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

32 From Insurance to Insurtech: Strategies for Building a Sustainable Talent Pipeline In terms of talent recruitment strategy, respondents prefer to leverage social media platforms such as LinkedIn to identify potential leads, on top of investing more resources on company brand building for talent attraction and redesigning the compensation package to enhance competitiveness. The most popular talent retention strategies include regularly reviewing the compensation package of staff to keep it competitive, providing staff development programs, and cultivating a more welcoming culture for people from different disciplines and experience. Staff turnover from April 2021 to March 2022 was quite high (11-20%) in 11 out of 16 firms. Specifically for IT staff, 9 respondents reported a staff turnover rate between 11-30% during the period. Major reasons for staff turnover include immigration, switching to other insurance firms in Hong Kong, and leaving the insurance industry and joining non-insurance firms in Hong Kong. The majority of the respondents (13 out of 16) agreed that the pandemic would have long lasting effects, such as having flexible and hybrid working models seen as a normal work approach, especially in the domains of IT and technology.