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

11 23 Insurance Authority (2022, September). Insurance Digital Onboarding . https://www.ia.org.hk/en/digital_onboarding/ promotion_of_insurtech_development.html 24 Ibid. 25 Insurance Authority (2022, October). Insurtech Corner – Working Group on Embracing Fintech in Hong Kong under Future Task Force . https://www.ia.org.hk/en/aboutus/insurtech_corner.html#4 To enhance interactions and exchange of information between regulators and the insurtech community, IA, HKMA and SFC have established dedicated insurtech platforms as support measures. In 2017, the IA launched two pilot initiatives, Insurtech Sandbox and Fast Track, for promoting the development and application of insurtech. Insurtech Sandbox provides the opportunity to authorized insurers to run controlled experiments with insurtech and technology applications to demonstrate the relevant insurtech applications broadly comply with the regulatory requirements of the IA.23 Similarly, Fast Track is useful in providing a dedicated queue for new authorization applications from insurers using solely digital channels (and not from any of the traditional channels involving brokers, agents or banks). Applicants for Fast Track must show they have innovative business models and comply with regulatory requirements for solvency, and capital and local asset requirements as part of the eligibility criteria. The IA has been actively promoting insurtech development and is committed to raising a highly conducive regulatory environment for the application of innovative technologies in the insurance sector.24 It has set up a Future Task Force (FTF) in 2016 for exploring the future of the insurance industry in Hong Kong and formulating recommendations for its improvement. The three working groups under the FTF convene regularly on their respective scopes – financial technology, financial regulation and policy, and image building. FTF’s Working Group on Embracing Fintech in Hong Kong focuses on promoting the application of fintech in the insurance industry.25 Separately, the HKFI has set up a task force on the financial technology hub to develop expertise in Hong Kong’s insurtech sector. This task force explores ways of working with the government to promote innovation in the insurance industry, which includes attracting relevant talent and capital. Insurtech Development in Hong Kong