Year 2021 Tooltips

Employees

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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

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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 - 2024 Manpower Update Report Image

Insurance
2024 Manpower Update Report

Navigating Talent Development in the Evolving Insurance Landscape of the Insurance Industry

The insurance industry is undergoing a dynamic evolution driven by three key factors: the expedite Greater Bay Area (GBA) integration, technological advancements and evolving regulatory frameworks. Market trends indicate a growing demand for talent across various domains, with the expanding GBA opportunities spurring recruitment for frontline sales professionals, while the industry simultaneously seeks back-end specialists in actuarial services, data analytics, and information technology roles. New regulatory initiatives, such as the Risk-based Capital (RBC) regime and the International Financial Reporting Standard (IFRS) 17, have created urgent needs for risk management and accounting professionals. Notable skill gaps have emerged in data analytics, cybersecurity, and cross-cultural communication, with training requirements primarily focusing on digital competencies for emerging technologies and insurtech applications, specialised knowledge for complex areas such as family office services and regulatory compliance, and enhanced customer service capabilities for an increasingly sophisticated market. These findings underscore the importance of developing targeted training programmes and industry-education collaboration to address current manpower development needs for the industry's digital transformation.