AIA Group Limited announced 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.Amplify Health will include a joint venture entity for Asia excluding Mainland China, Hong Kong and Macau, which will be 75% owned by AIA and 25% owned by Discovery, and a separate entity wholly owned by AIA for these three markets. As part of the agreement and subject to regulatory approval, Amplify Health will be assigned ownership of Discovery's Health IP and its full stack of technology assets, processes and analytics for the Asian region, including the systems and capabilities behind the existing AIA Vitality wellness programme, which will be transferred from Discovery to a separate entity wholly owned by AIA within Amplify Health.

This entity will also be assigned ownership of Discovery's Vitality IP for the region, excluding Mainland China, Hong Kong, Macau and Japan given Discovery's existing partnerships in those markets.