AIA Group Limited has established a pan-Asian Health InsurTech business, Amplify Health, to transform how individuals, corporates, and providers manage health insurance.
Amplify Health encompasses a joint venture entity with Discovery Group Limited for Asia, excluding mainland China, Hong Kong and Macau.
According to AIA, Amplify Health will deploy a range of health technology assets, proprietary data analytics and extensive health expertise to AIA’s growing businesses across the region and to other major participants in the healthcare sector.
This will become a key competitive advantage for AIA helping to grow new business value and delivering financial benefits such as improved claims performance and reduced operational costs.
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.
AIA said the acceleration of digital healthcare during the pandemic, coupled with an aging population in Asia and a greater proportion of the population in the middle classes, who are more engaged in improving their health, underpins the importance of Amplify health.
Lee Yuan Siong, AIA group chief executive and president, said, “As we look to the future, we see an urgent need for better, simpler and more affordable healthcare, and an expanding protection gap for the growing population in the region. These factors, combined with the fundamental drivers of growth in Asia, present an extraordinary opportunity.
“Amplify Health is the natural next step in our journey from payor to partner, enabling us to play a leading role in shaping the transformation of the development and delivery of healthcare in Asia.”
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