Hunting for a job? Hong Kong’s insurance sector may be looking for you

Hong Kong’s insurance industry has a shortage of specialists in risk management and technology – right at a time of growing opportunities from China’s Belt and Road Initiative and the Greater China Area economic integration plan.

Bernard Chan, convenor of Hong Kong's Executive Council and president of listed insurer Asia Financial Holdings, said in an interview that the “huge” shortage makes it harder for Hong Kong to compete with Singapore, London and the likes for insurance business as well as threatens to slow the development of the city’s insurance sector.

“It is difficult to attract good students to study risk management and other technological insurance subjects at the universities,” Chan said. “This is because many people have the incorrect perception that it is difficult to find good jobs in insurance and risk management. Many people mistakenly believe that working in insurance industry is working as an agent.

“This is inaccurate, as there are many different professionals needed in the insurance industry. The talents could definitely find a clear career path in the industry. The insurance industry executives in Hong Kong have already complained that there are insufficient newcomers to meet with the strong demand of talents in an expanding insurance market,” he said.

The insurance sector employs nearly 90,000 people in Hong Kong. Long a sleepy industry, it is beginning a transformation that will, for example, make buying insurance and filing claims easier, thereby cutting costs while expanding the customer base. Known as “insuretech,” this technology-driven change is similar to the one that has revolutionised the financial sector, with such things as cashless payments and non-traditional loans.

AIA, Manulife, Prudential, HSBC and MetLife, for example, have announced plans to use new technology to sell products online or allow customers to seek claims. This came after the Insurance Authority last September announced measures to encourage such steps.

That change points to one reason workers trained in technology are needed.