Debevoise & Plimpton has advised AIA Group in the establishment of ‘Amplify Health’, its new health insurtech business, in partnership with Discovery Group, a South African-founded financial services organization that operates in the healthcare, life insurance, short-term insurance, banking, savings and investment, and wellness markets.
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.
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.
The Debevoise team advising AIA was led by partner Edwin Northover and associate Monisha D’Souza, and included of counsel Jeff Cunard (for IT specialist advice) and international counsel Allison Lee.