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

39 82 Singapore Fintech Association (2023). InsurTech Subcommittee . https://singaporefintech.org/insurtech/ 83 Ibid. 84 Asia Insurance Review (2019, June). Singapore – A hotbed for Insurtechs . https://www.asiainsurancereview.com/Magazine/ ReadMagazineArticle?aid=42290 85 Insurance Asia News (2022, May). Talent Vital to Singapore’s Position as Insurance Hub: MAS Chief . https:// insuranceasianews.com/talent-vital-to-singapores-position-as-insurance-hub-mas-head/ 86 Baker McKenzie (2022). Guide to Insurtech Innovation and Utilization . https://resourcehub.bakermckenzie.com/en/ resources/asia-pacific-insurance/asia-pacific/singapore/topics/guide-to-insurtech-innovation-and-utilization 87 Randstad Singapore (2020, November). I nsurance Market and Talent Trends 2020 . https://info.randstad.com.sg/ hubfs/04.%20SG/Files/Randstad%20Singapore%20-%20Insurance%20Market%20and%20Talent%20Trends%202020.pdf The Singapore FinTech Association (SFA) has constituted a SFA InsurTech subcommittee to promote the adoption of technology and newdigitally driven businessmodels alongwith fostering collaboration between startups, ecosystem participants, insurance industry and regulators.82 With a focus on encouraging insurtech innovation and application, the SFA InsurTech subcommittee has taken up a proactive role in fostering collaborations, nurturing startups and developing talent pipelines. Its four key focus areas are: engagement with regulators, engagement with industry, nurturing the development of insurtech companies and ecosystem, and talent development.83 The SFA subcommittee has a strong realization about the insurtech talent shortage in Singapore and, therefore, works with tertiary institutions in the country to promote insurtech. It also facilitates the adoption of international expertise in Singapore via the exchange of knowledge and attracting capabilities and talent. Finally, it helps to connect industry experts with insurtech companies to provide mentorship and advice for enhancing their productivity and improving their models. The Singaporean government has welcomed insurtech players to drive up innovation, competition and collaboration within the insurance industry. It also provides startups with various forms of support, such as the MAS Fintech Regulatory Sandbox , several grants, as well as programs for employees to upskill themselves.84 Talent is considered vital to Singapore’s position as an insurance hub.85 However, a lack of skilled manpower that can effectively develop, utilize and apply insurtech innovations has been identified as the most immediate challenge for insurtech innovation in the city state.86 Insurtech employers are looking for niche talent who also have specialized and highly transferrable skills. There is a high demand for data analytics professionals in various insurance functions such as actuarial, underwriting, risk and compliance, finance and even sales.87 In addition, insurtech employers are looking for technologists in big data analytics, cybersecurity, software engineering and product management. Besides technical skills, insurance companies are also seeking potential candidates with knowledge and experience in regulatory reporting standards. Soft skills such as adaptability, agility and stakeholder engagement are also highly valued. Simply put, Singaporean insurers have identified the need for certain hard and soft skills to promote the adoption of insurtech in various insurance functions, but like the UK, further coordination may be required to comprehensively map out the skill deficiencies in the demanded insurance functions. Creating a Winning Insurtech Talent Development Strategy for Hong Kong