2019 saw a slower demand for talent, with some companies deciding to freeze headcount. Assuming there are no changes to the current landscape, we expect this trend to persist into 2020.
A dip in policy sales has been observed for insurance brokers who have been reliant on high-net-worth (HNW) individuals from mainland China. These customers were previously attracted to Hong Kong SAR’s insurance market due to the robust protection offered by local insurers. However, new city’s regulations now require mainland customers to be physically present in Hong Kong SAR to buy insurance, which they are shunning from due to the local unrest.
As mainland Chinese consumers continue to stay away, insurers are expected to shift their focus in 2020 to local residents instead. Firms are expected to step up on re-branding and marketing efforts for more traditional insurance products like life, health and savings policies.
2020 labour and salary trends for professionals in insurance.
As a result of a sluggish market, we expect hiring on the operations front to slow down in 2020. Companies have been increasingly observed to hire trainees as a more cost-efficient alternative to hiring experienced candidates. Employers groom these recruits with a customised fast-track plan to eventually take up leadership positions in the firm.
Despite the economic circumstances, insurance professionals looking to change employers in 2020 can expect a 15% to 20% increment in their salary, just slightly lower than it was in 2019.
key highlights in the insurance industry outlook in 2020.
- the impact of digitalisation on job roles and responsibilities within insurance
- tightening regulations and compliance rules driving more firms to look internally
- insurance industry salary guide for more than 25 types of jobs in insurance firms