Discovery and the AIA Group have agreed to establish a health InsurTech business, to be named ’Amplify Health’, to operate as a joint venture (JV) in Asia, excluding China, Hong Kong and Macau.
Discovery has an exclusive partnership with the Ping An Group, through its shareholding in Ping An Health Insurance in the excluded countries.
Amplify Health aimed to be Asia’s leading digital health technology and integrated solutions business, transforming how individuals, corporates, payors and providers experience and manage health insurance and healthcare delivery.
The JV was built upon and will extend a successful partnership between Discovery and AIA, which will continue to operate alongside the new JV.
The JV would have scale to rapidly generate value for all stakeholders as it enters the market, a statement said yesterday.
Discovery will own 25 percent of Amplify Health and earn additional income and value for the assignment of IP ownership and transfer of expertise. Discovery will own 25 percent of the JV’s equity with AIA owning 75 percent.
The AIA Group is the largest independent publicly listed pan-Asian life insurance group with a presence in 18 markets.
BUSINESS REPORT ONLINE