Wellteq Digital Health Inc. Extends Private Health Insurer Partnership For 3-Years

Rhea-AI Summary

Wellteq Digital Health Inc. (CSE:WTEQ, OTCQB:WTEQF) has extended its three-year agreement with nib health funds, Australia’s fourth-largest private health insurer, emphasizing their long-standing relationship. This extension allows Wellteq to enhance member engagement via its customized digital health platform, integrating Garmin and other health providers. nib, serving over 1.2 million policyholders, aims to transform from a traditional payer to a health partner, focusing on personalized care and health management tools for its members.

Positive

• Extension of three-year Service Agreement with nib health funds strengthens relationship.
• Wellteq digital health solution customizes member engagement for nib, integrating Garmin.
• nib's focus on personalized treatment aligns with Wellteq's health improvement goals.

Negative

• None.

• Wellteq Digital Health Inc. (CSE:WTEQ, OTCQB:WTEQF) has extended its agreement with Australia’s fourth largest private health insurer through a three-year Service Agreement.
• nib health funds (NHF:ASX), are enhancing member engagement by offering a customised Wellteq platform to their members.
• nib has been Wellteq’s largest corporate customer for over two years and this new 3-year Service Agreement is an extension of that successful relationship.
• Wellteq’s digital health solution integrates its preferred partners such as Garmin and other health provider partners into the nib-customised digital wellness app and delivers health coaching, gamification, rewards and other features to nib’s members.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Wellteq Digital Health Inc. (CSE:WTEQ) (OTCBB:WTEQF), (the “Company” or Wellteq”), which supplies digital health and wellness solutions to customers in 12 languages across 30 countries is pleased to announce a three-year contract extension with the Company’s largest client, nib health funds (ASX:NHF) based in Australia.

nib is Australia’s fourth-largest private health insurer and provides private health insurance coverage to over 1.2 million policyholders across Australia. In line with the health insurer’s Payer to Partner journey, nib is focused on providing greater access to personalised treatment and care for its members as it moves away from being a traditional payer of claims and towards its ambition of becoming a health partner.

nib Chief Executive – Australian Residents Health Insurance, Ed Close said, “nib had engaged Wellteq alongside other core partners including Garmin (NASDAQ:GRMN) and data science company, Honeysuckle Health, to offer world leading digital health solutions.”

Further, Mr. Close stated, “By using digital methods we can equip members with tools and techniques that they can use to better manage their health and wellbeing. In turn, prevent the development of more serious health issues down the track.”

Scott Montgomery, CEO of Wellteq, commented, "Wellness is no longer a step counting fun-feature that sits to the side of insurance, nor is it a nice-to-have option that some insurers offer to their members. Digital Wellness has become table stakes for insurance companies that are serious about improving health outcomes for people. It is now a staple business tool for modern insurers. We are delighted to continue working with nib as they genuinely share our values and ambitions toward offering real health improvement in a personalized, respectful and meaningful manner. nib are leading industry innovators and our ongoing collaboration is proving extremely beneficial for all stakeholders in this relationship – a true win-win.”

About Wellteq Digital Health Inc.

Wellteq Digital Health Inc. is a leading global provider of personalized digital health and wellness solutions across the continuum of care. To learn more, visit http://www.wellteq.co.

Download the Wellteq Corporate Presentation:
https://wellteq.co/about/investors/

Cautionary Note Regarding Forward-Looking Statements:

This news release contains information or statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of Wellteq, and includes statements about, among other things, future developments and the future operations, strengths and strategies of Wellteq. Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.

The forward-looking statements made in this news release are based on management’s assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management’s experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for Wellteq’s products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.

The forward-looking information contained in this news release represents the expectations of Wellteq as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Wellteq undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

The CSE has neither approved nor disapproved the contents of this news release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211013005638/en/

Wellteq Investors:

Glen Akselrod

Bristol Investor Relations

E: glen@bristolir.com

T: (905) 326-1888

Source: Wellteq Digital Health Inc.

FAQ

What is the significance of Wellteq's agreement with nib health funds?

Wellteq's three-year agreement with nib health funds reinforces their partnership and enhances member engagement through a customized digital health platform.

How does Wellteq's digital health solution benefit nib health funds?

Wellteq's platform integrates health coaching and gamification features, promoting better health management for nib's over 1.2 million policyholders.

What is nib health funds' position in the Australian insurance market?

nib health funds is the fourth-largest private health insurer in Australia, offering coverage to more than 1.2 million policyholders.

What role does Garmin play in Wellteq's platform for nib health funds?

Garmin is one of Wellteq's preferred partners, integrating its technology into the customized digital wellness app for nib members.

What are the future goals of nib health funds in relation to Wellteq?

nib aims to transition from being a traditional payer to a health partner, focusing on providing personalized treatment and care for its members.