With the aim of helping Hong Kong enhance its competitiveness in the expanding global digital insurance landscape, the HKUST Business School published a report on the study of the insurtech talent development in Hong Kong. The report, entitled “From Insurance to Insurtech: Strategies for Building a Sustainable Talent Pipeline”, provides a comprehensive overview of Hong Kong’s insurtech development and talent landscape and explores the direction to create a winning talent development strategy for the sector.
The report reveals that talent shortage is one of the top challenges for insurtech development in Hong Kong, with a significant brain drain happening in recent years, alongside fierce competition for tech talent among emerging sectors both locally and globally. The lack of attractiveness of insurance-related careers is also seen as a major barrier hindering talent acquisition. To address the challenges and chart a full picture of the insurtech manpower situation, the report presents first-hand insights from an industry-wide manpower survey, which shed light on the talent needs and preferred approaches for training and talent recruitment.
The report also incorporates perspectives from the regulator, industry associations, digital and traditional insurers engaged in the Insurance Industry Dialogue organized by the HKUST Business School in June 2023, and draws on the observations of two other major insurance hubs, namely the UK and Singapore, to map out the paths forward for insurtech talent development.
Key recommendations to attract, retain, and train appropriate talent for Hong Kong’s insurtech sector include:
- Carry out a comprehensive study to identify the talent gaps, and to define skill categories and specific skills required for the insurtech sector in Hong Kong;
- Assign a central agency, i.e. the Insurance Authority (IA), with the support of the Hong Kong Federation of Insurers (HKFI), to coordinate talent development efforts and foster collaboration across the sector in order to steer a more cohesive talent development pipeline;
- Strengthen communication efforts to uplift the industry’s image and shift public perceptions towards careers in insurance;
- Provide staff development programs and continued specialist training to cultivate and train talent from different disciplines and levels of experience;
- Tap into the global talent pool in the Greater Bay Area (GBA) and other regions to attract talent that can help bridge Hong Kong to the markets, capital, and networks in Mainland China and globally.
Click here to view more recommendations and comprehensive discussions in the full report.