Thyroid cancer, which affects our thyroid gland at the base of the neck, is a lesser understood but common cancer, ranked ninth in the global cancer list1. Committed to protecting insureds against the risks they face, SCOR is proud to announce the launch of the Vitae Thyroid Cancer Risk Calculator, a new addition to SCOR’s biometric risk calculators. With this innovative underwriting solution backed by SCOR’s robust data and in-depth medical expertise, life insurance companies will be able to offer extended coverage to applicants with a history of thyroid cancer.
The causes of thyroid cancer are not well known, and people at any age can develop it, even at younger ages. Women are especially at higher risk, three times more likely to be affected. Studies show that the number of people diagnosed with thyroid cancer, as well as their mortality and disability-adjusted life years (DALYs) are increasing, particularly in industrialized countries that have advanced testing systems2. Worldwide, an estimated 586,202 people were diagnosed with thyroid cancer in 20203.
Treatment of thyroid cancer typically involves surgery to remove all or part of the thyroid gland, followed by radioactive iodine (radioiodine) therapy to eliminate any remaining cancer cells and administration of iodine-131. Patients may have to take thyroid hormones for the rest of their lives after the surgery, placing them at a higher health risk. Properly monitoring the patients’ thyroid function and maintaining their overall thyroid health are critical. Even though 90% of cases have a generally favorable prognosis, there remains a risk. Early detection and proper monitoring are keys to treatment.
Introducing Vitae Thyroid Cancer Risk Calculator
This new addition to the Vitae series demonstrates SCOR’s ongoing commitment to narrowing the life insurance protection gap by expanding coverage to people with histories of cancer and other diseases, maximizing the number of people accepted by the insurance market with optimal premium. Vitae now offers five global solutions covering major health risks – cardiovascular disease, breast cancer, mental health, colon cancer and thyroid cancer.
With this advanced risk calculator, SCOR continues to move towards more inclusive underwriting by offering insurance solutions to applicants with distant metastases diagnosed under age 45. It leverages statistics and medical expertise to provide a more accurate biometric risk assessment and fairer pricing decisions by considering multiple factors.
Same as the existing solutions, Vitae Thyroid Cancer Risk Calculator was developed as an API that can be easily implemented with digital underwriting solutions from our insurance partners around the world. In addition, clients can easily integrate the solution into SOLEM, SCOR’s online underwriting guideline and risk assessment guide.
“Vitae solution supports SCOR’s philosophy of inclusive underwriting. We are delighted to be able to add another addition to this series following the launch of Vitae Breast Cancer and, recently, Colon Cancer (in March 2023). We are excited about this series’ ongoing expansion and look forward to adding more solutions that would help people with health impairment histories obtain insurance coverage in the near future,” said Antoine Moll, Head of Biometric Risk Calculators.
Dr. Eric Raymond, Professor of Medical Oncology and SCOR’s Medical Director, comments, “Most thyroid cancers are treatable and curable, especially if we can detect them at a young age and at an early stage. As a consequence, the number of thyroid cancer ‘survivors’, i.e., patients with a history - but currently disease-free - of thyroid cancer, who are seeking insurance protection may be expected to increase. From a patient’s perspective, offering insurance protection may be considered an important part of resuming post-cancer normal life. From the insurance perspective, ensuring the right rating for the right applicant with Vitae Thyroid Cancer Risk Calculator, which utilizes reliable data and the latest statistical methodology, will also contribute to a justifiable rating for underwriters.”
SCOR has a long history of expanding reinsurance protection to the underinsured population by combining knowledge, technology, passion, and innovative thinking. With this new addition to the Vitae biometric risk calculator series, we look forward to working with our clients and expanding our insurance reach to create a better-protected society.
For more information, contact your local SCOR representatives or our Vitae experts:
Antoine Moll, Head of Biometric Risk Calculators firstname.lastname@example.org
Valentine Sarrazin, Junior Data Analyst email@example.com
Learn more about other Vitae biometric risk calculator solutions here:
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Head of Biometric Risk Calculators
Junior Data Analyst
Core Data Scientist
Risk Selection R&D Manager
Technical Specialist Claims & Underwriting