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The fundamental challenge for insurers and their IT departments is keeping up in a world where, according to Matthew Josefowicz, managing director at Novarica, “the only constant is change.”

Keeping pace with technological change means spotting trends early, before they merge with the mainstream, says Josefowicz. Companies that can’t consistently do so will ultimately find themselves at a competitive disadvantage, whether they’re in the property-casualty or the life-annuity side of the insurance business. “Insurers have to stop skating to where the puck is,” he explains, using an ice hockey reference, “and instead skate to where they believe the puck is going to be.”

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