South African-founded financial services organisation Discovery Limited has announced plans to establish a pan-Asian health insurtech business with life insurer AIA Group, called Amplify Health.
Expected to launch in April 2022, Amplify Health will operate as a join venture in the Asian market, excluding China, Hong Kong and Macau, where Discovery has an exclusive partnership with the Ping An Group through its shareholding in Ping An Health Insurance.
The creation of Amplify Health builds on the near 10-year working relationship between Discovery and AIA Group, which to date has focused on the integration of AIA’s life insurance products with AIA Vitality across AIA’s businesses in Asia.
The joint venture will look to combine Discovery’s global healthcare technology, IP and health expertise with AIA’s brand, distribution platform and decades of execution capabilities across Asia.
“Over the past 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,” says Adrian Gore, Discovery Chief Executive.
“The relevance of these assets and our deployment track record are demonstrated by the successful application of our capabilities in other markets. All these learnings have manifested in an end-to-end Shared Value healthcare stack that will be shifted into Amplify to ensure that together with AIA we will build a significant business across the region and make a positive societal impact,” Gore continued.
“Discovery and AIA have an exceptionally successful long-term relationship through AIA Vitality, and our organisations have completely aligned core purposes – this creates a powerful platform for Amplify Health.”
Amplify Health will be led by Jonathan Broomberg, the former Chief Executive Officer of Discovery Health, and current Chief Executive Officer of Vitality Health International (VHI), a Discovery subsidiary.
Lee Yuan Siong, AIA Group Chief Executive and President, also commented: “For more than a century AIA has been at the forefront of protecting our customers when they need us the most. 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. Discovery is a partner who is equally passionate about creating value for all stakeholders. I am certain that through Amplify Health we will go on to help millions more Asian families live Healthier, Longer, Better Lives.”
Subject to approval by the South African Reserve Bank, Discovery Group will own 25% of the JV’s equity, with 75% owned by AIA.