HONG KONG / SHANGHAI, 9 May 2018 – AIA Group (“AIA”) is delighted to announce the formation of a long-term strategic partnership with We Doctor Holdings Limited (“WeDoctor”), China’s leading technology-enabled healthcare solutions platform.
China and the Asia-Pacific region are experiencing rapid growth in demand for quality healthcare that outstrips the development of resources and infrastructure. This phenomenon is creating significant opportunities for innovative technology and healthcare funding solutions to improve the quality and availability of care across the region.
As a result of this agreement, AIA’s customers will gain preferred access to WeDoctor’s leading healthcare services including appointment, online consultation and offline clinics, as well as its network of 2,700 top-tier hospitals, 220,000 doctors, and over 15,000 pharmacies in 30 provinces across China. AIA will become WeDoctor’s preferred provider of life and health insurance solutions. WeDoctor’s over 110 million registered customers will be able to access AIA’s market-leading protection solutions in the areas where AIA China operates, helping to reduce the protection gap for millions of WeDoctor users in China.
AIA and WeDoctor are aligned in their ambition to partner with customers in China, and across the Asia-Pacific region, to provide innovative quality health and wellness offerings, and financial protection solutions.
Through this strategic partnership, AIA will strengthen its existing leadership position in health insurance among multinational insurers in the Asia-Pacific region, further building upon our health and wellness strategy to deliver superior health outcomes through partnerships with quality healthcare providers and digitally-enabled personalised healthcare journeys.
To further solidify the relationship and commitments of the long-term strategic partnership, AIA has made a concurrent minority equity investment in WeDoctor.
John Cai, Regional Chief Executive, AIA Group, commenting on the partnership, said:
“This new long-term strategic partnership presents an excellent opportunity for AIA and WeDoctor to enhance the provision of quality and affordable healthcare for millions of people across China. Together, we hope to tackle China’s growing protection gap by providing WeDoctor’s customers access to our best-in-class integrated wellness and insurance propositions through AIA’s differentiated professional Premier Agency.
“WeDoctor has a very bold vision and a high-calibre management team led by their Chairman and CEO, Mr. Jerry Liao. Our teams are already working closely together on near-term opportunities to offer our market-leading products and services to our respective customer bases in China.
“Through this partnership, AIA and WeDoctor will combine to develop innovative health and wellness services and protection solutions that will enhance our respective leadership positions in both China and across the Asia-Pacific region.
“AIA’s ongoing ambition is to engage with our customers at every important stage of their lives. By combining our superior life and health insurance products with WeDoctor’s leading healthcare technology platform and high-quality provider network, AIA will be able to play a greater role in our customers’ health and wellness journeys.
“This partnership represents another important milestone in the execution of our strategic priority to enable our business with digital technology and one that further demonstrates our commitment to helping people live healthier, longer, better lives.”
Jerry Liao, Chairman and CEO, WeDoctor, commenting on the partnership, said:
“Following extensive discussions, WeDoctor is delighted to be partnering with AIA, the leading pan-Asian life insurance group.
“We strongly believe that AIA’s history of innovation and differentiated offering focused on serving customers’ genuine protection needs in China, and more broadly across Asia Pacific, sets AIA apart from the competition. We view this protection focus as crucial to meeting the diversified life and health insurance requirements of our growing user base as we look to anticipate users’ needs, through our platform’s expanding functionality and continue our mission of transforming the healthcare system through technology.
“The exceptional quality, knowledge and expertise of AIA’s market-leading agents and track record of partnerships with industry leaders across Asia were also key factors in our desire to agree to a long-term strategic partnership.
“This partnership not only helps us to cement our position as the premier technology-enabled healthcare solutions platform in China, but will also support us as we expand our international presence in the years to come, leveraging AIA’s long history and extensive operations across the Asia Pacific region. In the future, WeDoctor will work with our partners, including AIA our preferred insurance partner, to continue providing customers with more value-added products and services.”
The partnership takes effect immediately.
Deutsche Bank provided transaction support to AIA and WeDoctor.
- End -
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai almost a century ago in 1919. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$216 billion as of 30 November 2017.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
We Doctor Holdings Limited (“WeDoctor”) is China’s leading technology-enabled healthcare solutions platform, providing seamless online and offline healthcare services as well as integration of general practitioner and specialist doctors. Founded by Jerry Liao and his team in 2010, WeDoctor operates four main business segments, namely, WeDoctor Healthcare, WeDoctor Cloud, WeDoctor Insurance, and WeDoctor Pharma.
WeDoctor brings together government, hospitals, doctors, pharmaceutical companies and financial institutions to create an innovative and holistic healthcare provision and funding ecosystem.
On the WeDoctor platform, there are over 2,700 hospitals, 220,000 leading doctors, 15,000 pharmacies and 27 million monthly active users.
Since the establishment of China's largest appointment registration platform – Guahao.com, WeDoctor has continued to transform the healthcare system through technology with the creation of the nation's first Internet hospital - Wuzhen Internet Hospital. It also launched the industry’s first domestic smart health terminal, and has made significant progress in the field of smart healthcare with the creation of AI-enabled diagnosis systems for both Western and Chinese medicine.
AIA Group Contacts
|Lance Burbidge||+852 2832 1398|
|Feon Lee||+852 2832 4704|
|Rachel Poon||+852 2832 4792|
|Stephen Thomas||+852 2832 6178|
|Allister Fowler||+852 2832 1978|
|Emerald Ng||+852 2832 4720|
|Harriet Lau||+852 2903 9290|
|Kylie Yeung||+852 2903 9293|