Insurance giant Prudential has signed a deal with ASX small cap MyFiziq to create an app that will track the health of its staff and improve the “company bottom line”.

The deal is the first to come from MyFiziq’s (ASX:MYQ) partnership with workplace wellness app WellteQ announced last month.

The Prudential-branded app — to be rolled out among the insurer’s 1000 Singapore staff — would provide real-time data analytics to help quantify employee engagement, measure health risk and reduce costs across their workforce.

It would feature a 3D avatar of the staff member, tailored health prompts, personalised goal-setting, a reward program and even “telemedicine consultations”.

The app would provide “a data-driven approach to supporting employees to reduce risk and cost, ultimately improving company bottom line,” MyFiziq said.

“The recent partnership with WellteQ has very quickly gained traction and delivers a strong new revenue stream for MYQ into the corporate wellness space,” chief Vlado Bosanac told investors.

MyFiziq (MYQ) share price movements in the past six months.
MyFiziq (MYQ) share price movements in the past six months.

“At our core we are providing individuals the ability to accurately measure their body’s changes to make smarter decisions about health improvement.”

Prudential plans to use the app under a strategy to turn its office into a “workplayce” that would “engage employees with activity-based working options and areas for experimentation and exploration of ideas” — including sleep pods.

Under the deal, Prudential will pay MyFiziq to build the application — plus a per-user fee.

MyFiziq shares reached highs of 37c on the news before dropping back to 34c — up 3 per cent.

MyFiziq was one of the best performers on the ASX last year, gaining 2000 per cent in a matter of months and topping out at a high of $1.65 in January.

The stock took a hit last week after the company retracted research reports from Red Leaf Securities citing material errors which had the effect of bringing forward the revenue projections by a year.

Trade was suspended on March 21 at 65c, and fell to half that at 33c by Tuesday.

WellteQ chief Scott Montgomery said the deal would improve the lives of employees.

“By leveraging our integrated technologies in a white labelled environment, Prudential will help their people improve their lives with the Prudential brand front and centre. Employer and consumer loyalty is as much about hearts and minds as it is about bells and whistles, this is a smart initiative on Prudential’s part.”