AIA ANNOUNCES ‘AMPLIFY HEALTH’ – A NEW HEALTH INSURTECH BUSINESS IN PARTNERSHIP WITH DISCOVERY GROUP – QNT Press Release

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  • New digital health technology and integrated solutions business that will deploy a range of health technology assets, proprietary data analytics and extensive health expertise.
  • Accelerates AIA’s Health & Wellness strategy and positions the Group to capture significant new opportunities from the rapidly growing health market in Asia.
  • Opens up additional and substantial growth opportunities from the provision of health technology services to third-party clients across the region.
  • Provides a key competitive advantage for AIA, helping grow new business value and delivering financial benefits such as improved claims performance.
  • Transforms how individuals, corporates, payors and providers experience and manage health insurance and healthcare delivery, improving the health and wellness outcomes of patients and communities across Asia.

HONG KONG, Feb. 15, 2022 /PRNewswire/ — AIA Group Limited (the “Company”, and together with its subsidiaries, “AIA” or the “Group”) announces that it has established a new pan-Asian Health InsurTech business called ‘Amplify Health’encompassing a joint venture entity with Discovery Group Limited (“Discovery”) for Asia excluding Mainland China, Hong Kong and Macau and a separate entity wholly owned by AIA for these three markets. The vision for Amplify Health is to be a leading digital health technology and integrated solutions business, transforming how individuals, corporates, payors and providers experience and manage health insurance and healthcare delivery, improving the health and wellness outcomes of patients and communities across Asia.

Amplify Health will deploy a range of health technology assets, proprietary data analytics and extensive health expertise to AIA’s market-leading and rapidly 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.

The powerful combination of capabilities from AIA and Discovery will create value for stakeholders across the healthcare value chain by delivering the following outcomes:

  • Individuals will have greater access to the right providers at the right cost with improved health outcomes and empowerment through behavioural change programmes.
  • Payors and corporates will have access to better health insurance and wellness products, improved claims quality, advanced risk management capabilities and reduced administrative costs.
  • Healthcare providers will transform patient experience and satisfaction through world class digital services and insights leading to enhanced decision-making, greater alignment with payors and better medical outcomes.
  • Pharma and MedTech companies will improve clinical programmes through enriched real-world data and advanced digital tools, leading to lower treatment costs and new therapies.

This is an opportune time to transform healthcare delivery across Asia. Total healthcare expenditure across AIA’s markets is expected to exceed US$4 trillion in 2030[1]. By this time, there will be 2.6 billion[2] people in the middle classes in Asiawho will be significantly more engaged with improving their personal health than previous generations. Consumers are already more proactively managing their well-being, with 80 per cent actively engaged in health maintenance and lifestyle changes and nearly 50 per cent using digital health and remote care services compared with pre-pandemic levels[3].

Digital healthcare adoption has accelerated as a result of the pandemic, with Telehealth services expected to reach 70 per …

Full story available on Benzinga.com

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