Discovery SA Partners With AIA To Launch A Pan-Asian InsurTech Start-Up Called Amplify Health
Discovery SA Partners With AIA To Launch A Pan-Asian InsurTech Start-Up Called Amplify Health. South Africa-based financial services group Discovery SA has announced its partnership with AIA in order to launch a Pan-Asian insure tech startup called Amplify Health. The new entity is expected to launch in April 2022 with the aim of becoming Asia’s leading digital health technology and integrated solutions business.
The partnership will operate as a joint venture in Asia, excluding China, Hong Kong and Macau, where Discovery has an exclusive partnership with the Ping An Group through its shareholding in Ping An Health Insurance. It will provide a range of state-of-the-art health technology, intellectual property and expertise to AIA’s rapidly growing health insurance businesses and will also build and deliver health and wellness InsurTech products and services to third parties across the region.
AIA is the leading pan-Asian private medical insurer and provides life, health and wellness solutions to the holders of more than 39 million individual policies and over 16 million members of group insurance schemes. Amplify Health is central to AIA Group’s strategy to grow its health business. The joint venture has been established with the vision of transforming how individuals, corporates, payers, and providers experience and manage health insurance and healthcare delivery, improving the health and wellness outcomes of patients and communities across Asia.
According to Discovery SA digital healthcare adoption has accelerated because of the pandemic, with 96% of insurers in Asia-Pacific indicating that their members now use telehealth to access primary physician/general practitioner (GP) services. Adding to this, the population in parts of Asia is ageing, with close to 850 million people in the region predicted to be over the age of 60 by 2030. This unparalleled combination of shifting demographics, rising consumer expectations, accelerated digital adoption, new advancements in HealthTech and significant unmet service demand underpin the strategic importance of Amplify Health.
