors so that clients receive better and more responsive services.
The launch of My Sun Life HK app and mobile office SunSmart marks a milestone in Sun Life’s client-centric digital journey. Sun Life will continue to upgrade My Sun Life HK app with new functions which enable clients to better understand their coverage and manage their policies. The company will also further simplify the insurance claiming process to provide better services.
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 CDN$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.
Notes to editors:
1. Only for Individual accident benefits. Documents and information provided shall be complete and valid, and submitted via My Sun Life HK app; clients have selected to receive claim payments via Hong Kong Monetary Authority’s Faster Payment System (“FPS”). Subject to terms and conditions of FPS and My Sun Life HK app.
2. Individual accident benefits do not include group health benefits and group life insurance.