Attracting younger members of the workforce to the insurance sector requires a holistic proposition that covers the opportunity to work for a vibrant, growing industry while also enjoying rounded benefits that enable them to grow as individuals, according to HSBC Life.

One of the challenges in the dynamic and competitive insurance sector in Asia Pacific, particularly Hong Kong, is the high demand for skilled professionals, Daisy Tsang, HSBC Life Hong Kong CEO, told InsuranceAsia News.

HSBC Life believes that a focus on attracting, developing, and retaining top talent is a critical component of its strategy, she said.

“By offering a competitive reward package, career development opportunities, and a positive work culture that recognises both the contributions of individuals and the importance of a collaborative team environment, we can compete to not only attract, but also motivate and retain the best talent in the market,” said Tsang.

Another positive factor for the insurer is the region’s diverse talent pool that allows it to bring together a variety of perspectives and experiences, fostering innovation and growth, she said.

Tapping into the Gen Z market
“We aim to attract top talent by positioning ourselves as an employer of choice in the industry,” Tsang said. “This means offering employee benefits such as quality time-off, medical insurance with a flexible preventative wellness spending account, and access to sports and recreational activities at nominal membership fees.”

To tap into the Gen Z market, the insurer has also launched a graduate programme and organises an annual insurance innovation competition to attract final-year students or recent graduates.

“We are noticing that employees, particularly younger ones, are increasingly valuing work-life balance, flexibility, and growth opportunities. To retain our talent, we are committed to listening to feedback from our employees, and actively addressing these needs and creating an environment where our employees feel fully valued and engaged.” Daisy Tsang, HSBC Life

Another initiative that helps the firm to expand its talent network is its employee referral programme. “We also believe ambitious and talented individuals will be more inclined to work with like-minded individuals, so having engaged and tenured employees helping us find the right people in the market through their connections can help our talent pool to organically grow. We therefore have a lucrative employee referral programme that rewards our employees who help us to identify this talent,” Tsang explained.

Employee growth
Among the initiatives that support employee development are the HSBC Life Training Academy, and HSBC’s talent development platforms such as HSBC University, learning platform Degreed and an AI-based Talent Marketplace that matches employees to projects and short-term assignments based on their skills, experiences and aspirations.

“Employees will be able to delve into new business areas or markets, acquire new skills, increase visibility, and establish a wider network in the region to achieve career aspirations and development plans, while project owners will be able to quickly find people with the right skills and experiences to help them get work done – a win-win,” Tsang said.

“We take pride in providing career development opportunities for our people beyond HSBC Life in Hong Kong and Macau. We have colleagues who have developed their careers in our group companies across the region”.

Talent retention
To retain talent, HSBC Life intends to continue providing a supportive and inclusive work environment, competitive compensation and benefits, and a multitude of opportunities for career progression given the size of the insurance company as well as the wider organisation. Other instruments include a myriad of staff engagement events, such as lunch-and-learn training sessions, festival celebrations, community work and regular exchange sessions between colleagues and management that encourage a speak-up culture fostering communication and collaboration.

“We are noticing that employees, particularly younger ones, are increasingly valuing work-life balance, flexibility, and growth opportunities. To retain our talent, we are committed to listening to feedback from our employees, and actively addressing these needs and creating an environment where our employees feel fully valued and engaged,” she said.

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InsuranceNews Asia caught up with Orchis Li, general manager, Gen Re, and Governing Committee member of the Hong Kong Federation of Insurers (HKFI), to discuss how the insurance industry can be more inclusive and foster female leadership.

IAN: What challenges did you face when advancing your career and how did you overcome them?

Orchis: Women in the professional sphere often encounter a myriad of challenges as they advance in their careers. For me, the most challenging issue is motherhood. In this respect, support networks, including the immediate and extended family, are very important.

I recall when my girls were young, I made a conscious decision to leave the office around 7 pm every day to spend time with them, tuck them into bed around 9 pm, and then attend to any unfinished work.  This was before working from home became common, and it required an understanding boss and team to make it work.  The number of hours and dedication I put into work is no less than my peers, but the timing certainly differs.

The insurance sector boasts many exemplary women leaders. At the HKFI, we’re proud to have strong representation, with Selina Lau as our CEO and my fellow Governing Committee members Karen Lee, Sally Wan and Winnie Wong.

IAN: How can insurers ensure more female representation in leadership in Asia?

Orchis: An HKFI survey from January 2023 shows progress in gender equality within the insurance industry, with 21% of CEOs being female and nearly a third of respondents indicating that over half of C-suite positions are held by women. However, there’s still room for improvement.

Strategic government initiatives and policy reforms that encourage female participation in these sectors are crucial. Companies can support this by offering flexible work arrangements and adaptable hours for working mothers or primary caregivers, alongside enhanced childcare services.

Embracing a workplace that genuinely values diversity and inclusivity is key to women’s success. This involves not only welcoming but actively seeking diverse perspectives and integrating them into the company’s strategic planning and decision-making processes.

IAN: What advice would you give to a woman looking to advance her career in the insurance industry?

Orchis: Be authentic, courageous and build trust! Technical expertise forms a solid foundation for success, yet developing resilience, adaptability, and leadership skills is equally essential. Keep learning, whether it’s through formal education or keeping abreast of industry trends. It’s the synergy of knowledge, networks, and confidence that propels your career forward.

In the current landscape, organisations are placing a higher emphasis on diversity in leadership, prompting more robust diversity initiatives. This environment offers women a platform to champion inclusive and equitable workplace cultures. Aligning with companies that prioritise gender diversity can be advantageous, as they often support career progression.

Proactivity is key in advancing one’s career. Seeking out opportunities, volunteering for challenging projects, and showing interest in leadership positions, coupled with a readiness to embrace calculated risks, can set the stage for success.

IAN: Can you give examples of how organisational culture can help employees shape leadership style?

Orchis: A culture that values open communication and flat hierarchies may encourage a participative leadership style, where managers seek input from team members and make decisions collaboratively.

This can lead to a more democratic approach to management, fostering a sense of ownership and accountability.

If a company loves new ideas, leaders will likely inspire their teams to think big and push boundaries. This type of culture often leads to a more dynamic and adaptable management approach.

A company’s deeper values, like caring for society or personal growth, shape leaders as in such companies they might put their team’s needs first or act as mentors, helping everyone grow and succeed together.

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