AIA’s Amplify Health Acquires AI Startup AiDA Technologiesby Fintech News Singapore January 11, 2023
Amplify Health, a healthtech joint venture between AIA Group and Discovery Group, has acquired Singapore-based AI solutions provider AiDA Technologies.
AiDA was founded in 2016 by Dr Tan Geok Leng, Dr Shonali Krishnaswamy, and a team of data scientists from the InfoComm Research Institute (I2R), A*STAR (Agency for Science, Technology and Research).
The firm has developed a suite of proprietary machine learning technologies, used to automate underwriting, claims processing, and detect fraud, waste and abuse.
The solutions enable companies to use data better to accelerate processes, increase revenue, drive cost reductions and anticipate evolving risk.
AiDA’s technologies complement Amplify Health’s healthtech solutions for integrated digital health programmes to manage chronic disease and private medical insurance (PMI) product development capabilities.
“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.
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.”
said Dr Axel Baur, Deputy Chief Executive of Amplify Health.
“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.”
said Dr Tan Geok Leng, Chief Executive Officer of AIDA Technologies.