Author
Bowtie Team
Updated on
2025-07-10
Disclaimer: This article is translated with the assistance of AI.
The market offers various types of accident insurance—some provide a lump-sum payout, while others offer reimbursement for actual expenses. Bowtie’s Touch Wood Protector falls into the latter category. Why did we choose this approach? Today, our Bowtie Actuarial Team breaks down the design philosophy behind Touch Wood Protector.
1. Why Does Bowtie Focus on Reimbursement for Accidents Instead of Lump-Sum Payouts?
Bowtie Actuarial Team : On the market, most accident insurance products primarily cover permanent disability and related outpatient services, such as physiotherapy or traditional bone-setting. However, they often lack coverage for surgical expenses caused by accidents. The cost of surgeries due to accidents can be substantial, which is why we designed Bowtie Touch Wood Protector to provide comprehensive reimbursement for surgical expenses and post-surgery outpatient treatments resulting from accidents.
Many accident insurance products in the market only offer a fixed, capped payout for each accident. Sure, some provide hospital cash benefits, but the coverage is far from enough to cover surgical costs. Bowtie Accident Insurance includes coverage for surgeon fees, anesthesiologist fees, operating room costs, and specified diagnostic imaging tests, ensuring full protection for insured individuals’ hospital medical expenses due to accidents.
2. Does Bowtie Classify By Occupations for Accident Insurance Premiums?
Bowtie Actuarial Team : Absolutely, we conduct underwriting based on the customer’s occupation. About 20% of occupations are subject to a higher accident risk and may require a loading premium . These typically include professional athletes like football or basketball players. Some extreme sports athletes, such as boxers or wrestlers, may even be declined coverage.
Since each policyholder’s risk profile varies, insurance companies set premiums, including loading fees, to ensure fair treatment for all insured individuals under the plan.
3. How Does Bowtie Define “Dangerous Activities” in Product Design? Are Sports Included?
Bowtie Actuarial Team : Listing “dangerous activities” under exclusions is a common industry practice due to their extremely high risk of injury. While there’s no universal or precise definition for “dangerous activities” (or extreme sports), they often involve high speed, extreme heights, exceptional physical demands, or specialized equipment—think skydiving or motorcycle racing.
American football, also known as rugby, is also classified as a “dangerous activity” because it involves high-speed and unpredictable collisions.
How Much Does Bowtie Accident Insurance Cost?
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