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

22 From Insurance to Insurtech: Strategies for Building a Sustainable Talent Pipeline The private sector is also taking measures to develop talent for the insurance sector in Hong Kong. Some examples of training programs offered by the various insurance companies are listed in Exhibit 5. Exhibit 5: Talent development programs offered by insurance companies Name of Program Overview Start-Up Elite Programme by AIA In July 2022, AIA Hong Kong launched a Start-Up Elite Programme to attract young talent and professionals to the insurance industry. This six-month program provides participants with full access to online platforms for self-learning, which puts them on a fast track to become professional financial planners. Participants are further provided with career development and training support. Upon completion of the program, selected participants are eligible to become members of the AIA Premier Academy 60 or financial planners, and receive HK$20,000 in cash as a startup bonus. Management Development Program and a Summer Internship Program by MSIG MSIG Insurance offers two different types of programs – a management development program and a summer internship program. The former is a two-year program for business-related discipline degree holders who are ambitious, result-oriented, achievement-driven and effective under stress, with at least 2 years’ experience in the financial services or general insurance industry. 61 Participants are rotated among key business channels and functional departments for an all-round exposure and for building business skills and technical knowledge. In addition, the participants also gain international exposure through short-term overseas training or secondment. The summer internship program provides an opportunity for university students to work in a dynamic business environment. Students are able to put learned concepts into practice by working in a professional area where they see themselves in the future. The duration of the internship is 3 months, and the areas covered include claims, underwriting, digital, human resources, compliance, finance and other business units. 60 AIA Hong Kong established the AIA Premier Academy in 2011 with the objective of cultivating elites for the insurance industry. The Premier Academy encourages and nurtures financial planners to attain MDRT2 qualification. As of December 2021, the Premier Academy had nearly 8,000 financial planners registered as MDRT members. 61 MSIG Insurance (2022). Nurturing Talents at MSIG . https://www.msig.com.hk/en/nurturing-talents-msig