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

28 From Insurance to Insurtech: Strategies for Building a Sustainable Talent Pipeline All those surveyed were of the view that there is a strong need to upskill the current workforce of the insurance industry on insurtech, especially the managerial and operational staff (Exhibit 11). Respondents also have a general consensus on the most effective ways to develop insurtech knowledge and skills for the different levels of staff. For upskilling functional level and middle management insurance professionals, structured workshops (e.g., 3 hours each) consisting of a series of 6 to 7 core insurtech topics over several weeks on a part-time basis and/or a rigorous training program to span over months on a part-time basis that requires assessments and testing that lead to a qualification were regarded as the most effective approaches. For senior management, a single seminar/workshop (e.g., 3 hours) focusing on awareness and the basics of insurtech and/or structured workshops (e.g., 3 hours each) consisting of a series of 6 to 7 core insurtech topics that can span several weeks on a part-time basis were considered most effective. Recruitment and development of insurtech talent was considered important by all those who were surveyed, 14 out of 16 respondents rated these as very important and absolutely important . Operational Staff (e.g., Entry/Associate Level) Manager Senior Executives 6 6 4 8 8 10 2 4 Exhibit 11: Ranking of urgency of staff to be trained Exhibit 12: Respondents’ rating on the importance of the recruitment and development of insurtech talent 0 Rank 1 (most urgent) Rank 2 Rank 3 Absolutely important Very important Important Slightly important Not important 9 5 2 0 0