Allen & Overy advises Discovery on the establishment of a joint venture and InsurTech business with AIA
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Publications: 01 March 2024
News: 20 December 2023
News: 19 December 2023
Allen & Overy is advising Discovery Limited, a South Africa-based financial services group on the establishment of ‘Amplify Health’, a new InsurTech business, in partnership with AIA Company Limited.
Amplify Health aims to develop a leading digital health technology and integrated solutions platform by transforming how individuals, corporates, payors and providers experience and manage health insurance and healthcare delivery, improving the health and wellness outcomes of patients and communities across Asia.
The joint venture will combine Discovery’s proprietary health technology assets, data analytics and expertise with AIA’s market leading and rapidly growing health services platform.
Completion of the joint venture is anticipated to occur in approximately three months, after the satisfaction of regulatory approvals.
Partner David Norman commented, "We were delighted to assist our long-term client, Discovery Limited, on the formation with AIA of a pan-Asian technology-led health solutions business. As we have seen in recent years, the emerging middle class across Asia is demanding a new type of proposition from their insurance and healthcare providers, one that is customer-centred, technology-enabled and focused on wellness and disease prevention. This trend has only accelerated through the pandemic and by combining Discovery’s innovative and market-leading technology assets with AIA’s unrivalled distribution platform, Amplify Health will be well placed to take advantage of the rise in digital healthcare in the post-pandemic environment in Asia."
The cross-practice, multi-jurisdictional team advising on the transaction was led by Allen & Overy’s Hong Kong corporate and technology partner David Norman, with support from the firm’s specialist IP, technology and data teams across Asia-Pacific, including Shanghai, Singapore and Sydney. Lawyers from Shanghai Lang Yue Law Firm, A&O’s joint operation partner in China, provided advice in relation to PRC law.