In an effort to reduce internal IT costs, more insurers are considering buying packaged software-as opposed to building customized applications.However, many executives in the industry-those evaluating packaged software solutions-may not be familiar with vendors and products that are available. Therefore, they may have difficulty assessing them.

"I've spoken with a lot of people who get frustrated with vague vendor presentations that don't tell them what they need to know or may not be the right solution for them-or even close to the right solution," says Matthew Josefowicz, senior analyst at Celent Communications Inc., a financial services research and advisory firm, based in Boston.

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