Bowtie Life Insurance Company, Hong Kong’s first virtual insurer, announced its partnership with Take2, a healthcare and biotech company, and SCOR, to develop a cancer screening solution.
Bowtie will sponsor 1,300 of its selected life insurance customers within the age group of 40 – 60 to conduct the Take2 Prophecy Test for Nasopharyngeal Cancer.
Nearly 85% of the world’s NPC patients come from Asia, and the incidence rate of NPC among Hong Kongers is as high as 5 to 6 times the global average.
In Hong Kong, NPC is one of the five most common cancers among men aged 45 to 64, the age group with the highest median employment income. Family finances are likely to be most stressed if members of this age group fell ill.
Statistics from the Hong Kong Hospital Authority highlight that 70 – 80% of the city’s NPC patients were diagnosed at stage 3 & 4 (which are classified as late stages) showing that effective NPC screening solutions are lacking.
In comparison, from a clinical study conducted by a top local university, utilizing Next-generation Sequencing and state-of-the-art technologies for the early detection of NPC could enable NPC patients to be diagnosed at earlier stages (stage 1 & 2), contributing to 70% of NPC patients identified in the clinical study1. If an individual is diagnosed with NPC at early stage, the survival rate of NPC patients in the next 5 years can reach 90%, which is almost 30% higher than a diagnosis at later stages.
Selected policyholders of Bowtie can enjoy a Take2 Prophecy Test for NPC at Bowtie’s medical clinic, Bowtie & JP Health, for the service fee only2 The test result will not affect their current coverage, underwriting results or claim eligibility with Bowtie. For positive test results, a free follow-up medical consultation will be provided by Bowtie & JP Health.
It has come to concern that the risk of NPC in men between the ages of 40 and 60 is extremely high.
Imagine if these people who are at the peak of their careers, who are also the breadwinner of their families, are diagnosed with serious illnesses, not only are they leaving their family worried, their family expenses might also become unaffordable.Dr. Jacky Lio, chief medical officer, Bowtie
The partnership enables more people to realize the importance of physical examinations as a way to prevent diseases.
Take2 has entered into a definitive license agreement with GRAIL for the exclusive worldwide rights to an intellectual property portfolio for the early detection of NPC. Adopting the Next-generation Sequencing (NGS) technology in NPC screening, it allows clients to receive highly accurate tests in a convenient and efficient manner.
With this partnership, we help to bridge the gap between medical advancements and their impact on life insurance by bringing innovative solutions to our clients. SCOR is incredibly proud to embark on this journey with Bowtie and Take2.Tony Ho, head of South Asia, SCOR Life & Health.
As one of the largest reinsurers in the world, SCOR has a responsibility to society to help transform traditional insurance into a health-improving journey which produces better outcomes for clients and policyholders.
by Peter Sonner