Welcome!

Containers Expo Blog Authors: Amit Gupta, Elizabeth White, Pat Romanski, Flint Brenton, Liz McMillan

News Feed Item

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

money UP, powered by Bunchball, wins over Millennials while increasing participation and savings in workplace retirement programs for all

TORONTO, Sept. 22, 2014 /CNW/ - Sun Life Financial broke new ground in the financial services industry last year by implementing a gamified online program to increase the financial literacy of Canadians who have a Sun Life workplace retirement plan through their employer. Powered by gamification company Bunchball, the money UP program challenges over a million Canadians 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 Canadians 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 providers 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 in Canada?

Darwish: We wanted to get employees engaged and investing in their workplace retirement plans earlier on and make it easy for them to save and invest thoughtfully at work. Our retirement education program was key; we needed an innovative approach that would simplify the details in a meaningful way and grab employees' attention. It was also important to look outside our industry to see what other companies were doing to engage and educate customers. By leveraging 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 increasing their financial literacy and learning about their workplace plan, the program encourages employees 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 for the platforms plan members are already engaged on.

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

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 them 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 behaviour changes. In the first six months, 33 per cent of employees who finished Level 1 increased their contributions and/or added a new product. Of those who have increased their contributions, contributions increased, on average, by an impressive 74 per cent.  Of those who added a new product, 88 per cent also added new assets to their plan. 

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 per cent of all players and 44 per cent 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.

SOURCE Sun Life Financial Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
I think DevOps is now a rambunctious teenager - it's starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
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.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
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...
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...
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...
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...
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...
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...
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.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...