Asia’s leading health InsurTech platform, established by AIA and Discovery, Amplify Health, announces its recent acquisition of Singapore-based AI machine learning analytics firm, Aida Technologies.
Singapore-headquartered Amplify Health is a leading pan-Asian health InsurTech company established as a joint venture between AIA Group Limited and Discovery Group Limited. In addition to distributing advanced and highly-integrative HealthTech solutions across the region, the platform is renowned for leveraging data science and innovative technologies to expand its offerings, while aspiring to revolutionise digital healthcare.
Aiming to boost its business expansion and growth in 2023, Amplify Health announced its recent acquisition of Singaporean artificial intelligence (AI) trailblazer, Artificial Intelligence Driven Analytics Technologies (AiDA).
Dr Axel Baur, the Deputy Chief Executive of Amplify Health, commented, “Through this acquisition, we are accelerating our plans to enable payors, corporates, medical providers, and public health systems to improve health outcomes for patients and the sustainability of healthcare systems in Asia Pacific.”
AiDA was founded in 2016 by information and communications technology (ICT) industry veterans, Tan Geok Leng and Shonali Krishnaswamy, alongside a team of expert data scientists from the InfoComm Research Institute and Agency for Science, Technology, and Research in Singapore.
Well-established within the financial services sector, the platform is regarded as one of the top providers of AI and machine learning solutions for leading insurance companies and banks in the Asia Pacific region.
Its multi-award-winning proprietary machine learning technology and AI-powered suite enables its clientele to drive effective results, by automating the detection of data fraud, abuse, and waste, along with streamlining the process of insurance claims and underwriting insurance. This allows companies to reduce their overall costs, and manage risks more effectively, while optimising their operational processes to aid their business growth.
In light of the recent acquisition, AiDA’s machine learning capabilities will aid the augmentation and scale of Amplify Health’s solutions offerings, delivering on various key areas, including enhancing chronic disease management programmes, claims processing and administrative support, as well as further developing its private medical insurance product power and capacity.
‘We are incredibly excited to join forces with Amplify Health on its mission of making the people of Asia Pacific healthier and putting our best-in-class technology to use across the region,” the Chief Executive Officer of AIDA Technologies, Dr Tan Geok Leng added.
In the coming years, the HealthTech industry is expected to advance significantly to a valuation of over US$166.7 billion by 2030, with a compound annual growth rate of 52%. The recent revelations have further prompted the development and adoption of new and innovative digital healthcare solutions across the region.