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Manpower Dynamics. Data Intelligence

Insurance

Life insurers; General insurers; Composite insurers; Brokers; Company agencies; Bancassurers.

Insurance Inner Banner

Year 2021 Tooltips

Senior Management

0

Middle Management

0

Supervisor

0

Clerk

0

Technical Representative Tooltips

0

Insurance Agent

0

Other Supporting Staff

0

Total

0

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.

Senior Management

0

Vacancy rate: 0.6%

Middle Management

0

Vacancy rate: 2.0%

Supervisor

0

Vacancy rate: 2.1%

Clerk

0

Vacancy rate: 1.6%

Technical Representative Tooltips

0

Vacancy rate: 1.0%

Insurance Agent

0

Vacancy rate: 2.1%

Other Supporting Staff

0

Vacancy rate: 1.0%

Total

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%.

Managerial

0

Turnover rate: 6.5%

Supervisory

0

Turnover rate: 8.4%

Clerk

0

Turnover rate: 14.4%

Technical Representative Tooltips

0

Turnover rate: 7.8%

Insurance Agent

0

Turnover rate: 5.0%

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

 

All the percentages are rounded to nearest 0.1%.

Monthly Income Tooltips

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

 

All the percentages are rounded to nearest 0.1%.

Monthly Income Tooltips

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

 

All the percentages are rounded to nearest 0.1%.

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Senior Management

93.3%First Degree

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Middle Management

71.8%First Degree

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Supervisor

43.7%Sub-Degree

35.1%Diploma / Certificate

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Clerk

46.2%Secondary 4 - 7

31.9%Diploma / Certificate

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Technical Representative Tooltips

54.2%Diploma / Certificate

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Insurance Agent

49.0%Secondary 4 - 7

40.5%Diploma / Certificate

 

All the percentages are rounded to nearest 0.1%.

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Senior Management

71.7%Over 10 Years

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Middle Management

63.6%Over 5 years – 10 years

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Supervisor

81.8%Over 2 years – 5 years

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Clerk

86.9%1 - 2 Years

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Technical Representative Tooltips

51.4%1 - 2 Years

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Insurance Agent

82.0%1 - 2 Years

 

All the percentages are rounded to nearest 0.1%.

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Senior Management

94.0%First Degree

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Middle Management

94.4%First Degree

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Supervisor

44.0%First Degree

42.6%Sub-degree

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Clerk

50.6%Sub-degree

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Technical Representative Tooltips

36.5%Diploma / Certificate

34.4%Secondary 4 - 7

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Insurance Agent

53.1%Diploma / Certificate

 

All the percentages are rounded to nearest 0.1%.

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Senior Management

82.6%Over 10 Years

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Middle Management

69.3%Over 5 years – 10 years

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Supervisor

79.8%Over 2 years – 5 years

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Clerk

56.0%1 - 2 Years

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Technical Representative Tooltips

52.6%1 - 2 Years

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Insurance Agent

49.6%1 - 2 Years

25.7%Below 1 year

 

All the percentages are rounded to nearest 0.1%.

Recruitment Difficulties

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.

Manpower Demand

Average Annual Growth

0

2021

Actual

0

2025

Forecast

0

Note(s):
(1) The figures included employees and vacancies.
(2) The figures did not include other supporting staff and included insurance agents.
(3) The manpower forecast is based on the statistical modelling of relevant economic indicators which reflect important changes in the local economy, demography and labour market.

 

All the percentages are rounded to nearest 0.1%.

Manpower Demand

Average Annual Growth

0

2021

Actual

0

2025

Forecast

0

Note(s):
(1) The figures included employees and vacancies.
(2) The figures did not include other supporting staff and included insurance agents.
(3) The manpower forecast is based on the statistical modelling of relevant economic indicators which reflect important changes in the local economy, demography and labour market.

 

All the percentages are rounded to nearest 0.1%.

Report

Insurance Industry - 2021 Manpower Survey Report Image
  • 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 - 2023 Manpower Update Report Image
  • Insurance
  • 2023 Manpower Update Report

Preparing Insurance Workforce for the New Normal

The insurance industry in Hong Kong is navigating both opportunities and challenges in the global business landscape. The Government has set its sights on establishing the city as a regional insurance hub. Although the COVID-19 pandemic initially caused a decline in gross premiums, the reopening of borders in 2023 sparked robust demand for long-term insurance from mainland customers. Regulatory measures like IFRS 17 and the forthcoming RBC regime are enhancing transparency and bolstering financial stability. Technological advancements, including digitalization, AI, and big data, are streamlining processes and broadening the customer base through personalized services. Insurance agents are adapting by providing consultancy services and tailored solutions, setting themselves apart from online platforms. The industry also recognises the increasing necessity for skilled professionals who possess expertise in insurance knowledge, commercial acumen, digital skills, risk management, compliance, actuarial proficiency, and innovation. It is imperative to invest in upskilling and reskilling existing staff to meet the evolving demands of the industry.