5 of the most rewarding career paths in insurance

By Robert Half on 27 September 2022

If you are a finance professional in Hong Kong who is seeking a new career path, a position in insurance is a great choice.

There is a wide range of roles available across different departments within the sector, many with excellent opportunities for progression.

Plus, there is also a requirement for specialists in focus areas, such as home, vehicles, business and marine, providing plenty of options for variety and growth

Currently the insurance sector in Hong Kong is experiencing a high-level of demand for new talent.

According to analytics experts GlobalData, the Hong Kong general insurance industry can expect steady growth over the next few years, increasing from HKD57.2bn in 2021 to HKD78.6bn in 2026, in terms of gross written premiums.

In addition, international standard IFRS 17, the mandatory accounting model for all insurance contracts is now in effect, meaning companies have until mid-2024 to implement the new requirements. The increased workloads of staff to meet the IFRS 17, along with the expected continued growth, will see a strong and steady demand for candidates in the insurance sector for the foreseeable future.

So if you’re looking for a role in this exciting industry, where do you start? To help you decide, in this article we share five of the most rewarding career paths in insurance.

1. Actuary

As an Actuary, you are responsible for, preparing reports, conducting research and data analysis to help insurers set and determine premiums. This involves looking at statistics and trends of the various elements that can affect the likelihood of a claim, such as crime and extreme weather events, to understand the risk factors in the area where the property or business is located.

A career as an Actuary is one of the most rewarding paths in insurance. There is a high demand for the specialised skills required to excel in this role and excellent remuneration on offer.

To succeed you will need to first complete a relevant degree in an Actuarial Science, Risk Management, Statistics or related field, before securing a role as an actuarial analyst, where you can complete your in-house training. From there, you’ll need to study for a specialist qualification from the relevant external actuarial body. This can generally be done remotely online, and some employers offer financial support or paid leave to assist you in obtaining it.

Some common examples of specific roles in actuary include valuation, pricing, and modelling.

2. Finance and accounting

For insurance companies, the management of financial matters are complicated and diverse, so roles in this area require exceptional numerical and organisational skills.

Depending on your position, you may be required to manage the daily finances, create and track budgets, and oversee the bigger financial picture to ensure the company is compliant and profitable. You may also work alongside risk consultants and actuaries to achieve the company’s financial goals.

Examples of roles in finance and accounting in the insurance sector include financial and regulatory reporting, financial planning and analysis, finance project management, accounting policy and finance operation.

The mandatory standard IFRS 17 has place new emphasis on this aspect for insurers, which has led to an increase of reporting requirements meaning a higher number of related roles such as IFRS 17 Manager have now become available in this sector.

3. Compliance

Today, businesses across a vast array of industries require competent compliance professionals on their team to ensure they remain current and compliant with all relevant global and domestic regulatory standards.

For insurance companies, the introduction of IFRS 17 has brought with it an increased focus on compliance, with businesses given a 3.5-year window to implement all the new requirements.

This has led to a spike in opportunities within the insurance sector for compliance-related roles such as compliance managers, which is good news for jobseekers looking for an opportunity in this area.

4. Risk

Risk consultants play a crucial role in insurance companies, as they are responsible for assessing the level of risk associated with offering cover on the various items the business insures. This can involve gathering and assessing data on past related incidents or visiting the site to assess the situation in person.

They work closely with underwriters and actuaries, providing vital information to inform policies and premiums. An example of a role in this sector is a risk manager, and in this position you may work independently or manage a team, depending on the size of the organisation.

5. Internal audit

Insurance companies must have clear and transparent processes, polices and procedures, and keep detailed and accurate records to comply with external regulations and to meet the internal goals and expectations of management, board members, shareholders, and clients.

Are you ready for a career in insurance?

Are you ready to start or accelerate your career in this growing sector in Hong Kong? Understanding the most rewarding career paths in insurance is an important first step.

Our experienced team of recruiters can help you find the right path for you.

Get in touch on +852 3653 7300 for expert advice, guidance and support that will help you secure an exciting role in the insurance sector.

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