🔒On the Record: Benefits provider balances organic growth with acquisitions

Dan Fishbein, a medical school graduate who has spent his career in the benefits industry, is the outgoing executive chairman of Sun Life U.S., a provider of employee and government benefits with around 600 employees in Maine and an office on Portland’s East End. As the company’s former president prepares to retire later this month, Mainebiz asked him about industry changes and his plans for retirement. Mainebiz: Sun Life has expanded significantly through acquisitions. What’s the strategy? Dan Fishbein: When I first joined Sun Life U.S. in 2014, the company had recently exited its two largest U.S. insurance businesses: annuities and new sales of individual life insurance. That left us with only one business: employee benefits, and it was relatively small, being 14th in the market. We embarked on a systematic effort to grow the employee benefits business in scope and scale, both through organic growth and a series of acquisitions. Our goal was to be a leader in a few key areas, and we have accomplished that. Sun Life is now a leader in stop-loss and dental, and a top 10 in group benefits. Today we have grown in size more than fourfold, and we are now a top-four provider of specialty employee benefits, with $8.5 billion annual revenue. We provide coverage and services to about 50 million Americans. MB: You once called Sun Life’s Portland office the ‘future of work.’ Is that still the case? DF: We have a highly flexible approach to work in all seven of our major Sun Life U.S. offices. We use a flexible hybrid model, which means employees divide their time between home and office settings, and they determine when they work in each place based on a balance of work and personal needs. We expect our team to spend about half their time in the office, but they have a lot of say in how and when they work in each place. Our Portland office, which is the hub for more than 600 of our 6,500 Sun Life U.S. employees, was one of our first offices to be redesigned to support hybrid work. MB: How do you view the evolution of the Portland Foreside neighborhood? DF: The eastern waterfront is already a business hub in Portland, with several large businesses occupying new buildings in an area that was previously mostly gravel parking lots. We are optimistic that the additional development planned in and around the Portland Foreside complex will result in Sun Life being at the center of a vibrant, mixed-use neighborhood, featuring restaurants, retail, offices and housing, with lots of amenities. MB: What can you share about leadership succession at Sun Life U.S.? DF: I was very fortunate to be able to select and help develop my successor, David Healy, who is already in the role and off to a great start. David has been with the company for more than 20 years and knows every aspect of our business. He is continuing our strategy, and I am confident he will advance us to even greater success in the future. MB: What’s your advice to your successor? DF: My most important advice is to always remember that people are at the center of everything we do. We don’t provide a physical product — we provide services, and services that are critically important to the lives of those we serve. Our products are delivered entirely by people, and having the best people who are well-taken care of will ensure we can deliver great products to those who rely on us. And I am sure that our 600-plus people in Maine will continue to be a big part of that story. MB: What’s next for you? DF: I am looking forward to having more time to spend with family and friends, and time for travel and hobbies. I also plan to remain actively involved through serving on boards and doing some advisory work with early-stage companies involved in health and employee benefits.