Year 2025 - Surviving and thriving in challenging time 砥礪而立，逆勢奮進

11 2024 年刊與 2025 展望 YEARBOOK 2024 & PROSPECT 2025 專題探討 FEATURE Allan Yu, BBS Chairman, Insurance Industry Training Advisory Committee Qualifications Framework The Education Bureau officially launched the Hong Kong Qualifications Framework (“QF”) in 2008. QF is a unitary framework, covering the academic, vocational and professional, and continuing education and training sectors. QF has been implemented in the insurance industry since 2011, with the formation of the Insurance Industry Training Advisory Committee (“ITAC”), which consists of representatives of employers and trade associations, employees and unions, professional organizations and regulatory bodies, to serve as a platform for stakeholders to implement QF with concerted efforts and advise the Government on the training needs and manpower development in the industry. QF promotes professional development of insurance practitioners and advocates lifelong learning through accredited courses and programs. T h e H o n g K o n g i n s u r a n c e m a r k e t demonstrated robust growth, driven by i ncreas i ng demand for l i fe and hea l th i nsurance product s amid a recover i ng economy in 2024. The market achieved steady premium growth, with life insurance contributing significantly to the resilience and long-term profitability. Nevertheless, the market has seen increased competition as both insurance companies and intermediaries competing for market share for continued growth. In the triangular business relationship, insurance intermediaries play a crucial role in facilitating connections and advice while insurance companies provide coverage and customers seek protection and financial security. Insurance intermediaries are clearly indispensable in the market as their expertise and valuable service enable effective risk management and enhance the insurance purchasing experience for customers. To strengthen their standing, insurance intermediaries should enhance professionalism and upskill to stay relevant and provide valuable services in a competitive market. Wi t h t he r i se o f I nsu r Tech , i nsu r ance intermediaries must now be proficient in technology and understand digital tools and platforms. Insurance intermediaries should become adept at using customer relationship management systems, data analytics, and artificial intelligence to streamline operations and improve customer interactions. Embracing technology not only enhances efficiency but also helps insurance intermediaries offer bespoke solutions to customers. Another vital skill is the knowledge of emerging insurance trends and products. Continuous educa t i on t h r ough i ndus t r y semi na r s , web i nar s , and cer t i f i ca t i ons can keep insurance intermediaries informed about these evolving sectors. This knowledge enables insurance intermediaries to provide tailored