Toronto (Oct. 17, 2012) – With a growing demand to make claims payment faster, easier and environmentally sustainable, Sun Life Financial has made an industry-leading move to implement its e-Payment Standard. This method will now be the preferred setup for paying benefit claims through direct deposit for new plan sponsor accounts and at policy renewal for existing sponsors. For plan members, this eliminates the process of receiving and depositing cheques, and replaces it with payments being processed and deposited into their bank account usually within 48 hours.
Eighty-five per cent of Sun Life clients believe offering a benefits plan with direct deposit is very important, according to a recent Sun Life Financial survey. The same percentage of clients also said it has increased their employees’ perceived value of their group benefits plan. For the one in six Canadians who has coverage with Sun Life for benefits like their prescription drugs or paramedical coverage, it means millions of these claims are processed and paid electronically very quickly, easily and without wasting paper.
“We have seen a significant increase in employees with Sun Life Group Benefits going paperless. In 2011, Sun Life received 2.5 million e-claims and we expect to reach over 4 million by the end of 2012,” said Dave Jones, Vice-President, Market Development, Group Benefits, Sun Life Financial Canada. “This is good news, because according to our survey of employees belonging to group plans, those who use e-claims are overall significantly more satisfied with their plan than those who use paper claims.”
This new standard of payment is part of a growing trend in compensation and benefits payments going paperless. The Canadian federal government announced last year that they are phasing out paying Canadians with paper cheques by 2016. According to a 2012 Canadian Payroll Association survey, 98 per cent of their member respondents receive their pay via direct deposit.
As a market leader in group benefits in Canada, Sun Life is always working towards adding value to clients by improving their experiences through faster, easier and more convenient service. The Standard is another step in Sun Life’s industry-leading paperless strategy designed to take the paper out of claims transactions. Sun Life was the first benefits provider in Canada to offer e-claims for instant adjudication on the web and through mobile devices, as well as the first to implement claims imaging software.
These innovations have contributed to Sun Life being the only North American insurer named among the Global 100 Most Sustainable Corporations for the sixth straight year.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2012, the Sun Life Financial group of companies had total assets under management of $496 billion. For more information please visit www.sunlife.com.