Year 2021 Tooltips

Employees

Download Survey Data

Note(s):
The total reported number may not reflect the actual number of agents in the industry as insurance agents may possess licences of both life and general insurance and there exists a certain number of inactive life insurance agents in the market.

Vacancy rate: 0.6%

Vacancy rate: 2.0%

Vacancy rate: 2.1%

Vacancy rate: 1.6%

Vacancy rate: 1.0%

Vacancy rate: 2.1%

Vacancy rate: 1.0%

Vacancy rate: 1.9%

Note(s):
Readers should be cautious in interpreting the number of vacancies of insurance agents as the figures, with the reference date on 2 January 2021, may be subject to seasonal changes, business strategies, and manpower plans of different companies.

All the percentages are rounded to nearest 0.1%.

Turnover rate: 6.5%

Turnover rate: 8.4%

Turnover rate: 14.4%

Turnover rate: 7.8%

Turnover rate: 5.0%

Note(s):
Managerial staff included both senior management and middle management.

All the percentages are rounded to nearest 0.1%.

Recruitment Difficulties

Download Survey Data

1st

Lack of candidates with relevant experience and training

2nd

Working conditions/remuneration package could not meet recruits’ expectation

3rd

Insufficient graduates in relevant disciplines (e.g. Insurance, Business Administration, Banking and Finance, etc.) from tertiary institutions

Note(s):
The figures did not include other supporting staff and insurance agents.

Report

Insurance
2021 Manpower Survey Report

Picking Up the Pace of InsurTech

Insurance companies are taking steps to recover from the adverse impact of COVID-19 and transform the industry into a new shape in order to bring it to the next higher level. Companies with better digital capabilities will have an upper hand at picking up sales. On the road to InsurTech, employees, brokers, and agents should be integrated at each step through digital interfaces. Though people are an integral part of the digitisation process, data privacy and cybersecurity cannot be overlooked.

Insurance Industry - 2020 Manpower Update Report Image

Insurance
2020 Manpower Update Report

Changing Customer Expectations

Nowadays, customers, particularly the Millennials, get used to buying online and e-commerce. They have grown up with the Internet, mobile devices, social media, and the cloud, etc. These customers are expecting similar online experience as they normally do from popular e-commerce and online platforms when they are considering buying insurance products. What is more, with the emergence of virtual insurers, traditional insurance companies have to embrace InsurTech to revamp the entire system in order to satisfy customer needs which are invariably evolving.