Sun Life Financial acquires Maxwell Health
Robust technology platform provides complete benefits administration
WELLESLEY, Mass. (June 4, 2018) – Sun Life Financial announced today that it has acquired Maxwell Health, an innovative start-up with an employee benefits platform that makes benefits and HR administration simple for employers and their employees.
With Maxwell Health’s platform, employees at small and mid-sized businesses can enroll in all their benefits, including medical, dental, vision, life, short- and long-term disability, voluntary coverages, financial benefits such as health savings accounts, and lifestyle products like telemedicine. Maxwell Health’s comprehensive benefits administration platform supports an employer’s benefits strategy while streamlining the process by integrating with carriers, payroll systems and other third-party administrators.
“Bringing Maxwell Health’s leading benefits platform into the Sun Life family takes us another step toward our goal of transforming the benefits experience by making it easier for people to understand and choose the right benefits for themselves and their families,” said Dan Fishbein, M.D., president of Sun Life Financial U.S. “The acquisition gives us a total benefits solution and advances our strategy with small and mid-sized employers, where we are focused on simplifying benefits and delivering leading enrollment solutions. Employer clients increasingly want simpler, integrated benefits along with digital services that ease the burden of benefits administration.”
David Healy, senior vice president of Group Benefits for Sun Life Financial U.S, added, “Maxwell Health adds entrepreneurial technology talent that will advance Sun Life as an innovator in the insurtech space. The addition of Maxwell Health’s capabilities enhances our broad range of group benefits products and services with an easy-to-use online marketplace. We are committed to working with brokers and employers to create a better employee experience for benefits – one that adds voluntary benefits and wellness offerings to traditional insurance solutions in one place.”
Veer Gidwaney, CEO and co-founder of Maxwell Health, said, “With Sun Life, we are excited to expand the reach of our platform with brokers and carriers nationwide. Our mission to make better health and financial security possible for all by simplifying benefits and insurance fully aligns with Sun Life’s purpose to help clients achieve lifetime financial security and live healthier lives.”
Employees using the platform can access their benefits through a mobile app that includes virtual insurance ID cards and convenient access to support for health and benefits-related questions.
Based in Boston, Maxwell Health was founded in 2012 and has 125 employees. Maxwell Health will continue to operate independently and provide services to the group benefits industry, in addition to enhancing capabilities for Sun Life.
Since 2015, Sun Life has been an investor in Maxwell Health and a provider on its digital benefits marketplace with life, disability and other insurance offerings. Terms of the acquisition were not disclosed.
Goodwin Procter LLP served as legal advisor to Sun Life. For Maxwell Health, Raymond James & Associates, Inc. acted as financial advisor and Greenberg Traurig, LLP served as legal advisor.
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 March 31, 2018, Sun Life Financial had total assets under management of C$979 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.
In the United States, Sun Life Financial is one of the largest group benefits providers, serving more than 60,000 employers in small, medium and large workplaces across the country. Sun Life’s broad portfolio of products and services in the U.S. includes disability, absence management, life, dental, vision, voluntary and stop-loss insurance. For more information, please visit www.sunlife.com/us.
About Maxwell Health
Maxwell Health simplifies benefits and HR for small-to-mid-sized employers. The platform includes a marketplace that makes buying benefits intuitive for employees, tools that streamline HR processes including benefits administration and payroll, and a mobile app that makes using benefits easy. The company’s purpose is to help families achieve health and financial well-being by modernizing how employees experience insurance, financial, and wellness benefits. The platform is provided by benefits advisors as well as insurance and retirement companies that license Maxwell Health’s technology. To learn more about Maxwell Health, please visit https://maxwellhealth.com/.
Devon Portney Fernald
Sun Life Financial