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

23 62 Liberty Insurance (2022). Internship Programme . https://www.libertyinsurance.com.hk/graduates 63 Zurich Insurance (2022). Placement and Graduate Trainee Program General Insurance . https://www.zurich.com.hk/-/media/ project/zwp/hongkong/docs/about-zurich/careers/insurance-talent-programme 64 China Life Insurance (Overseas) (2022). Management Trainee Programme . https://www.chinalife.com.hk/about-us/join-us/ management-trainee-programme Name of Program Overview Liberty Internship Program and Liberty Management Program by Liberty Insurance Liberty Insurance offers two different types of programs, namely the liberty internship program and the liberty management program. In the internship program, participants get involved with real work and projects in different departments of Liberty Insurance. 62 Learning takes place on the job, and interns are given plenty of opportunities to network with senior management and professionals in the industry, helping them kick- start their careers. The management program allows the participants to experience ongoing professional development with a Fortune 100 company. They also engage in frequent interaction with senior management and work across functional areas and business groups to build a solid knowledge of business. The program focuses on developing participants’ skills in management, underwriting, data analytics, finance, marketing and distribution. Insurance Talent Programme by Zurich Insurance Group Zurich Insurance Group offers a 12-month Insurance Talent Programme (graduate entry) to provide highly talented and motivated graduates or university students in their final year of study or candidates with less than 2 years’ work experience an opportunity to develop into insurance professionals and potential future leaders. 63 Trainees are offered two streams: business, and transformation and technology. Another accelerated 6-month (direct entry) program is also offered. Management Trainee Programme by China Life China Life offers a 2-year Management Trainee Programme aimed at final- year undergraduates or recent graduates from Hong Kong and overseas universities who are self-motivated with high sense of responsibility, strong business acumen, and analytical and problem-solving skills. 64 The program involves structured and comprehensive classroom training, senior management mentorship and job rotations within designated functions, as well as exposure to Mainland China and overseas business. Hong Kong’s Insurtech Talent Landscape: A Comprehensive Overview Although there is a general awareness of the supply-demand gap for insurtech talent among the industry, the skillset gaps and skills categories demanded by the industry are not clearly defined or addressed in the talent development programs independently offered by insurers or regulators. A lack of coordination is seen from the independent actions of private firms in Hong Kong. In this regard, the regulatory bodies can play a more active role in coordinating efforts across the industry to steer a systematic and sustainable talent development pipeline for supporting the growth of insurtech.