Awards Summary

Sun Life Hong Kong

Sun Life is a company with many aspirations.  The solid Canadian company is rated highly by Benchmark for its social responsibility and its adoption of ESG and sustainability policies across all its practices.  It is a financially strong company with impressive track records, particularly in the environment and social impact.  The company has a strong sales force, although not the largest, and has an impeccable relationship with its brokers.  Most noteworthy is their rapid improvement in market share and brand perception.  This year, the company has won four Benchmark awards, with a best-in-class in QDAP and an outstanding achiever for its savings product.  It's also recognized for its 5-star digital effort and its best-in-class achievement in human capital development. 

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Benchmark Awards

Benchmark Awards Recipient - Sun Life

Each year, Benchmark awards best practice insurers based on the Voice of the Customers (VOC) and Expert Reviews. Winning an award from Benchmark means that the winner has the highest overall ratings combining the VOC scores and the Expert Ratings in Benchmark’s 22 qualitative and 54 metrics in their respective categories, where companies are assessed on the quality in product, brand, client services, governance, and digital experience.

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Product Proposition +

Benchmark awards high-quality providers who offer outstanding qualities in financial strength, unique product propositions, features, value for money to customers, return on investments, customer care, claims process, ease of access, quality of advice, and social responsibilities, including investment policies for participating funds of customer policies.

Critical Illness

Expert Rating

Not Rated

Consumer Rating

Healthcare

Expert Rating

Not Rated

Consumer Rating

Qualifying Deferred Annuity Policy

Expert Rating

Best-in-Class

Consumer Rating

The Rest

Savings Product

Expert Rating

Outstanding Achiever

Consumer Rating

The Rest

Term-Life

Expert Rating

Not Rated

Consumer Rating

Client Journey +

Client Support

Expert Rating

Not Rated

Consumer Rating

Benchmark awards high-quality providers who offer the best strategies and practices on after-care, ease of contacting a client service desk, availability of digital tools and ease of usage, supporting clients regardless of the situation, assisting the client through administrative processes, and ensuring that they understand each stage entirely, and, more importantly, keeping promises. The winners have demonstrated outstanding service level and commitment, advocacy scores, the way and channels they engage with the clients, and the alignment between agents and the clients being served.

Brand Performance +

Brand Award

Expert Rating

Not Rated

Consumer Rating

Social Media Engagement Award

Expert Rating

Best-in-Class

Consumer Rating

Digital Satisfaction +

Digital Project

Expert Rating

Consumer Rating

Benchmark looks at the overall customer ratings for companies' digital capabilities using the Aggregated Voice-of-Customers rating of the following scores in digital satisfaction: Ease of Use, Overall Sentiment, Utilization, and Usage, based on results from the BENCHMARK 2019-2020 Insurance Survey.

1 Ease Of Use –  The overall score of ease of use of digital tools includes clients' rating on availability and quality of digital services

2 Overall Sentiment – Satisfaction of mobile app and web portal

3 Utilization – Rating of clients' rate of use of mobile app and web portal

4 Usage – Rating of clients' usage of digital tools includes their digital experience in purchasing products and policies, making claims, account management, and activities before being a client (i.e. browsing products, gathering insurers' background information, on-boarding process)

Governance +

Human Capital Development

Expert Rating

Best-in-Class

Consumer Rating

Not Rated

Sustainability & ESG

Corporate Sustainability Performance

As of April 2021, Sun Life's financial rating has remained stable: “AA-” (Stable Outlook; as of 06 Jan 2020) by Standard & Poor’s, and “A+” by Fitch (Stable Outlook; as of 16 Apr 2021).

Parent Company Sustainability Rating

ESG Global Ranking Percentile

Global Compact Sector Ranking Percentile

Short-Term Temperature Alignment

Long-Term Temperature Alignment

Top 4.52%

Top 12.08%

1.5°C Aligned

2°C Aligned

Financial Ratings
83%
Environmental Score
66%
Social Score
63%
Governance Score
61%
Global Compact Score
88%

The ESG score identifies sustainable companies that are better positioned to outperform over the long term. The methodology considers the principle of financial materiality for long-term performance, with an algorithm built only on information that helps explain future risk-adjusted performance.

The Environmental pillar considers the company's contribution and the impact of business activities to the emission of greenhouse gases and air pollutants, biodiversity, forest stewardship, generation of waste and other hazardous output, water pollution and withdrawal, investments into resource efficiency, and impact reduction.

The Social pillar considers the business' contribution and the impact of activities to equal opportunity, workplace-related health, and safety, support learning, product access to the disadvantaged including medicine, education, finance, food, the quality and safety of products, recognizing codes for child labor, the fair and equal compensation, and the working conditions.

The Governance pillar assesses the business practices on ethics against corruption, ensure long term control of board committee, shareholder rights, insider trading transparency, overall earnings, and debt to equity ratios.

The Temperature score represents the company's performance by their near term and long term alignment to the Paris Agreement using a simple scorecard for four different ratings: Aligned, Aligned long term, Aligned near term, and Overheating.

Companies contributing to the rise in global temperature under the agreed limit with a Near-Term Score with 2°C or less means the company is Paris-aligned for the current pathway until 2030, and a Long-Term Score with 2°C means an alignment for the current pathway until 2050.

The score quantifies the United Nations Global Compact (UNGC)’s four core principles: Human Rights, Labor Rights, the Environment, and Anti-Corruption. This measurement can be used as a risk management tool to approximate reputational risk-facing companies with lower scores.