(Image credit: Eduardo García/Unsplash.)
Prudential Financial, Inc. (Newark, N.J.) and Vitality Global (Johannesburg), a health and well-being company offering smart InsurTech with the stated goal of build a healthier world, have entered a 10-year, expanded partnership. Under this agreement, Prudential will leverage Vitality’s model to promote healthier lifestyles to complement its Total Wellness offering throughout Latin America, according to a joint statement from the companies.
This new agreement expands on the successful partnership the two firms launched in 2020 to offer health and wellness services in Brazil and Argentina through the Vitality program, according to the statement. Prudential affirms that the collaboration supports its broader strategy of expanding access to a suite of physical, mental and financial wellness solutions across emerging markets in Latin America and beyond.
“Based on the outstanding results of our joint offering in Brazil and Argentina and aligned with our mission to democratize access to Wellness, I am proud that our expanded partnership with Vitality will allow Prudential to help more people to live longer and better lives,” comments Federico Spagnoli, VP, International Wellness Solutions at Prudential International Insurance. “This collaboration will enable our growth in emerging markets by delivering the differentiated products customers need and want.”
Promoting Physical, Mental and Financial Health
Prudential reports that its Total Wellness offering allows insurers and employers to provide customers and employees tools and resources to promote their physical, mental and financial health, leading to better productivity and performance.
By using a smartphone and/or fitness tracker, participants can easily access a diverse range of activities and track their progress, the joint statement explains. By meeting their weekly activity goals, members can earn rewards that are redeemable for a variety of goods and services, such as movie tickets, coffee, and other merchandise. Additionally, the statement explains that there is a monthly reward program where participants can earn a free wearable device if they meet their monthly activity goals. For insurance customers, an annual discount on insurance premiums is available based on their Vitality status. The statement characterizes the program as providng a powerful wellness ecosystem that offers an easy and effective way to encourage healthy behaviors and promote a more active lifestyle.
“Together with Prudential, the opportunity we have to impact a continent’s health is hugely exciting for us,” comments Barry Swartzberg, CEO of Vitality Global. “Our expansion across Latin America will enable us to enhance the lives of tens of millions of people in the coming years. A common trend across the region is a strong demand for digital care and wellness solutions—which we will help provide.”