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Allianz has agreed to a $59.2 million investment and strategic partnership with leading telehealth platform American Well to develop digital solutions that will widen access, lower cost and improve quality of healthcare for millions of patients worldwide.

Allianz X, the digital investment unit of Allianz, led the investment and will join American Well’s Board of Directors.

Allianz and American Well 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.

This global telehealth system will allow providers to treat patients more successfully in the transforming world of connected care.

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.

American Well serves millions of patients, working with national health plans, hospitals, employers and pharmacies in the United States.

Allianz X, led the investment and was supported by the Health Innovation Center of Allianz Partners, the B2B2C unit of the Allianz Group dedicated to developing protection and care solutions.

Allianz has local knowledge of healthcare financing, regulation and delivery, and a qualified network of more than 800,000 medical providers across the world.

The joint effort of Allianz X and Allianz Partners should enable Allianz to deliver the greatest value from Allianz to American Well and strengthens the Group’s ability to provide best-in-class healthcare in a mobile, digital world.

“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.