Edenred, the world leader in employee benefits, and SavingStar, the only national fully digital grocery savings service in the US, announced today the creation of a joint venture designed to promote a new solution for healthy eating among corporate employees. The new solution, known as NutriSavings, will provide employees with more information about the nutritional quality of their grocery purchases along with incentives such as digital eCoupons for healthier products.
This completely new offer for businesses1 helps consumers make more informed buying decisions in supermarket aisles while giving them increased purchasing power. It also helps companies reduce their healthcare-related expenses.
Employees who join the NutriSavings program set objectives with their companies to improve the nutritional quality of their shopping baskets as measured by a score that can be consulted online via computer or smartphone. In addition to incentives from employers for meeting these objectives, program participants will receive eCoupon savings on nutritionally balanced products. Select grocery retailers will partner with NutriSavings and its independent experts to help employees monitor, analyze and improve their household nutrition consumption. Consumers will also receive access to educational videos and downloadable content on the benefits of healthy eating.
US companies interested in promoting employee well-being
A study of US businesses conducted in 2012 by the National Business Group on Health (NGBH)2 revealed an increase in spending on programs to promote balanced nutrition and regular physical exercise. Today, nearly 90% of American companies have set up incentive programs, spending $520 per employee per year on average, or twice as much as in 2009. In addition, more than 70% of healthcare expenses stem from obesity-related chronic illnesses3. In the United States, where medical coverage is provided by employers, this represents an estimated cost of $850 per employee per month4. In addition to contributing to improve employee health, NutriSavings can help companies manage their payroll costs through reduced absenteeism.
Strategic alliance in a promising market
The partnership between Edenred and SavingStar includes the NutriSavings joint venture, which is two-thirds owned by Edenred5, and Edenred’s strategic financial interest in SavingStar6.
“We are very excited to set up this alliance with Edenred, a world leader in employee benefits. Together we will leverage SavingStar’s unique digital platform,” declared David Rochon, CEO and co-founder of SavingStar.
“Our partnership with SavingStar, a fast-growing start-up and market leader, demonstrates just how much innovation is an integral part of Edenred’s growth strategy,” emphasized Gilles Coccoli, Edenred Executive Vice President Strategy & Development.
“The launch of NutriSavings gives us an opportunity to expand in the United States. We have created an innovative solution in the fast growing market for health and wellness solutions that encourages employees to consume a more balanced diet and contributes to efforts to reduce healthcare spending on chronic illnesses,” noted Gérard Bridi, Edenred USA Managing Director.
Edenred, which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and delivers solutions that make employees’ lives easier and improve the efficiency of organizations.
Edenred solutions ensure that funds allocated by companies are used as intended. These solutions help to manage:
The Group also supports public institutions in managing their social programs.
Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 40 countries, with nearly 6,000 employees, nearly 610,000 companies and public sector customers, 1.3 million affiliated merchants and 38 million beneficiaries. In 2012, total issue volume amounted to €16.7 billion, of which 61% was generated in emerging markets.
Ticket Restaurant® and all other tradenames of Edenred programs and services are registered trademarks of Edenred SA.
Based in Waltham, Massachusetts, SavingStar is the first and only national, fully digital, grocery savings service, available for free at Savingstar.com and on iPhone® and Android® mobile apps. Redeemable at over 25,000 stores, SavingStar’s offers are linked to shoppers’ grocery and drug store loyalty cards and provide a more convenient and eco-friendly way to save on groceries than paper coupons. SavingStar automatically adds the value of each offer redeemed into users’ SavingStar accounts, enabling them to pick their payout from cash back to gift cards to charity donations. SavingStar also powers white-labeled grocery savings services, including Upromise, Fuel Rewards Network, and NutriSavings. SavingStar is backed by DCM, Flybridge Capital Partners, First Round Capital, IA Ventures, Edenred, and other investors. For more information, visit www.savingstar.com.
1 Market launch scheduled for the summer of 2013.
2Non-profit organization devoted exclusively to representing large employers' perspectives on national health policy issues and providing practical solutions to its members' most important health care problems.
3Source: US Centers for Disease Control (CDC) – www.cdc.org.
4Source: survey lead by Mercer L.L.C on 2,800 employees in 2011, November in New York.
5 Amount invested: USD 4m.
6Amount invested: USD 5m.