One question the industry analysts from Novarica invariably receive when they visit insurance carrier CIOs is this: If technology is getting cheaper, why isn't their technology expense ratio going down with it?
The simple answer, according to Matt Josefowicz, partner and managing director of Novarica's insurance practice, is insurance companies are doing a whole lot more with technology today than they used to.
Josefowicz explains that if there was such a thing as a unit cost of IT capability, that cost would be going way down while the volume of work being done in insurance IT departments would continue to rise.
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