Interview with Professor Lawrence Lee
Professor (Practice), Department of Mathematics, Statistics and Insurance
Professor Lawrence Lee, a respected expert in the insurance industry who has been working in the sector for over 40 years, is still passionate about it and pays close attention to its development and transformation. Since joining the industry in 1974, he has taken on senior management posts in this industry in Hong Kong and the Region. He was appointed a member of the Insurance Training Board, The Vocational Training Council and elected the President of the Insurance Institute of Hong Kong.
With his thorough understanding of the industry, Professor Lee points out that, owing to the ageing population, the enhancement of the public’s education level and their awareness of the legal rights, people nowadays look for better advice and protection for their well-being, families and properties. This has led to a rise in demand for insurance services; yet the high turn-over rate and the lack of suitable training and development programmes to current insurance practitioners has brought a succession problem in the profession. Therefore, he regards the nurturing of the next generation of insurance industry leaders of utmost importance.
“There are only around 200 university graduates from insurance-related programmes every year in Hong Kong. The number of newcomers can hardly supplement the workforce losses from retirement and natural attrition. Besides, there is a lack of suitable programmes to upgrade the managerial know-how for the current practitioners, resulting in a lack of suitable successors at the middle and senior management level in many insurance companies. This situation is unfavourable for the overall development of the industry.” Professor Lee believes that the industry standard would be enhanced if insurance companies are willing to allocate more resources and provide more opportunities for staff training. Such action will have a positive impact on the development and provide a possible relief on the succession problem in the industry.
In fact, supporting the development of the insurance sector through education was one of the reasons why Professor Lee decided to join HSUHK. He said, “The education at HSUHK is forward-thinking. It is willing to explore and launch new programmes to meet the needs of the insurance sector, demonstrating its unique Liberal + Professional education model.” Professor Lee is now working on a soon-to-be launched Executive Master of Science in Insurance programme with his team, which aims to train future leaders for the insurance industry to boost the management, professional and ethical standards of current insurance practitioners while broadening their perspectives. The programme also attempts to alleviate the problem of shortages in management staff in the field.
“Insurance practitioners not only sell products, but they also need to have a comprehensive understanding of the products and conduct a thorough risk assessment of their clients’ situations before recommending a proposal suitable to them. Both professional knowledge and earnest attitude are indispensable.” While insurance products become more complex and diversified with time, the expectation from the industry as well as the public for insurance practitioners are getting higher, therefore they must keep current and abreast of changes. “Insurance is an industry which flourishes on the ‘brain power’, i.e. the knowledge of its people. Lifelong learning is therefore crucial for both frontline and support staff. They need to know the latest developments in areas such as society, macro and micro economics, geopolitics, technology, etc.”
Professor Lee thinks that Hong Kong, located in the centre of East Asia, enjoys the privilege of integrating the knowledge and management styles of East and West. Yet, it is a pity to see an evident capital outflow and brain drain in recent years. With his seniority and extensive social network in the field, he wishes to contribute towards helping the Hong Kong insurance industry to regain its former glory. “Hong Kong should make good use of its ideal geographical location and the opportunities from the Belt and Road Initiative to attract more enterprises to invest here. I hope Hong Kong can re-establish its leading role in insurance.”
“I hope to contribute by sharing my experience and knowledge with the younger generation. It takes years to train an insurance professional, just like a lawyer, a medical doctor or an accountant. They have to sit for various qualification examinations before they are fully qualified and licensed. They are professionals and deserve to be rated as such. It would be ideal if my contribution can help strengthen the professional image and the professionalism of the industry and to enhance the public recognition of it.”
