While has been synonymous with traditional insurance, the Canadian-based organization has forged ahead to digitally transform into a fully diversified and modern financial services institution that includes US$1.4 trillion in asset management. In fact, 45% of Sun Life鈥檚 income is from wealth and asset management with the rest divided across a comprehensive portfolio of health and insurance products for consumers and institutional clients. Virtual healthcare is among the comapny鈥檚 digital innovations that provide customers with access to quality care.
鈥淥ur CEO wants us to think and act like a digital company,鈥� said Dariush Shoja, vice president and corporate CIO at Sun Life. 鈥淯sing , we are digitizing and modernizing finance.鈥澛�
Shoja spoke during a session at the event in Boston, Massachusetts, where he showcased the company鈥檚 digital transformation that modernized the company鈥檚 finance platform.
Digital Closes Gap Between Generative AI Promise and Reality
Shoja immediately struck a responsive chord from the audience in the room who chuckled when he jokingly asked if anyone鈥檚 nightly dreams during college revolved around a career in finance. Drawing from his company鈥檚 experience with digital transformation, he acknowledged the industry鈥檚 change management challenges.
鈥淲hen we鈥檙e talking about finance in the context of digitization, it鈥檚 not just about automation or systems. It鈥檚 a paradigm and culture shift,鈥� he said. 鈥淵ou need to start at the top with the CEO, CFO, and everyone on down to support the change. Organizations aiming to become digital and adopt state-of-the-art technologies like generative AI should focus on getting buy-in for the journey.鈥�
Modern Financial Services Platforms Are Cloud-Based
Coming from earlier sessions in the day that touted the incredible promise of technology advancements like generative AI, Shoja was also candid about overcoming the reality that professionals in the financial services industry face.
鈥淗istorically there hasn鈥檛 been a significant amount of investment to update finance systems that are aging or nearing end of life. However, we saw the opportunity and made the right investment to modernize,鈥� said Shoja. 鈥淥ne of the key enablers of growth is moving to the cloud. Digitization is creating the foundation for our future as we modernize our platforms.鈥�
Connected Data Drives Informed Decisions
One of the objectives of Sun Life鈥檚 platform modernization was to connect previously disparate data between geographies and business units. With operations in regions worldwide, including North America, Asia-Pacific, and Europe, along with an expanding product portfolio, managing data was paramount to effective financial management that fuels customer satisfaction and company growth.
鈥淲e have to build, evaluate, and run complex actuarial policy models that meet evolving regulatory mandates worldwide and corporate profitability objectives,鈥� said Shoja. 鈥淕oing to the cloud has provided efficiencies through consistent operations across every geography. Moving from manual spreadsheets to automated dashboards provides finance with faster access to insightful analytics from larger and more complex data sets. People can easily drill down to find the information they need to make the right optimal decisions.鈥�
Out-of-the-Box Digital Thinking
Like every organization that鈥檚 managing millions of transactions, data standardization and integration was extremely important to create Sun Life鈥檚 modern global platform.
鈥淓ven though our systems were only about 15 years old, eliminating technical debt was key to our transformation,鈥� said Shoja. 鈥淲e replaced traditional ways of thinking with out-of-the-box strategies, using modern native tools in the cloud platform to gain efficiencies. For example, when we want to pay a claim, the system automatically generates all relevant journal entries. We鈥檝e strategically aligned technology with finance teams.鈥�
AI Can Save Valuable Time for Financial Services
Shoja saw numerous solid use cases for generative AI, traditional AI, and machine learning in the financial services industry. AI could quickly find data gaps, speed up time-sensitive quarterly close, expedite the accrual management, and simplify reporting. Sun Life has created a team that鈥檚 focused on AI use cases in finance and other areas. The company is also relying on partners to bring the full value of AI capabilities into the business.
鈥淟arge language models may not be feasible for organizations to build on our own. Instead, AI can be built into digital solutions,鈥� he said. 鈥淎s 51风流is doing, we need partners to provide AI solutions and make it part of their package.鈥�