COUNTRY REPORT: HONG KONG
Data specialists in hot demand amongst Hong Kong insurers Specialities in digital transformation, data management, and data analytics will remain in high demand throughout the year.
H
ong Kong’s insurance the industry is showing signs of recovery with the increase in awareness for better health and the diversification of business portfolios, according to the Randstad Hong Kong: 2023 Market Outlook & Salary Snapshot Report. Thus, many insurers are responding to business demands by creating new roles and job opportunities, expanding their workforce to allow them to be more competitive and creating clear-cut roles for their employees. According to the report, data and digital talents will be in demand, with insurance employers expected to create more new jobs in digital transformation, data management, and data analytics. This is because of two things. First is that the shift to remote or flexible work arrangements created a demand for the insurance workforce. A study by Cigna revealed that 51% of workers in the Asia Pacific region prefer the option to work from home. The second reason is that digital
Insurers will need to advance their data management and analytics capabilities
products and services for consumers are gaining popularity. “Insurers will continue to automate and streamline the endto-end underwriting and claims systems to speed up the process for customers and reduce costs. To enable that, insurers will need to advance their data management and analytics capabilities, which will be done through upgrades of data management systems to drive greater transparency and collaboration across the business,” the Randstad report said. Actuaries are also highly sought after due to challenges in recruiting the right talent for junior to middle management positions as many young actuaries have taken subsidies to relocate to Canada and Australia over the past two years. “It is also one of the 13 fields that the government is planning to allow employers to hire ex-pats without having to prove that there are no suitable local candidates to fill the roles. Risk managers with an actuarial background as well
as valuation and pricingactuaries will be in high demand next year,” the report said. Insurers’ efforts With all this data, Insurance Asia asked several insurers what they are really looking for this year. Maylie Lee, Chief Human Resources Officer at AIA Hong Kong & Macau echoed that talent in the field and profession of actuary and digital technology and policy would be in demand as well as in agency business development, policy issuance, customer service and business analysis. Meanwhile, Donna Kirmani, Chief Human Resources Officer at Manulife Hong Kong and Macau, said that they are actively hiring employees and agents with experience with Mainland Chinese Visitors (MCVs). This is aligned with Manulife’s survey last year where over half (51%) of respondents who are visiting Hong Kong are there to buy insurance, meaning that there is a large demand for insurance in the GBA area. The demand is the result of the China Risk-Oriented Solvency System—which reduces capital requirements if GBA businesses cede their businesses to eligible local professional reinsurers—creating
Whilst many Asian countries reported growths in their life insurance premiums, Hong Kong reported a contraction in 2021
Source: KPMG and Swiss Re
16 INSURANCE ASIA
