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

30 From Insurance to Insurtech: Strategies for Building a Sustainable Talent Pipeline From the perspective of talent readiness at various levels (senior management, middle management and operational level) within the companies, 11 out of 16 respondents were of the view that at least half of their senior management possessed the insurtech capability necessary for meeting the future needs of their business. At the middle management level, talent readiness was better, as most respondents (14 out of 16) were of the view that at least half possessed insurtech capability for meeting the future needs of their business. Twelve of the respondents considered at least half of their operational staff to be ready for future needs. The overall technological capability of insurance firms in Hong Kong is low. The majority of the surveyed (9 out of 16) regarded their technological capabilities such as infrastructure and systems as either marginally behind , behind or significantly behind within the industry. Cloud computing and mobile technology were rated as the top technologies being invested in by the insurance firms followed by data analytics, open platforms/API architectures, cryptography and cybersecurity, AI, Internet of Things and big data (Exhibit 15). Exhibit 15: Applicable technologies being invested in Cloud computing Mobile technology Data analytics Open platforms / API architectures Cryptography & cybersecurity Artificial intelligence Internet of things (IoT) Big data Teleworking Distributed ledger technologies (e.g. blockchain) Augmented & virtual reality Biometrics & identification technologies Wearable technologies Quantum computing Others 0 0 6 5 11 11 4 9 9 1 1 1 7 2 6