Insurance Talent Training & Retention in Hong Kong. Agnes Koon Insurance Training Board Chairman

Transcription

1 Insurance Talent Training & Retention in Hong Kong Agnes Koon Insurance Training Board Chairman

2 Insurance Market Total 160 insurers Life insurers 47 GI 94 Composite 19 About 120,000 Insurance practitioners 160 insurers employing about 20,000 staff Individual agents 62,811 Company Agencies 2,413 Agency RO/TR 26,033 Corporate Brokers 771 Broker CE/TR 9,622

3 2017 VTC Manpower Survey Summary of Additional Manpower Requirements by Jan 2019 Job Level Additional Manpower Requirements of the General Insurance Sector by Jan 2019 Additional Manpower Requirements of the Life Insurance Sector by Jan 2019 Total Additional Manpower Requirements in the Insurance Industry by Jan 2019 Senior Management Middle Management Supervisor Technical Representative Clerk Insurance Agent Total 915 ==== ==== ====

4 Insurance Programmes offered by Educational Institutions Item Institution Duration Name of the Programme Est No of Graduates in 2018/19 1 VTC HK Institute of Vocational Education (IVE) 2 SHAPE of the VTC & University of Northumbria at Newcastle 3 SHAPE of the VTC & Sheffield Hallam University 4 Hang Seng Management College 2 Years Higher Diploma in Banking and Finance 80 (about 60/40 % in Banking / Finance) 1 Year BA (Hons) Finance and Investment Management 1 Year BA (Hons) Business and Finance 25 4 Years Bachelor of Science (Honours) in Actuarial Studies and Insurance 2017 in take about in take about No graduate yet 5 Hang Seng Management College 6 Hang Seng Management College 4 Years Bachelor of Business Administration (Honours ) Programme: Banking and Finance Concentration 4 Years Bachelor of Business Administration (Honours ) in Financial Analysis Programme 7 Lingnan University 4 Years Bachelor of Business Administration (Hons) - Risk & Insurance Management Graduates:

5 Insurance Training Board Appointed by the Government of Hong Kong SAR to advise on matters pertaining to manpower training of the insurance industry A useful and effective communication platform for identifying and addressing issues related to vocational and professional education and training in Hong Kong

6 Talent Training at Vocational Training Council Pre-employment Training In-service Training

7 Pre-Employment Training Higher Diploma in Banking and Finance offered by the Hong Kong Institute of Vocational Education (IVE) Two years with five semesters Banking stream and Investment & Wealth Management stream for students to choose from Industrial attachment is available to enhance employability

8 In-Service Training Both CPD and non-cpd courses for both individuals and companies offered by the Institute of Professional Education and Knowledge (PEAK) Popular courses include: MPF Training Programme Professional Diploma in Insurance modules Boost your work competence with NLP Mind Management Series- Stress Management Health Insurance

9 IIQE and MPF Examinations IIQE and MPF Pass Rate from Apr 2017 to Mar % 70% 60% 50% 40% 30% MPF Paper I Paper II Paper III Paper V Paper VI 20% 10% 0% Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18

10 Insurance Summit To familiarize practitioners with the latest development in the Insurance industry, Insurance Summits in 2016 and 2017 were organized

11 Talent Recruitment & Retention Issues 1. Not enough young graduates to join the industry 2. A minimum of 2-3 years for management trainees 3. Insurance is difficult to learn. Each class of business has its own technical knowhow and related laws/ rules / regulations 4. New classes of business new technical knowhow to learn e.g. InsurTech, Cyber Insurance

12 Talent Recruitment & Retention Issues 5. Need to enhance the social status of insurance practitioners Change market names of insurance professional practitioners e.g. from 保險佬 to Insurance practitioner 保險師 Underwriter 核保師 / 承保師 Claim Officer 理賠師 Surveyor /Risk Manager 風險查勘師 / 風險管理師 6. Project and reinforce the industry s professional image with International professional qualifications

13 Talent Recruitment & Retention Issues 7. Life Insurance sales agents retention is difficult with the layering structure and high commission payout in the first year 8. Entry level salary to be on par or higher than bank 9. More CPD requirements on changes of laws as well as general legal /commercial requirements / rules by each insurance class in HK

14 To attract new talents to the Industry 1. Public Education for parents to accept their children to have career in the Insurance Industry 2. Promoting insurance concept from primary/childhood education 3. More corporate insurers scholarships for secondary and tertiary education 4. Internship programme for tertiary education 5. Work & Learn is a very effective way to train new talents

15 Pilot Programme to Enhance Talent Training for the Insurance Sector under FSTB

16 Funding Allocation for 3 Years (2016/ /19)

17 Work and Learn Programme Work-and- Learn Programme (WLP)

18 Work and Learn Programme

19 Summer Internship Programme Summer Internship Programme (SIP)

20 Summer Internship Programme Programme Features

21 Financial Incentive Scheme Financial Incentive Scheme (FIS)

22 Financial Incentive Scheme

23 Public Education Programme Public Education Programme (PEP)

24 Public Education Programme The PEP aims to raise public awareness on the career opportunities and career path of middle and back office positions in the insurance industry through various publications and activities, including: Educational videos Advertising campaigns School competitions School workshops Mall event 18-district truck tour Public seminar

25 Thank you