Top tech stats: InsurTech, employee retention & more

Welcome to your roundup of some of the past week’s most interesting surveys, statistics and reports relevant to those involved in the UK tech industry.

This week, we have statistics covering employee retention, digital development and InsurTech.

A real impact

A survey by Appirio revealed that 60% of respondents said knowing whether staff feel appreciated by management is most important when analysing a job offer. Only 4% said they were most concerned with how often employees were evaluated for pay rises.

With over 650 respondents, these statistics reveal compensation isn’t the foremost driving factor when it comes to employee satisfaction, instead the research showed that a human connection and saying “thank you” could make a real business impact.

Harry West, head of Worker Experience Solutions at Appirio, said: “Recruiting tech talent is a problem plaguing the C-suite: 90% of employers say finding the right talent is a primary issue facing the executive team.

“Our survey found that appreciation, connectedness, and emotional safety all outrank compensation as important factors in career decision-making. Employee engagement can’t be solved by simply showering workers with raises and bonuses — companies must be dedicated to providing transparency, support, and technologies that keep high-end tech talent happy.”

Keeping up

The UK is lagging behind ‘Digital Tiger Economies’,  according to research published by Barclays.

The Barclays Digital Development Index benchmarks 10 countries around the world on their readiness to compete in the digital economy. The study found that the UK came in fourth place, behind ’emerging economies’ such as Estonia, South Korea and Sweden.

Ashok Vaswani, CEO at Barclays UK, said: “We urgently need to secure London and the UK as the world’s pre-eminent powerhouse of tech innovation as well as make sure that the UK has the digital skills and expertise to compete globally across all sectors and industries.

“At a time when the UK is considering its future outside the European Union, we have to remember that competing in the digital economy isn’t simply a European question, it’s about a global race that will define how prosperous and successful we are for decades to come.”

The research also indicated that UK confidence towards data protection and devices was particularly low, with the country ranking seventh out of 10 in terms of coding skills and content creation. A radical change in the development of digital skills is needed to secure the UK’s economic future, the research found.

Confirming this need for digital growth and innovation, Vaswani concluded: “With the referendum sending a clear message that too many parts of the UK do not feel they are sharing in the promise of global prosperity, now is the time to take everyone in society forward in the digital age.”

Improving the industry

New research by Startupbootcamp InsurTech and PwC has highlighted the potential for startups to improve the industry. Based on 1,300 worldwide startups in the insurance industry, the report revealed that more than a third (35%) of these InsurTech startups are focusing on ways to improve customer relationships.

Some 75% of established incumbent insurers believe the biggest impact to the industry will come from building new products in order to address the changing needs of the customer. Insurance firms are benefiting from an influx of new technology and are focusing on how new InsurTech products can redefine customer interaction.

Jonathan Howe, UK insurance leader at PwC, commented: “If InsurtTech startups and incumbent companies can successfully work together to build new and relevant insurance products whilst cutting their operating costs and passing some of these savings on to the customer, it is not just an opportunity to increase profitability, it is a real chance for insurers to build and retain trusted relationships with customers.

“By embracing new technology and ways of thinking, the insurance industry can underline its role as a trusted partner to both consumers and businesses,” concluded Howe.

That’s all for this week! To check out previous installments of our tech stats series click here!