Wellteq Signs Global Agreement To Supply Digital Wellness Services To Fortune 500 US Bank Northern Trust Corporation
- Wellteq has signed a 5-year global Master Services Agreement (MSA) to supply digital wellness services to Northern Trust Corporation (NASDAQ.NTRS) employees.
- Northern Trust, a Fortune 500 company and leading financial services provider with more than 20,000 employees globally, is set to initiate delivery of the Wellteq digital health platform to employees within the Asia-Pacific region.
- The first stage of deployment commences in Q3 2021 for employees in Singapore, Hong Kong, Australia, and the Philippines.
Wellteq Digital Health Inc. (“Wellteq”) is pleased to announce the Company has signed a global Master Services Agreement for 5 years with Northern Trust Corporation, a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, families, and individuals.
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“We are deeply committed in supporting our employees and encourage holistic wellbeing”
Companies invest into preventative or corrective health services for their workforces to improve employee health, workplace culture and team engagement and to reduce employee related costs such as absenteeism and preventable healthcare risk, preventable care utilization, and related care expenditures. A 2010 study published by Harvard University: Health Affairs estimated that, for every dollar spent on corporate wellness programs, medical costs fell by approximately $3.27 and absenteeism costs fell by about $2.73 for every dollar spent.1With such quantifiable benefits, the industry is projected to grow to over US $90 billion annually by the end of 2026.2
Through its smartphone application, Wellteq offers personalized wellness, risk reduction, illness prevention and digital coaching capabilities to employees in over 30 countries and 12 languages. Wellteq’s capabilities are seamlessly integrated with wearables, such as Garmin (GRMN), Apple Watch (AAPL) and Fitbit (GOOGL), and with rewards, incentives and telemedicine partners.
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As a banking institution with offices across the United States and 23 locations in Canada, Europe, the Middle East, and the Asia-Pacific region, Northern Trust has recognized the importance of offering localized employee wellness solutions to their regional teams. The first wave of the Wellteq deployment offers Wellteq’s digital health platform to Northern Trust’s Asia Pacific employees in Singapore, Hong Kong, Australia and the Philippines commencing in Q3, 2021.
Wellteq CEO Scott Montgomery stated, “Wellbeing is more essential than ever. While employees try to cope with drastic and rapid workplace changes and professional stresses, employers need to find new tools to help support employees. A recent survey from the Centers for Disease Control and Prevention found that 41% of all U.S. adults are struggling with mental health3 stemming from the COVID-19 pandemic. Wellteq’s behaviour change support programs offer credible health information and digital coaching across sleep, activity, mindset and nutritional habits and we’re working with forward-thinking organizations like Northern Trust that genuinely care to help their teams survive and thrive in this new normal.”
“We are deeply committed in supporting our employees and encourage holistic wellbeing,” said Angelo Calvitto, Head of Asia Pacific, Northern Trust. “Wellteq complements the extensive suite of benefits and resources we provide our employees and will help bring them the most relevant resources to boost their physical, emotional, and financial health while at work and at home.”
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