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Sun Life CEO Kevin Strain recently discussed the company’s digital vision for the future of insurance. With over 150 years of experience in the traditional life insurance industry, Sun Life recognizes the need for digital transformation accelerated by the COVID-19 pandemic. According to Strain, clients now expect “fully digital journeys” with the insurance company, which offers wealth and health solutions. This expectation is not limited to a specific region but is a global phenomenon.

To meet these expectations, Sun Life has focused on becoming a more digitally oriented company. Strain emphasizes the importance of agility and pushing decision-making closer to the client. This shift in mindset requires a significant cultural change in how the company conducts business. The emphasis on digital transformation is evident in the company’s annual report, where the terms “digital” or “digitally” are mentioned 60 times.

One example of Sun Life’s commitment to digital transformation is the creation of digital tools such as the Sun Life One Plan, which helped generate over 65,000 financial roadmaps for Canadian clients last year. In Asia, 83% of applications were made digitally, representing a 12% increase. Strain envisions a future where the life insurer is a fully digital business that meets clients’ evolving needs in terms of life, health, and wealth.

Digitalization is also integral to Sun Life’s three-pronged approach, focusing on health, wealth, and insurance over a lifetime. The company aims to deliver plans that encompass these evolving needs, with a particular emphasis on health and wellness. To achieve this, Sun Life recognizes the need to transition from being seen as a support function to becoming a key player in the industry.

In terms of the workforce, Strain believes that hybrid work is here to stay, with Sun Life adopting a flexible approach that takes into account the specific needs of each business unit and role. Collaboration and teamwork are seen as the main reasons for employees to come to the office, with the goal of fostering a strong culture and valuable relationships. However, Strain notes that cultural differences play a role, with employees in some regions more inclined to return to pre-pandemic norms.

In the context of insurance agents and advisors, their role has also shifted due to digitalization. Strain predicts that hybrid expectations in terms of doing business will continue, but he emphasizes the importance of human empathy in the advisor-client relationship. While AI and generative AI technology may offer solutions for the computerized age, they cannot replicate the empathetic qualities that advisors bring to their interactions with clients. Therefore, advisors will continue to play a crucial role in the long term, ensuring that clients have a “digital journey” tailored to their needs.

Overall, Sun Life’s CEO Kevin Strain envisions a future where digital transformation is at the core of the company’s operations. By embracing agility, cultural change, and a focus on meeting clients’ evolving needs, Sun Life aims to become a fully digital business that offers comprehensive solutions for life, health, and wealth. The AI legalese decoder can play a significant role in this transformation by helping to streamline and simplify legal documents, making them more understandable for clients and facilitating their fully digital journey with Sun Life.

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