Insurer Allianz invests $59m in telehealth business

Insurer Allianz, through its digital investment unit Allianz X, has agreed to a $59.2 million investment and strategic partnership with telehealth platform American Well to develop digital solutions that will widen access, lower cost and improve quality of healthcare worldwide.

As part of the agreement, Allianz X will join American Well's Board of Directors.

The two companies will develop digital health solutions that build on American Well's platform and leverage Allianz's international expertise by combining wearable sensors, remote monitoring, and virtual visits. Working with local healthcare stakeholders, the partnership will deliver healthcare to both developed and emerging markets, addressing local regulations, clinical preferences and financing choices.

"Allianz X's investment with American Well will result in better access, lower cost and more connected care for our customers through a leading-edge health platform. This collaboration emphasizes Allianz's commitment to digitalization, our goal of investing in digital frontrunners and encourages advancements within the whole healthcare ecosystem," said Solmaz Altin, the Chief Digital Officer of Allianz Group.

Boston-headquartered American Well has developed a telehealth platform that connects patients live with doctors, specialists and other healthcare providers over secure video. It handles clinical, administration, and security requirements consistent with US healthcare regulations and best practices.

Ido Schoenberg, MD, chairman and CEO of American Well, commented: "Our scalable telehealth platform and partnership ecosystem are key to any global solution. We are encouraged by great support from across the healthcare industry thus far, and we invite companies and thought leaders across health, tech and business to join our mission to advance the quality, accessibility, and economics of global healthcare through digital connectivity."