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

19 47 The HKSAR Government Financial Services and the Treasury Bureau (2019). Work and Learn Programme . https://www. instalent.org.hk/en/content/wlp 48 The HKSAR Government Press Releases (2019, October). Talent Training for the Insurance Sector and the Asset and Wealth Management Sector . https://www.info.gov.hk/gia/general/201910/30/P2019102900514.htm 49 The HKSAR Government Financial Services and the Treasury Bureau (2019). Summer Internship Programme . https://www. instalent.org.hk/en/content/sip 50 Ibid. 51 Ibid. Exhibit 4: Talent development initiatives for the insurance sector by the government and the regulatory bodies Name of Program / Scheme Overview Work and Learn Programme (WLP) Launched in 2016 as a component of the Pilot Programme to Enhance Talent Training for the Insurance Sector and the Asset and Wealth Management Sector , WLP targeted individuals holding a bachelor’s degree or a higher diploma with work experience of more than a year. It provided participants the opportunity to learn basic know-how, skills and knowledge of the insurance industry, especially in middle- and back-offices of the insurance business. 47 It also provided training through a combination of classroom time and hands-on work experience. Each participant (called “student-worker”) was required to work four days a week and study for one day a week for 16 months, and received a monthly remuneration of no less than HK$10,000 in addition to a HK$30,300 tuition fee sponsorship from the participating employer and a monthly allowance of HK$2,500 from the government. Student-workers who completed the program were awarded a Professional Diploma in Insurance recognized under the Qualifications Framework at Level 4 and offered a job placement at a participating insurance company with a monthly remuneration of at least HK$12,500. Top-performing student-workers were also provided an opportunity to attend a two-week intensive immersion program in overseas insurance institutions. The program was eventually discontinued due to lukewarm response. 48 Summer Internship Programme (SIP) SIP is aimed at non-final year undergraduate students enrolled in a full- time accredited program provided by a local education institution or a sub-degree final-year student who has received a conditional offer from a full-time locally accredited degree program. 49 Summer internship places are provided to the students at insurance companies and insurance broker companies for gaining a better understanding of the operation of the insurance sector, which would facilitate their consideration in deciding their future career. 50 The government contributes up to 75% or HK$7,000 (whichever is lower) to the participating employer towards the monthly honorarium of each intern for an internship period up to 59 consecutive days. 51 The most recent intake of SIP started in June 2023. Hong Kong’s Insurtech Talent Landscape: A Comprehensive Overview