AMPLIFY HEALTH ACCELERATES STRATEGY THROUGH THE ACQUISITION OF AiDA TECHNOLOGIES

• Transaction complements and enhances Amplify Health's integrated health technology solutions stack and associated IP
• Adds new commercially proven capabilities and IP in artificial intelligence and machine learning

SINGAPORE, Jan. 10, 2023 /PRNewswire/ -- Amplify Health, the pan-Asian integrated health technology solutions joint venture between AIA Group Limited and Discovery Group Limited, today announced the acquisition of AiDA Technologies (AiDA), a leading provider of artificial intelligence (AI) solutions to companies in Asia Pacific.

AiDA was founded in 2016 in Singapore by Dr Tan Geok Leng, Dr Shonali Krishnaswamy, and a team of accomplished data scientists from the InfoComm Research Institute (I2R), A*STAR (Agency for Science, Technology and Research).

AiDA has developed a suite of commercially proven and multi award-winning proprietary machine learning technologies, used to automate underwriting, claims processing, and detect fraud, waste and abuse, which enable companies to use data better to accelerate processes, increase revenue, drive cost reductions and anticipate evolving risk. These capabilities complement and build on the existing Amplify Health integrated health technology solutions stack and associated IP comprising production-tested claims processing and administration systems, integrated digital health programmes to manage chronic disease and private medical insurance (PMI) product development capabilities, all underpinned by market-leading proprietary health intelligence platforms.

AiDA has established a solid client base across South-East Asia and a deep network of relationships in government, academia, research and other third-party institutions. Through the acquisition of AiDA, Amplify Health bolsters its regional team of highly skilled data scientists.

"Driven by our purpose to make the people of Asia Pacific healthier, we are building an integrated health technology solutions business that transforms health and wellness for patients and communities across Asia Pacific. The acquisition of AiDA Technologies adds further AI and machine learning capability to our existing IP and integrated health technology solutions stack that we are deploying throughout the region," said Dr Axel Baur, Deputy Chief Executive of Amplify Health. "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."

"As we sought to unlock the future potential of AiDA Technologies, we looked for a partner who could provide greater domain expertise, financial resources and access to new distribution networks to enable us to scale for even greater impact. We are confident that we have found that partner in Amplify Health and its impressive team," said Dr Tan Geok Leng, Chief Executive Officer of AIDA Technologies. "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."

About Amplify Health 

Amplify Health is a pan-Asian integrated health technology solutions business creating value for all stakeholders in healthcare systems. Our integrated health technology solutions empower our clients to improve healthcare funding, access and delivery at every point in the value chain to improve the health and wellbeing of people and communities across Asia. Amplify Health is a joint venture between AIA Group Limited and Discovery Group Limited, headquartered in Singapore.

For more information visit: www.amplifyhealth.com 

About AiDA Technologies

AiDA Technologies is a specialist AI/ML company that has developed multi award-winning solutions to increase revenue, improve operational efficiency and manage risk and compliance. AiDA's team, with skills in data science, data engineering, UI/UX, systems engineering and delivery, has established a strong network of customers and channel partners across South-East Asia. AiDA's innovative technology has been recognised and celebrated through multiple award wins, including the Singapore FinTech Festival in 2016 and 2017, the national-level TechBlazer award in 2018, the Huawei SPARK Global Start-up Competition 2020 and the InsurTech Vertical Champion at HK FinTech Week 2021.

For more information visit www.aidatech.io