Loyalty and Health - Improving decisions about Health with a "Nudge"
Updated: Jun 29, 2022
Nobel Prize winning Behavioral Economist and author Richard Thaler wrote "Nudge", where he argues that we are all susceptible to biases that can lead us to make bad decisions; this relates to our health choices too.
Recent history of people's behavior bears this out - Vaccine hesitancy for one reason or the other, or in some cases, simply putting it off, has resulted in very unfortunate consequences, including death. vaccines lotteries and incentives have been setup now to encourage people to take the vaccine - even though there is mounting evidence after a 1/2 a billion vaccinations that they are safe and effective.
The lottery idea seems to appeal to the imagination of people - there has been increased uptake of the vaccine when people have been 'Nudged' to do the right thing. As Richard Thaler argues, by knowing how people think, we can use a sensible "Choice Architecture" to Nudge people towards the best decisions for themselves, their family and society at large without restricting the freedom of choice.
Here is where a Coalition Loyalty program can play a role - What if a Payer (such as an HMO or a Health Insurance Company or for that matter an Employer) 'Nudges' the patients enrolled in the health insurance program to make good health choices ?. Instead of rewarding them with cash (which some companies do today) why not give them loyalty points that they can redeem at a set of complementary partners such as a Fitness Gym or maybe even a health monitoring device maker such as a Fitbit ? A diabetic can be incentivized to wear a Continuous Glucose Monitor and be rewarded every month for doing the same with Loyalty Points.
Pravici Tokenized Loyalty Points uses next generation blockchain technology to allow a set of companies to cooperate in a Coalition Loyalty Program and incent the Members with points for making good health choices. This method of nudging people to make good decisions preserves their freedom of choice while improving their health outcomes if they respond to the 'Nudge'.