AIA Group creates new pan-Asian health insurtech venture
AIA has teamed up with a South African health insurer for this new business.
AIA Group Limited has announced that it will establish a new pan-Asian health insurtech for Asia through a joint venture with South African health insurer Discovery Group Limited.
The joint venture will encompass Asia, excluding mainland China, Hong Kong and Macau.
Called Amplify Health, the aim is to be a leading digital health technology and integrated solutions business.
Amplify Health will deploy a range of health technology assets, proprietary data analytics and extensive health expertise to AIA’s businesses across the region and to other major participants in the healthcare sector. In addition, Amplify Health will open up new and significant growth opportunities from the provision of its health technology assets and services to third-party clients.
According to the agreement, AIA will own 75% of the JV whilst Discovery will own 25%. As part of the agreement and subject to regulatory approval, Amplify Health will be assigned ownership of Discovery’s Health IP and its full stack of technology assets, processes and analytics for the Asian region, including the systems and capabilities behind the existing AIA Vitality wellness programme, which will be transferred from Discovery to a separate entity wholly owned by AIA within Amplify Health. This entity will also be assigned ownership of Discovery’s Vitality IP for the region, excluding Mainland China, Hong Kong, Macau and Japan given Discovery’s existing partnerships in those markets.
AIA said it will fund Discovery’s share of growth capital up to $200m over the first 10 years and make certain contingent payments limited to the first 10 years of operations based on delivery and performance outcomes for AIA’s local businesses.
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