Insurtech Talent Development in Hong Kong – From Insurance to Insurtech: Strategies for Building a Sustainable Talent Pipeline

9 Hong Kong is known for its vibrant entrepreneurial foundations and is one of the fastest-growing fintech startup ecosystems in Asia and the world. 15 The economic dynamism of the Special Administrative Region (SAR) is clearly indicated by its more than 4,200 startups, of which around 1,000 are fintech companies and more than 30 are insurtech startups. 16 Hong Kong is also rated as one of the freest economies in the world, which makes it a favorable place for financial institutions and insurers to establish their headquarters. In 2021, Hong Kong was ranked in the top ten of the world’s leading technology innovation hubs outside Silicon Valley over the next four years. 17 A recent survey by Deloitte found that a large proportion of entrepreneurs (74%) and students (53%) agree with Hong Kong’s status as an innovation hub for fintech, regtech and insurtech. 18 15 Alita Sharon (2019, June). Growing Insurtech in Hong Kong . https://opengovasia.com/growing-insurtech-in-hong-kong/ 16 FintechHK (2023, December). Fact Sheet: Hong Kong Fintech Landscape . https://www.hongkong-fintech.hk/en/insights/ news/news-2023/fact-sheet-hong-kong-fintech-landscape/index.html 17 KPMG (2021). Six APAC cities ranked in global top ten tech innovation hubs, finds KPMG . https://kpmg.com/cn/en/home/ media/press-releases/2021/07/six-apac-cities-ranked-in-global-top-ten-tech-innovation-hubs-finds-kpmg.html 18 Deloitte (2021). Rekindling Hong Kong’s Economic Growth through Innovation . https://www2.deloitte.com/cn/en/pages/ strategy/articles/rekindling-hong-kongs-economic-growth-through-innovation-.html Exhibit 2: Hong Kong’s status as an innovation hub (by sector) Source: Rekindling Hong Kong’s economic growth through innovation 2021 Fintech, regtech and insurtech Health & medical Big data & analytics Biotechnology E-commerce / supply chain Environmental, social and corporate governance (ESG) Smart city / IoT Digital entertainment and gaming (e.g. eSports) Advanced manufacturing Art technology 74% 56% 52% 48% 48% 48% 46% 44% 33% 28% 18% 27% 30% 36% 29% 27% 32% 32% 28% 37% 8% 17% 18% 16% 23% 25% 22% 24% 39% 35% 12% 30% 16% 16% 22% 37% 23% 30% 23% 43% 35% 38% 35% 34% 38% 39% 34% 35% 34% 32% 53% 32% 49% 50% 40% 24% 43% 35% 43% 25% Entrepreneurs Students Agree Neither agree nor disagree Disagree Insurtech Development in Hong Kong