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

43 In terms of talent recruitment strategies for insurtech, it could be beneficial for companies to clearly communicate their company’s culture, mission and values. Providing a competitive compensation package with desirable benefits and giving candidates a clear picture of the nature of their role as well as the growth potential, could also help companies attract and retain good people. Furthermore, providing staff development programs and cultivating a more welcoming culture for talent from different disciplines and levels of experience could also be part of an effective talent acquisition and retention strategy. Companies could make use of social media platforms such as LinkedIn to identify potential leads, in addition to investing more resources on company brand building for talent attraction. For example, AXA Hong Kong and Macau announced on LinkedIn and other platforms their partnership with logistics tech platform GoGoX for a new tech platform for general insurance offerings tailored to GoGoX drivers. This kind of innovative insurtech product news helps create more visibility for both the company and the industry. Apart from capturing local talents, insurers in Hong Kong could also consider extending their reach to talents from the GBA and other regions. In addition to filling the manpower shortfall, talents with international backgrounds may have the skills, network and access to capital which can bridge Hong Kong to the global market and help Hong Kong strive towards an international risk management center. Other interim approaches to cope with the talent shortage problem include outsourcing and offshoring projects to tap into the global talent pool. For example, leveraging the abundant tech companies and professionals in the Mainland as remote service providers to support insurers’ digital goals is one possibility. In sum, Hong Kong needs a clear and comprehensive strategy for talent development. The IA can play a leading role with the collaboration of HKFI in building a talent pipeline that would help the industry navigate through the transition from insurance to insurtech. The essential first step is to identify the technical and non-technical skill sets required for insurance professionals for all job levels. Appropriate training programs for each job level can then be devised. It is important for the industry to not only focus on upskilling and reskilling experienced workers but to also attract young people into the field, so that a sustainable talent pipeline is in place for long-term success. Conclusion