AIDA Technologies

AI and machine learning platform for insurance claims processing, fraud detection, and agent performance analytics

Claims Technology Established Acquired

Overview

AIDA Technologies is a claims technology and data analytics platform for insurers and banks across Southeast Asia. Founded in 2016 by researchers from Singapore's Agency for Science, Technology and Research (A*STAR), the company builds AI and machine learning solutions for health insurance claims processing, fraud detection, and distribution network optimization. Its products are deployed by tier-one carriers in Singapore, Malaysia, Thailand, Indonesia, Philippines, Hong Kong, and Vietnam.

The company's core platform delivers end-to-end claims automation via its Smart Claims product, which combines supervised and unsupervised machine learning to process structured data and free-form text documents. Smart Claims achieves straight-through processing rates of 80-90% and accuracy up to 99% for health insurance claims. Smart Fraud, developed with AWS SaaS Factory support, uses models trained on over 20 million claims to identify fraud, over-charging, and over-servicing. The platform is available as cloud-based or on-premise deployments, with AWS as the primary cloud provider.

In January 2023, AIDA Technologies was acquired by Amplify Health, a pan-Asian health technology joint venture between AIA Group and Discovery Group. It now operates as an Amplify Health subsidiary, serving more than 50% of Shield health insurers in Singapore and processing over 6 million claims decisions across the APAC region.

Products & Services

Smart Claims

End-to-end health insurance claims processing platform using AI and machine learning. Handles claim intake, automated decision-making, and payout processing.

Key Features

Straight-through processing rates of 80-90%
Accuracy up to 99% for claims decisions
Processes structured data and free-form text documents using combined supervised and unsupervised ML
Easy online submission for policyholders with faster turnaround and near-instant payouts

Target Users: Health insurers, life carriers

Smart Fraud

AI-powered fraud, waste, and abuse detection for health insurance claims. Monitors claims in real time to identify irregular patterns.

Key Features

Trained on over 20 million claims
Detects fraud, over-charging, over-servicing, and unusual claim patterns
Developed with support from AWS SaaS Factory
Available as SaaS on AWS Cloud via Rapid Pilot Service

Target Users: Health insurers, banks

Smart Agents

Agent performance optimization and analytics solution for insurance distribution networks.

Key Features

Predictive analytics for agent network performance
Distribution network optimization
Supports insurer and bank sales operations

Target Users: Carriers, banks with distribution networks

At a Glance

Founded: 2016
Headquarters: Singapore
Employees: 11-50
Funding: Acquired

Category & Focus

Category: Claims Technology
Subcategories: Claims Automation Fraud Detection Agent Analytics Predictive Analytics
Insurance Verticals: Health Life & Annuity
Target Customers: Carriers