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

34 From Insurance to Insurtech: Strategies for Building a Sustainable Talent Pipeline Technological advances bring both benefits and challenges. On top of new technologies, climate change presents uncharted risks to the insurance industry. New capabilities are needed as the industry navigates the changing risks. As new trends continue to emerge, the industry also needs to be able to identify and act on the opportunities. Talent can no longer be an afterthought. Hong Kong’s Specific Needs for Insurtech Talents In the Insurance Industry Dialogue: Insurtech and the Real Game Changer seminar that we hosted in June 2023, participants pointed out that the industry must address several issues, much of it related to having sufficient manpower in place to implement the wise and flexible use of resources along with risk management: Technology can help insurance companies reduce costs and enhance the customer experience, but this can only happen with carefully designed user interface (UI) and user experience (UE) designs, as well as clear product explanations. These designs may need to use non-insurance professionals and companies to help insurers understand what customers prefer. Increase in data collection efficiency can make online insurance purchases easier, but both a sense of security and ease in navigation must be addressed or clients might cancel the transaction. The 135 insurance companies and 160 insurers in Hong Kong have different capabilities and resources. Collaboration and sharing can enhance the use of resources and better address risk management concerns of the whole industry. Insurtech can help propel the creation of a larger variety of insurance solutions that serve the changing needs of the community more quickly and efficiently. I II III IV