Though the pandemic is challenging, it is also a catalyst for change that facilitates the insurance industry to move up to the next stage. Insurers should react swiftly to those changes by adapting their strategies and exploring business innovation on a continuous basis. Insurance product experts may develop more innovative products and services that are able to address the needs of clients in order to enhance customer experience.

Undeniably, the building of a digital infrastructure and automated procedure is a global trend. The pandemic accelerates the adoption of InsurTech. Industry players should continue to invest in InsurTech and keep a customer-first mindset in the process of digitising operating models. In the process of digitisation, the issues of data privacy and cybersecurity cannot be overlooked because of a growing awareness of protection of personal data by the general public.

Policies issued to Mainland visitors may be restored to a higher level when the restrictions on cross-boundary passenger traffic are eased. It is believed that the opening up of service centres in the GBA will provide clients of the Mainland with better post-sale customer services and in turn lead to the generation of new businesses in the long term. The regulatory authority and industry associations should therefore continue to liaise closely with relevant authorities in the Mainland to pursue the idea of setting up post-sale customer service centres in the area.

People of different industries are paying more attention to the threats brought forth by climate change simply because of the relatively more frequent occurrence of extreme natural hazards. In order to support a greener and more sustainable economy, insurance companies should play a more active role to mitigate risks of climate change and create an ecosystem for ESG, green finance, and green insurance in Hong Kong.

Insurance companies are encouraged to invest in staff training so as to upskill their staff, e.g., competencies related to InsurTech, ESG, and regulations in the GBA. Efforts on public education programmes should be strengthened. The perception that the insurance industry is sales-oriented is deeply ingrained in the society. The Government, industry, and training institutions should work closely on publicity and outreach to promote public awareness of the wide variety of job opportunities offered by the insurance industry.