Shadine Taufik · · 1 min readAIA’s Amplify Health acquires SG-based machine learning firm
Singapore-headquartered Amplify Health – a joint venture between AIA Group and Discovery Group – has announced its acquisition of AI-powered data analytics firm Aida Technologies.
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Aida was founded in 2016 in Singapore by Tan Geok Leng, Shonali Krishnaswamy, and a team of data scientists from the InfoComm Research Institute and Agency for Science, Technology, and Research.
Its AI-powered suite allows clients to automatically detect data fraud, abuse, and waste, as well as process insurance claims and underwrite insurance. In turn, the service reduces costs, makes risks known, and accelerates operational processes for businesses.
Following the acquisition, Aida’s machine learning software will be used to bolster Amplify Health’s solutions stack, which offers chronic disease management programs, claims processing and administration systems, as well as private medical insurance product development capabilities.
Amplify Health was established last year by Hong Kong-based insurance firm AIA and South African financial services company Discovery. It operates as a health insurtech firm, aimed at reducing costs and revealing insights associated with the healthcare industry.
The healthtech industry is set to grow to US$166.7 billion by 2030 at a compound annual growth rate of 52%.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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