Sun Life Financial (SLF), announced Monday it is expanding its partnership with CloudMD (DOC), the creators of Mental Health Coach service, so that more people have access to care.
This is the industry’s first personalized service emphasizing prevention and using analytics to keep Canadians healthy. After a successful seven-month pilot program, Sun Life will begin integrating Mental Health Coach into its Group Benefits offering. (See Analysts’ Top Stocks on TipRanks)
Helping Canadians With Mental Health Issues
Many Canadians have mental health issues. According to a Sun Life study, more than half of them do not seek medical support. Cost, access and feelings of embarrassment are the main barriers.
Mental Health Coach uses analytics to identify customers at risk of developing a mental health problem. It then proactively guides them to the resources that are right for their respective situations.
Sun Life Health president Dave Jones said, “As the largest provider of group benefits in Canada, we know that tackling the mental health crisis requires dedication and a customized approach. Each person experiences mental health in their own way – no two journeys are the same. We’re committed to providing Canadians with innovative and personalized mental health tools to help them wherever they are in their journey. Mental Health Coach is one way we’re helping our Clients live a healthier life.”
Certain Sun Life Group Benefits Clients will have access to the Mental Health Coach service as part of their integrated benefits packages. The service will be rolled out and offered as part of the plans in 2022.
Wall Street’s Take
On November 5, Scotibank analyst Meny Grauman maintained a Buy rating on Sun Life and raised its price target to C$78 (from C$77). This implies 13.5% upside potential.
Overall, the consensus is that SLF is a Moderate Buy, based on nine Buys, one Hold, and one Sell. The average Sun Life price target of C$79.71 implies 16% upside potential to current levels.
TipRanks’ Smart Score
SLF scores a “Perfect 10” on the TipRanks Smart Score rating system, indicating that the stock returns are very likely to outperform the overall market.
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