Perth-born – now Singapore based – digital wellness company WellteQ has signed a two year agreement with Bupa.
WellteQ is a digital wellness solution for employee health engagement and HR data analytics. The company was born in Perth but in 2014 moved its headquarters to Singapore.
“We moved to Singapore for two main reasons,” CEO and co-founder Scott Montgomery told Startup News.
“To access a higher availability of quality technology developers and for proximity to APAC MNC headquarters for business development opportunities.”
“[Singapore is] the gateway to Asia and has the best of both worlds for sales in mature markets (AU, SG, HK) as well as rapidly emerging SEA markets and the giants India and, when the time is right, China.
“All of which are significantly more populous than Australia, which is valuable for a SaaS business.
“For talent, Singapore is recognised as an epicentre of technology innovation for APAC and therefore attracts talent from all corners of the world looking for Asia work experience. The gene pool for talent here is excellent.”
Drawbacks from the move
Are there any drawbacks from leaving Perth?
“Of course there are pros and cons to every decision”, said Scott. “Friends and family, hometown culture but these are largely social drawbacks and the ex-pat community here is great. Certainly [it’s] a decision that I’m glad I made.”
In 2017, the company raised $1.2M in seed capital from investors including Peak Asset Management.
WellteQ’s engagement programmes include activity challenges, mental wellness, financial wellness, HR on boarding and virtual coaching for employees. They also offer comprehensive data analytics for real time engagement through a variety of methods.
What partnering means
The partnership with WellteQ gives Bupa access to leading team health programmes such as mental wellbeing, ‘MIND- your-Step’ and financial wellbeing.
“Bupa Wellness is continuing to explore and invest in digital technologies to help engage all employees, to promote and deliver excellent health outcomes,” said Brent Bennett, Head of Bupa Wellness.
“Partnering with WellteQ will allow us to utilise their established, expert-endorsed software and analytic capability and provide our clients with access to market-leading technology to gain better health outcomes for their employees.
“We are looking forward to developing this partnership and the exciting opportunities this can offer our clients in the coming years.”
Wellness technology is one of the fastest growing sectors globally.
“We’re seeing all major insurers around the world exploring digital wellness to drive customer engagement as a differentiating factor in market,” said Scott Montgomery.
“The adoption of wellness technology by insurers is one of the fastest-growing industries globally. WellteQ is extremely proud to work with Australia’s largest insurer, Bupa, as its digital wellness expert.
“The corporate market is advancing rapidly and bringing two industry leaders together will offer some particularly exciting options for Bupa Wellness clients in 2019.
“It’s another layer of validation that we are front running APAC in B2B wellness. Australia is an extremely mature market and to be selected as the best in market by the country’s largest insurer is a huge recognition.
“More importantly though it leverages our direct sales force with a highly reputed channel partner, which will serve Bupa well by delivering an advanced platform and experience. For us it’s accelerated growth, which is exactly what we’re after as a company in scale up phase. A true win-win.”
According to healthpayerintelligence.com, 85% of employees say that personalised communication increase employee engagement.
As of November 2018, Bupa’s corporate wellness application will be powered by WellteQ’s technology.
The two year partnership allows Bupa Wellness employees to better facilitate their corporate clients in Australia through digital channels.
According to Singapore’s ‘Business Times’, Prudential Insurance is also set to roll out a AI platform that uses WellteQ as well as three other applications.
For more on WellteQ, visit their website.
MAIN IMAGE: WellteQ’s homepage