Understanding the needs of different age groups can lead to better products and services for supporting their health and well-being.ISTOCK.COM
When young people graduate with a post-secondary degree, for example, many have to put life goals on hold while they repay student loans. For families with young children, it can be difficult to fit health and wellness into a busy schedule. And for Canadians approaching retirement, the question of whether they can do so in comfort is often top-of-mind.
These kinds of pressing needs matter to group retirement and benefits provider Great-West Life, says Jeff Macoun, executive vice-president, Group Customer. “For us, it really starts with being there for our customers through life’s ups and downs, supporting them with personalized and intuitive services that are tailored to their needs.”
Great-West Life strives to be much more than an insurance company – they want to partner with Canadians to help them overcome challenges and reach their potential at all stages of life, says Mr. Macoun.
“We aim to help Canadians improve their financial, physical and mental well-being. That starts with understanding their needs on a deep level, and then responding to those needs with new services or enhancements to the ones they already find useful,” he says. “We want to make a positive difference in the lives of our customers, whether it’s helping them reduce stress, develop good saving habits or be proactive about their health.”
Entering the workforce
For new graduates, Great-West Life has piloted an innovative voluntary retirement and savings program that is the first of its kind in Canada, says Mr. Macoun. “Statistics show that Canadian graduates are entering the workforce with an average student debt of $27,000, which takes about 10 years to repay. This can mean a significant delay in plans for homeownership, starting a family or saving for retirement.”
Through the pilot program, participating members can pay down their Canadian and provincial or territorial government student loans and receive an employer-matched contribution to their group retirement and savings plan. “We don’t think graduates starting out in the workforce should need to choose between saving for the future and paying their student debt,” he explains. “This pilot program gives them the ability to do both.”
Raising a family
Another Great-West Life solution is designed to make health care more convenient for busy Canadians families, says Mr. Macoun. “We are piloting a new health service that virtually connects customers with a team of family doctors, nurses and other medical professionals through a secure app,” he says. “Canadian families spend countless hours waiting to be seen by health-care professionals for non-urgent medical issues. This is often precious time taken away from work or family.”
Great-West Life is partnering with health-care technology provider Dialogue to bring this virtual health service to Canadians. “Customers can securely text or video chat with a team of medical professionals, who can diagnose a number of conditions, provide medical advice, make a referral to a specialist or write a prescription,” he says. “And this service can be accessed online from any location, seven days a week. It offers convenience and a chance to be proactive about health issues.”
Planning for retirement
Great-West Life has also introduced Wayfinder, an online tool for exploring retirement readiness, says Mr. Macoun. “Canadians want retirement planning to be simple and intuitive, which led us to develop Wayfinder, an online retirement planning experience that brings all your financial information together in one place for a complete view,” he says. “It analyzes your financial picture in minutes, delivering personalized saving recommendations that will allow you to live the retirement you want.”
Customers can act on these recommendations right away and receive guidance towards investments or professional coaching that will help them achieve their goals, adds Mr. Macoun.
After being offered for over a year and a half, Wayfinder is already having an impact on how some plan members are saving for the future. Participating customers who followed Wayfinder’s recommendations to save more had an average savings increase of $2,500 per year. “I think this shows the power of personalized recommendations. We’re seeing a lot of customers take action to achieve the retirement they want,” says Mr. Macoun.
All three initiatives have been well received since they are tapping into a real need in the marketplace, says Mr. Macoun. “Employers are looking for innovative ways to stand out in a competitive hiring market,” he explains. “At the end of the day, they want their employees to be healthy, happy and ready to do their best work – Great-West Life can help them achieve that.”
Advertising produced by Randall Anthony Communications. The Globe’s Editorial department was not involved in its creation.