Hong Kong Insurance Authority Launches AI Cohort to Accelerate Responsible Innovation

Hong Kong Insurance Authority Launches AI Cohort Programme with Seven Leading Insurers

Hong Kong’s Insurance Authority (IA) has introduced the AI Cohort Programme to support insurers in adopting artificial intelligence responsibly. This initiative comes after a survey involving over 110 insurers revealed that 20% already have AI adoption strategies in place, while more than half are running pilot projects. Additionally, 40% of insurers plan to boost their AI investments within the next two years.

The survey also highlighted a divide based on size: larger insurers are advancing faster with AI, whereas smaller companies face challenges related to capacity and talent availability.

Seven Insurers to Lead AI Innovation

Seven core participants—AIA, AXA, China Taiping, FWD, HSBC Life, Prudential, and YF Life—will establish AI Centres of Excellence in Hong Kong. These centres will foster innovation and facilitate knowledge sharing across the insurance sector.

Regulatory Clarity and Global Trends

The IA plans to release updated guidelines next year to clarify regulatory expectations around AI use in insurance. This move aims to help insurers navigate compliance while leveraging AI technologies.

On a global scale, generative AI use is increasing rapidly. In Hong Kong, 38% of financial institutions have already adopted generative AI compared to 26% worldwide. The market for AI in financial services is projected to reach approximately $1.5 trillion by 2030.

Opportunities for Insurance Professionals

• Understanding AI adoption trends can guide your organisation’s strategic planning.
• Participating in or learning from Centres of Excellence may accelerate your company’s innovation.
• Staying updated on regulatory guidelines ensures compliance and risk management.

Insurance professionals interested in expanding their AI knowledge can explore practical courses and certifications to build relevant skills. For example, training on AI applications for insurance roles can provide a direct path to integrating AI tools effectively.