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

29 Exhibit 13 shows the development stage of insurtech in companies surveyed. A large majority (12 out of 16) of respondents have either already implemented insurtech in their organizations or are in the process of developing or investing in insurtech. Therefore, Hong Kong’s insurance industry seems well aware of the expected advantages and benefits accruing from deploying insurtech in their businesses. Most of the companies (8 out of 12) have adopted an approach which combines in-house development and outsourcing for developing their insurtech capacities. Exhibit 14 shows the benefits that insurtech is expected to deliver to insurance companies. Improve customer experience and improve operational efficiency and effectiveness are rated as the top two benefits, followed by timely launch of new products and help provide tailored services to customers . Other expected benefits include more effective fulfillment of compliance and regulatory requirements , improvement in understanding and management of risks , and helping the organizations make better business decisions . Exhibit 13: Current level of engagement with insurtech Already implementing insurtech In the process of developing or investing in insurtech Have plans to develop or invest in insurtech over the next one to three years No plans or intention to develop or invest in insurtech 6 6 3 1 Exhibit 14: Benefits expected from insurtech Timely launch of new products Improve customer experience Help provide tailored services to customers More effectively fulfil compliance and regulatory requirements Improve operational efficiency and effectiveness Improve understanding and management of risks Help the organization make better business decisions Others 14 10 10 6 14 6 6 1 Hong Kong’s Insurtech Talent Landscape: A Comprehensive Overview