3,000 job vacancies loom as Hong Kong's insurtech scene booms

There's a hot demand for risk managers and tech talents going into 2019.

As insurtech startups sprout and thrive in Hong Kong, the demand for tech talent and risk managers is outpacing the supply of such employees, according to a report by recruitment agency Hays.

Hong Kong’s insurance industry which currently stands at 90,000 employees is facing a dire shortage of manpower mainly due to the lack of fresh graduates and new entrants into the industry, the report noted.

“This dearth in adept talent is posing a challenge to Hong Kong’s insurance industry as a contender on the international playing field,” the firm said in the report. “To add, insurance players, big and small, have been heatedly competing to provide customised products in response to increasingly demanding customer needs.”

Going into 2019, another 3,107 vacancies will need to be filled, Hays added.

Because of this talent-short market, employers have been stepping up their game to retain talent with initiatives such as job rotation and a heightened emphasis on learning and development to motivate employees and broaden their skill sets.

According to Hays, employers have also been painting clearer career paths for employees whilst paying closer attention to key performance indicators (KPIs) and keeping them on track for promotion.

“To secure the best available talent, we have noticed several trends such as buyouts and sign-up bonuses, alongside the growing receptiveness of talents from different industries like banking and finance,” Hays said in its report. “However, must is left to be desired when it comes to employer branding to encourage new entrants to the industry.”

The report also noted how candidates seeking employment within the insurance industry myst keep up with consumer trends and constantly enhance their skills to stay relevant in the ever-changing realm of insurance.

“Talents in the technical functions such as actuarial, data science and accounting, would stand to gain from additional qualifications and knowledge in this area,” the firm explained. “Those in functions such as underwriting, claims, and business development, whose bargaining chip is their work experience, should consider expanding their product knowledge outside of their scope of expertise.”

Those who do not keep on their toes and seize skill enhancement opportunities may risk being left behind in view of the global and local regulatory changes, the boom of data science and continuing rise in insurtech, Hays highlighted.