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.

SINGAPORE - Singapore government-owned deep technology development firm SGInnovate has made an investment of undisclosed size into Singapore-based artificial intelligence (AI) start-up Aida Technologies. The announcement was made in conjunction with SGInnovate's Arise deep tech event, part of the innovfest unbound 2018 technology showcase. SGInnovate has a mandate to nurture deep-tech start-ups. SGInnovate said that its investment is centred on Aida Technologies' straight-through processing (STP) engine, which is deployed with a "major insurer" in Singapore and was built to speed up processing of its health insurance claims. Shortening processing times from "days to mere seconds", the STP engine processes thousands of claims monthly, SGInnovate said in a statement.