Global reinsurer SCOR has partnered with Hong Kong’s first virtual insurer Bowtie and Take2, a healthcare and biotech company, to develop an innovative cancer screening solution.
According to the announcement, 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 (NPC).
The customers will be able to take the test at Bowtie’s medical clinic, Bowtie & JP Health, for the service fee only. The test result will not affect their current coverage, underwriting results or claim eligibility with Bowtie, the insurer noted.
Additionally, for positive test results, a free follow-up medical consultation will be provided by Bowtie & JP Health.
Tony Ho, Head of South Asia, SCOR Life & Health, commented: “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 our clients and policyholders.
“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.”
A high percentage of the world’s NPC patients come from Asia, nearly 85%. According to the announcement, in Hong Kong, NPC is one of the five most common cancers among men aged 45 to 64.
According to Bowtie this is the age group with the highest median employment income, if members of this group were to fall ill, family finances are likely to be most stressed, the insurer noted.
Statistics from the Hong Kong Hospital Authority highlight that 70 – 80% of the city’s NPC patients were diagnosed at late stages, 3 and 4, showing that effective NPC screening solutions are lacking, Bowtie highlighted.
In comparison, it added, from a clinical study conducted by a top local university, utilising 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, contributing to 70% of NPC patients identified in the clinical study.
According to the Take2 Health official website, if an individual is diagnosed with NPC at an 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.
Dr. Jacky Lio, Chief Medical Officer, Bowtie, said: “It has come to our 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. Our partnership enables more people to realise the importance of physical examinations as a way to prevent diseases.”
He added: “Take2 has entered into a definitive licence 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. We are grateful to Take2 and SCOR for supporting this project.”
