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

26 From Insurance to Insurtech: Strategies for Building a Sustainable Talent Pipeline There is a consensus on the importance of the development of insurtech for Hong Kong’s financial industry. All of the surveyed representatives rated it as absolutely important (12 out of 16) or very important (4 out of 16).68 Talent retention and acquisition was regarded as the most pressing concern currently facing Hong Kong’s insurance industry, followed by digital transformation , uptake of insurtech , and regulation (Exhibit 8). Insurtech requires knowledge in both insurance and IT. A Manager in insurtech is expected to also have management skills and knowledge. For the right mix of knowledge for a Manager in insurtech, the respondents rated IT knowledge and skills slightly more important than management knowledge and skills and insurance domain knowledge (Exhibit 9). 68 Respondents were asked to rate the importance of insurtech for Hong Kong’s financial industry on a 5-point scale from “not important”, “slightly important”, “important”, “very important” to “absolutely important”. Exhibit 8: Most pressing concerns facing Hong Kong’s insurance industry Talent retention and acquisition Digital transformation Uptake of insurtech Regulation Product development and services Acquiring customers / Building new customer segment(s) Business development in Mainland China Competition from neighbouring markets Business development in overseas markets Others 11 10 7 6 4 4 2 1 1 0