Welcome!

Containers Expo Blog Authors: Elizabeth White, Pat Romanski, Flint Brenton, Yeshim Deniz, Maria C. Horton

News Feed Item

Sun Life Financial Taps Gamification on Quest to Encourage Employees to Save for Retirement

money UP, Powered by Bunchball, Wins Over Millennials While Increasing Participation and Savings in Workplace Retirement Programs for All

REDWOOD CITY, CA -- (Marketwired) -- 09/22/14 -- Last year, Sun Life Financial broke new ground in the financial services industry by implementing a gamified online program to increase the financial literacy of employees who have a Sun Life workplace retirement plan through their employer. Powered by gamification company Bunchball, the money UP program challenges employees to "learn more" and "earn more" by completing levels and missions that encompass important retirement and investment planning steps. In this first public report of the program's effectiveness, Bunchball and Sun Life Financial met to discuss money UP's early success and future plans.

Leading up to their joint webinar on September 24, Nadia Darwish, vice president of market development for Sun Life Financial's Group Retirement Services, and Rajat Paharia, founder and chief product officer of Bunchball, spoke about the money UP program, the challenge of engaging employees in their workplace retirement plans and how smart design can motivate Millennials and others to save more for retirement.

Q: What new challenges are financial services facing today in driving participation in workplace retirement savings plans?

Darwish: People today are busier than ever. At work, they are strapped for time and constantly juggling competing priorities. Taking full advantage of their workplace retirement plan can easily fall to the bottom of the list. This applies to all age groups, but it is particularly true of younger generations, who find it challenging to prioritize saving for retirement when retirement is still decades away.

Q: What was the impetus for Sun Life Financial to implement gamification?

Darwish: We wanted to get employees engaged and investing in their workplace retirement plans earlier on and make it easy for them to save at work and invest thoughtfully. Our retirement education program was key; we needed an innovative approach that would simplify saving program details in a meaningful way and grab their attention. It was also important to look outside our industry to see what other companies were doing to engage and educate customers. By leveraging the employees' preferences for when and how they interact with other companies, we are able to engage them in a way that resonates.

Gamification was the right choice for us because it combined learning and action. While employees are increasing their financial literacy and learning about their workplace savings plan, they are encouraged to take steps to save for retirement. We could see that integrating game elements, like friendly competition, levels, missions and social sharing would provide employees with a fun, challenging way to experience content that can sometimes be complicated.

Q: Why is gamification particularly effective among Millennials?

Paharia: Gamification is effective among all generations, but Millennials gravitate towards it even more than others do. Gamified environments give them goals to accomplish, let them track progress towards those goals, allow them to earn a reputation, and provide a community of people to compete, collaborate and share with. While these elements of regular feedback, defined goals, recognition and community are essential to any motivation program, they are particularly critical to Millennials, who are accustomed to fast feedback and online learning.

Q: What design elements of Sun Life's money UP make the program so effective?

Paharia: At a high level, money UP is an online education platform that helps employees understand the financial dynamics behind their savings plans. As we all know, thinking about saving for retirement can be overwhelming and complex, so it is important that a training program be compelling and constantly engaging.

The program breaks down retirement and savings information into a series of missions that are progressively challenging yet attainable. This allows for regular feedback on a digestible amount of material and provides a series of goals. Participants complete short quizzes to move on to new levels, and a leaderboard allows them to compete against colleagues and share completed missions through Twitter and Facebook. These social elements tap into the competitive spirit while also driving a sense of community within the platforms plan members are already engaged on.

Q: How has money UP driven engagement and participation in workplace savings and retirement programs?

Darwish: By creating an interactive and fun environment for employees to learn more about their workplace retirement and savings plan, money UP aims to not only increase financial literacy, but also motivate employees to save for a more secure financial future. And it's working.

Since December 2013, we have had over 11,000 participants in the game, and they've completed more than 100,000 missions. And, most encouragingly, participation is leading to positive behavior changes. In the first six months, 33 percent of employees who finished Level 1 increased their contributions and/or added a new product. Of those who added a new product, 88 percent also added new assets to their plan. Now, participants who've taken action have increased contributions, on average, by an impressive 74 percent.

Furthermore, money UP is engaging those who historically have not been engaged in their workplace retirement plans. Millennials have not only been among the highest proportion of players in money UP, but also the most active -- they make up 33 percent of all players and 44 percent of employees who increased contributions or added product.

Sun Life Shares Success at Upcoming Event
On Wednesday, September 24, Darwish and Paharia will host a free webinar to discuss how companies can build employee financial literacy and improve participation in savings plans at work. Details are as follows:

Title: Inspiring financial literacy in the workplace: Sun Life Financial case study
Date: Wednesday, September 24
Time: 11 a.m. PT/2 p.m. ET
Register for free at: http://go.bunchball.com/inspiring-financial-literacy-in-the-workplace-sun-life-financial-case-study-webinar-registration.html

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. Sun Life Financial and its partners have operations in key 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 June 30, 2014, the Sun Life Financial group of companies had total assets under management of $684 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.

About Bunchball
Bunchball is the market leader and visionary in gamification for the enterprise. Bunchball drives business results through gamification with its cloud-based platform that motivates and engages employees, customers and partners. Our world-class customer roster is made up of numerous Fortune 2000 companies, including Adobe, Cisco, HP, Sun Life Financial, T-Mobile and VMware. Bunchball is strategically aligned with industry-leading partners, including BMC Software, IBM, Jive, NICE Systems and Salesforce.com, to deliver gamification solutions to enterprises globally. Based in Redwood City, California, Bunchball's investors include Granite Ventures, Triangle Peak Partners, Northport Investments, and Correlation Ventures. For more information, visit www.bunchball.com, our blog at www.gamification.com, or follow @bunchball.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessio...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.