Consumers and Sponsors Reap the Rewards of Wellbeing Program Participation
Gift Card Redemptions Reflect Pandemic-Driven Shifts to Digital Retailers and Grocery Stores
DENVER – December 10, 2020 – Given the distractions and stressors of COVID, motivating consumers to engage with wellbeing resources is more challenging, more essential for health outcomes, and more important for reducing costs than ever before. Financial incentives are a proven and increasingly popular way to encourage people to use wellbeing offerings. Today Welltok, the consumer activation company, announced its employer and health plan clients have successfully awarded a staggering $97 million in incentives for participation in wellbeing programs.
“2020 has proven how essential it is for people to take advantage of their available benefits and resources. Some may need a little extra motivation to stay or get back on track with their health and wellbeing goals this year, and we were proud to see our clients step up,” said Erica Schnellenberger, director, rewards and marketplace for Welltok. “It’s been interesting to see the trends in reward redemption for new gift card vendors as well as merchandise like activity trackers or fitness equipment. People are especially appreciative of the extra boost these days and are taking better care of themselves too.”
Welltok provides a single destination for total wellbeing benefits and programs, which may be sponsored by an employer or health plan. By leveraging predictive analytics and multi-channel engagement, the company engages individuals with personalized programming that supports their physical, mental, financial and social wellbeing – and rewards activity. With over a decade of experience, Welltok intelligently aligns the optimal incentive value and reward type with the targeted action, and manages fulfillment too. For example, one employer experienced a 650% increase in health risk assessment completion by adding the appropriate reward.
Welltok has reported completion rates of 70-94% for COVID-related programs like stress management, financial coaching and more by both essential and remote employees. The company has also conducted incentive and awareness campaigns to get people vaccinated. As of November 30, 2020, consumers participating in those and other wellbeing programs have earned nearly $100 million in rewards including gift cards, merchandise, cash, healthcare premium reductions and health savings account contributions.
Gift cards remain one of the most popular types of rewards for participation. This year, consumers’ gift card selection reflects a shift in spending habits during COVID with a spike in online shopping, home improvement and grocery delivery:
- Amazon and Walmart gift cards were the highest in demand
- Lowe’s gift cards experienced a 15% increase over 2019
- Meijer, Giant Eagle and other grocery stores have quickly risen up the ranks, becoming some of the more common rewards redeemed in 2020
To learn more about best practices for maximizing outcomes by designing an optimal rewards program, download Welltok’s new Guide to Incentive Optimization.