Eric Monteiro outlines how Sun Life engages clients through digital tools, boosting financial security
In a Benefits and Pension Monitor article, Eric Monteiro, senior vice president of Group Retirement Services at Sun Life, outlined their core mission to help clients achieve financial security.
Monteiro detailed three key elements of Sun Life’s strategy: engagement, simplified planning, and personalized advice.
Monteiro explained that Sun Life enhances engagement by using digital tools that offer timely reminders to clients, prompting important actions like maximizing employer contributions.
“For us, it always anchors back to our purpose - which is to help clients achieve lifetime financial security and live healthier lives,” he told BPM.
Monteiro emphasized their One Sun Financial Plan as a pivotal tool in boosting clients’ financial confidence and contributions, resulting in higher retirement balances.
He noted, “People with a financial plan feel more secure in their financial future. They actually make higher contributions and have higher balances.”
The third component of Sun Life's strategy focuses on personalized advice through their 360 Plan Advice service, where clients receive tailored financial advice from licensed consultants.
Monteiro explained that this service caters to various needs, from simple guidance for younger employees to more comprehensive advice for those approaching retirement.
“Our 360 Plan Advice offers personalized, in-depth consultations that adapt to the unique circumstances of each client,” he added.
Innovation ties these strategies together. Monteiro highlighted three methods Sun Life employs to stay innovative: client feedback through surveys, monitoring global trends in markets like Australia, the UK, and the US, and an agile test-and-learn approach.
Monteiro is proud of the AI-driven One Sun Financial Plan, calling it a significant innovation in their services.
Monteiro stressed the importance of retirement planning, including contributions and employer-matching features.
“We aim to engage members at every stage of their financial journey, providing them with the tools and advice they need when they need it,” he said. He also noted that retirement planning extends beyond saving to how individuals use their savings in retirement.
Monteiro concluded, “Flexibility, and choice is key when it comes to decumulation. Retirement looks different for everyone.”
