The insurance industry in Hong Kong SAR in 2024 is undergoing a significant transformation driven by digital advancements. This shift is creating job opportunities for individuals with digital expertise, highlighting the industry's focus on resilience and adaptation to the changing landscape.

The demand for skilled professionals is notable in roles such as transformation managers and project managers. As the industry pushes on with digital projects, there is a pressing need for talent capable of navigating the intricate web of digital advancements. These individuals play crucial roles in ensuring the transition into an environment where technology is integral to insurance operations. 

Stay ahead in the dynamic job landscape and secure top talent in 2024 with Randstad Hong Kong's Market and Salary Guide Report. Uncover key labour trends and gain valuable market insights into salaries, bonuses, hiring trends and talent expectations in the contracting job industry for roles in technology as well as banking and financial services. 

Access the complete report to enhance your competitive edge on your talent attraction and refine workforce planning strategy in 2024.

industry and salary trends in insurance industry
industry and salary trends in insurance industry

advancing personalised insurance portfolio in a digitally integrated landscape

A digitally integrated environment sets the foundation for a more holistic ecosystem approach towards product sales. Many insurers are developing highly personalised and diverse insurance portfolios to expand their market share. The focus is on creating diverse portfolios tailored to individual needs, often starting the journey with health insurance acting as a gateway to other aspects of insurance coverage like life and medical.

Collaborations with digital retail partners are also on the rise to amplify awareness and accessibility to insurance products. This shift opens up more avenues for talent migration with a strong digital background. Key Opinion Leader (KOL) partnerships are becoming instrumental in customer engagement strategies, as they are highly effective in helping to  convey the benefits of the evolving insurance landscape and its offerings to a wider audience.

emerging opportunities in health and wellness

A notable trend in 2024 in the insurance industry in Hong Kong SAR is the repackaging of products to promote health and wellness. Insurance companies are taking proactive steps to develop products that not only protect but also enhance the well-being of their insurance policyholders.

wellness and digital transformation attracts insurance professionals
wellness and digital transformation attracts insurance professionals

This new market creates an array of job opportunities within the product department, including roles in UI/UX, customer analysis, and product development and management.

hiring expectations for technical roles are more specific than ever

The expectations for hiring technical roles have become more specific than ever, especially actuaries, who remain in high demand with a limited talent pool. To bridge this talent gap, insurance companies in Hong Kong SAR are leveraging new, more relaxed visa requirements and government initiatives to attract foreign-qualified actuarial professionals from neighbouring markets like Singapore and Malaysia. 

Recruitment in underwriting and claims operations remains active too, though there is a shift in hiring requirements. Companies are now seeking specialists instead of generalists as they look for talent with specific experience in life or health insurance. This trend creates challenges for hiring professionals across all levels, particularly for middle to senior-level positions. 

aligning talent expectations in insurance are matched with banks and financial firms

Insurance firms are driving a shift in their organisational culture, steering in a positive direction. These companies have stepped up to provide highly attractive fringe benefits such as parental benefits, flexible work arrangements, and a commitment to diversity and equity. 

Professionals at junior to middle level can expect a substantial 20% to 25% salary increase when switching employers or staying in the same role. Senior-level executives can anticipate a modest salary raise between 10% and 15%.

download hong kong SAR’s 2024 market and salary outlook report

The 2024 Randstad Hong Kong SAR’s Market and Salary Outlook report looks at talent analyses, key trends and new salary benchmarks in the following industries:

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Randstad is your talent solution partner. Our specialised recruiters work closely with employers and talent for the perfect match with our true-fit methodology to evaluate a talent’s suitability across three dimensions - job fit, boss fit and company fit. Connect with our recruitment consultants for the latest insights on Hong Kong SAR’s job market and your unique talent recruitment needs.

If you’re a job seeker looking for better job opportunities and career growth, start your career journey with us. Explore our latest insurance jobs or submit your CV to us to take the first step in advancing your career.

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