Sun Life Financial Acquires Maxwell Health
Sun Life Financial announced that it has acquired Boston-based employee benefits platform Maxwell Health for an undisclosed price.
Founded in 2012, the platform allows employees at small and mid-sized businesses to enroll in 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. The company enjoys a partnership with the Hartford, in which a new digital benefits admin and enrollment platform for SMEs called Employee Choice Benefits was co-developed, and a partnership with MassMutual, in which it powers BeneClick!, a mobile app that keeps users up to date on their benefits.
“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. 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” – President of Sun Life Financial US, Dan Fishbein, MD.
“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” – cofounder and CEO of Maxwell Health, Veer Gidwane.
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.