The AI-powered data analytics company Aida Technologies has been acquired by Amplify Health, a joint venture between AIA Group and Discovery Group with its headquarters in Singapore.
Tan Geok Leng, Shonali Krishnaswamy, and a group of data scientists from the InfoComm Research Institute and Agency for Science, Technology, and Research launched Aida in 2016 in Singapore.
Clients can handle insurance claims, underwrite insurance, and automatically detect data fraud, misuse, and waste thanks to its AI-powered suite. As a result, the service lowers costs, discloses hazards, and speeds up firm operating procedures.
Following the purchase, Amplify Health will leverage Aida’s machine learning software to strengthen its solutions stack, which includes chronic illness management programmes, claims processing and administration tools, and capabilities for developing new private medical insurance products.
The insurance company AIA, located in Hong Kong, and the financial services provider Discovery, based in South Africa, launched Amplify Health last year. It functions as a health insurtech business with the intention of bringing down prices and exposing information about the healthcare sector.
With a compound annual growth rate of 52%, the healthtech sector is expected to reach US $166.7 billion by 2030.
