South Africa’s Discovery has teamed up with Hong Kong-listed AIA Group to launch a pan-Asian health insurtech firm in April this year.
Dubbed Amplify Health, the joint venture (JV) will be majority owned by AIA with a 75% stake.
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Discover will own the remaining 25% holding in the JV, which will cover Asia excluding Mainland China, Hong Kong and Macau.
This transaction awaits the nod of the South African Reserve Bank.
The entity will integrate AIA’s distribution platform and execution capabilities across Asia along with Discovery’s health insurance technology systems and assets and its Vitality technology platform.
Discovery Group CEO Adrian Gore said: “Over three decades Discovery has built unique and powerful health insurance, wellness and health management capabilities, made up of considerable IP, technology, data analytics and subject matter experts – their relevance and our deployment track record are demonstrated by the successful application of our capabilities in other markets.
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By GlobalData“All these learnings have manifested in an end-to-end Shared Value healthcare stack that will be shifted into Amplify Health to ensure that together with AIA we will build a significant business across the region and make a positive societal impact.”
Amplify Health will offer modern health technology, intellectual property (IP) and expertise to AIA’s health insurance businesses along with health and wellness InsurTech products to regional third parties.
Former Discovery Health CEO and current CEO of Discovery unit Vitality Health International Jonathan Broomberg will be in charge of.
AIA Group CEO and president Lee Yuan Siong 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.”
