GBA Series | Huang Ningyan (MScASI 2023): Charting the course of the Greater Bay Area’s insurance frontier with actuarial insights
As the insurance industry flourishes in both Hong Kong and mainland China, Huang Ningyan (MScASI 2023), an inaugural graduate of CUHK Business School’s MSc in Actuarial Science and Insurance Analytics (MScASI) programme, brings a distinctive perspective to interpreting its growth in the Greater Bay Area. Drawing on her expertise from actuarial roles in both regions, she foresees the emergence of new cross-border insurance products, such as automotive and medical insurance, fueled by closer collaboration and exchanges between industries and professionals. In this fertile landscape of insurance industry development, fresh opportunities are poised to thrive.
Forging a robust groundwork for an actuarial career
With a strong statistical background from her undergraduate studies, Ningyan naturally delved into actuarial science, fueled by her passion for statistics. She regards statistical theory as the bedrock of actuarial science, noting significant overlap between the two domains. When integrated with disciplines like medicine, actuarial science gains greater practicality. “My pursuit of actuarial studies was a means to expand my statistical expertise,” she explains. While contemplating further education opportunities, she found that the CUHK Business School’s MScASI programme, with its design rooted in statistics, was an intuitive choice for her. “I once viewed actuarial science as a mystery, but now I see it as more approachable than expected.”
Growing up in Guangzhou, Ningyan found assimilating into Hong Kong life relatively smooth, yet her academic journey posed formidable challenges. “My first encounter with actuarial science was in the form of Financial Mathematics during my first semester. The class’s midterm average was only 30%, and it was a daunting experience for everyone,” she chuckled. However, surmounting these obstacles rendered subsequent trials, such as the Society of Actuaries (SOA) exam, more navigable.
Additionally, Ningyan expresses gratitude for the excellent platform provided by the CUHK Business School, which facilitated connections with seasoned peers and mentors. “Their professional insights aided me in analysing job opportunities and preparing for interviews more effectively, enabling a seamless transition from academic studies to the professional realm.”
Embracing industry evolution
Following her internship at an insurance company in Hong Kong, focusing on life insurance pricing, Ningyan returned to Guangzhou post-graduation. There, she joined the actuarial department of GEG Property & Casualty Captive Insurance Co. Ltd, contributing to insurance planning for the company’s power plants. Her dual experiences in Hong Kong and mainland China furnished her with a holistic industry perspective. “The diversity of roles in actuarial positions highlights the importance of maintaining flexibility in mindset. While my exposure to models during my Hong Kong internship was somewhat constrained, it provided a foundational understanding of model construction. This experience empowered me to refine hypotheses and details in accordance with real-world scenarios.”
When queried about the insurance industry’s trajectory in both locales, Ningyan underscores the rapid evolution underway. “While regulatory frameworks and product designs vary between Hong Kong and mainland China, with Hong Kong, for example, boasting more advanced and extensive life insurance products, both regions are experiencing accelerated innovation and heightened market demands.” She elaborates, “Beyond internal industry advancements, we are actively pursuing collaborations and innovative initiatives across sectors, striving to deliver enhanced cross-disciplinary solutions for our clients.”
Opportunities in the Greater Bay Area’s insurance sector
As cross-border interactions between mainland China and Hong Kong continue to deepen, Ningyan anticipates the development of new insurance products. “With the escalating flow of manpower, capital, and goods, there is an increasing demand for cross-border insurance solutions, spanning automobile, medical, and retirement coverage,” she explains. The demand for actuarial talent in the Greater Bay Area is palpable, particularly in response to evolving market dynamics and regulatory frameworks. “This presents a fertile ground for job seekers,” she notes.
She advises CUHK Business School students and alumni aspiring to pursue opportunities in the Greater Bay Area to capitalise on the resources provided by the university and the school, including career fairs. She also emphasises the importance of securing relevant internships within the industry, as they can significantly bolster prospects for employment in both Hong Kong and mainland China.
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