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

20 From Insurance to Insurtech: Strategies for Building a Sustainable Talent Pipeline Name of Program / Scheme Overview Management Trainee Scheme (MTS) at the IA Aimed at final year students or recent graduates with a bachelor’s degree (preferably in finance, economics, accounting, actuarial science, insurance or business administration), the IA selects candidates with a passion to pursue a career in public service and/or in the insurance sector, leadership potential, and strong analytical and communication skills. 52 MTS endeavors to provide opportunities for the trainees to gain exposure to the various functions of an insurance regulator and the insurance industry, cultivating their career interest and aspiration in the insurance sector. Another objective is to develop the trainees for a competent in- house talent pool to assume managerial positions within the IA. The normal training period under MTS is about 2 or 3 years, which may be accelerated for trainees with exceptional performance. MTS is divided into 6 components: on-the-job learning; cross division exposure; professional training; competency-based training; mentorship; and an action learning project. Trainees excelling and performing well in the MTS are appointed to Assistant Manager positions upon successful completion of the program. Financial Incentive Scheme for Professional Training (FIS) Also under the Pilot Programme to Enhance Talent Training for the Insurance Sector , eligible applicants under the FIS are subsidized to provide in-depth high-quality training at an affordable cost for existing insurance practitioners who wish to enhance their professional knowledge. 53 Trainings subsidized under the FIS must be from topical or functional areas in insurance to fill the skills gaps in areas such as general insurance, professional brokerage and functional areas of life insurance such as underwriting, claims management, compliance and policy operation services. 54 From August 2016 to September 2019, 4,476 participants were trained in 96 training courses under FIS. 55 52 Insurance Authority (2022, October). Management Trainee Scheme . https://www.ia.org.hk/en/aboutus/careers/ management_trainee_scheme/management_trainee_scheme.html 53 The HKSAR Government Financial Services and the Treasury Bureau (2020, September). Financial Incentive Scheme for Professional Training – Insurance Sector . https://instalent.org.hk/sites/insurance/files/5th%20FIS-Guidance_Notes.pdf 54 Ibid. 55 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