“My friend has been deceased for 3 to 4 years, and their family has yet to successfully claim their payouts!” Mrs. Cheung exclaimed cheerfully, displaying no signs of wear and tear despite her ongoing battle against breast cancer for over 2 years. Cancer not only altered the course of her life but also reshaped her perspective on insurance. Initially harbouring a negative impression of insurance, this experience transformed her into an advocate among her friends. So, what exactly sparked this change?
Mrs. Cheung is a retired civil servant and has public healthcare coverage. She has always been in good health, and her friends’ unsuccessful insurance claim attempts further convinced her that insurance was unnecessary and untrustworthy.
However, in 2019, Mrs. Cheung’s son, considering her age, wanted her to have more comprehensive insurance coverage for the rest of her life, and successfully convinced her to get insured. These are the insurance policies she obtained successively:
Back then, Mrs. Cheung didn’t know much about Bowtie, except that it was a new virtual insurance company. ‘I didn’t even care to look into the coverage of the policies,’ she jokingly said during the interview.
In 2021, Mrs. Cheung decided to undergo a health check at home after watching a Japanese health programme on TV. To her surprise, she discovered a lump in her breast. At that time, Mrs. Cheung had initially planned to seek medical treatment at a public hospital to avoid the high costs associated with private healthcare. However, she was aware that public hospitals often have long waiting times, which could potentially worsen her condition. Mrs. Cheung expressed her concerns to her son, who questioned, ‘Why not use the insurance you have?’ In fact, with insurance, the insured person doesn’t need to worry about medical costs. As a result, Mrs. Cheung ultimately chose to go to a private hospital.
When asked about the costs of cancer treatment, Mrs. Cheung listed, “Surgery for $150,000, 6 rounds of chemotherapy for $300,000, and another $650,000 for 24 months of targeted therapy. That’s already over $1 million, and we haven’t even counted the costs for radiotherapy and other treatments to alleviate side effects, such as traditional Chinese medicine and physical therapy.”
During her treatment, Mrs. Cheung’s doctor recommended a new targeted therapy drug. Mrs. Cheung then asked Bowtie for confirmation on whether the drug would be covered by her policy, and our claims team determined that it would be. Upon learning this, the doctor expressed his surprise, saying, “What kind of magical insurance policy do you have? It even covers that?”
Mentally fatigued from the illness and with a limited understanding of policy terms, Mrs. Cheung relied on Bowtie’s claims team for assistance. After receiving the submitted documents, Bowtie’s claims team promptly started reviewing her case and provided regular progress updates, giving her peace of mind. As of early September 2023, Bowtie has already paid Mrs. Cheung a compensation of $1.78 million.
As of early September 2023, the claims paid out by Bowtie are as follows: