HKUST Business School Magazine

Partnerships as key The digital transformation of the insurance value chain depends on a secure ecosystem and the continuing development of new partnerships. Therefore, the Insurance Authority has spearheaded several groundbreaking initiatives to promote InsurTech and its potential. These include introducing an Open API Framework in 2023 to foster cross-sector collaboration and exploring collaboration with institutions such as the Hong Kong University of Science and Technology on risk modeling and climate data discovery to promote further beneficial advances. Looking to the future, Cheung said that opportunities in the industry are plentiful, but insurers must also be ready to address the various challenges presented by digital transformation. He suggested taking a multifaceted approach that should include upskilling and reskilling the workforce. “By leveraging technology, fostering a culture of innovation and collaborating with key stakeholders, insurers can navigate the digital landscape and deliver enhanced value for their customers,” Cheung said. About the Insurance Authority Established under the Insurance Companies (Amendment) Ordinance 2015, the Insurance Authority is an insurance regulator independent of the Government. The principal function of the Insurance Authority is to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry, protection of existing and potential policy holders and facilitation of sustainable market development. A robust data governance framework will be essential to leverage data and analytics effectively. Clement Cheung CEO of the Insurance Authority Biz@HKUST 15