The global economic climate had a distinct effect on the outsourcing expectations and decisions made by insurers and financial services organizations in 2010. So says a report issued this week by San Francisco -based law firm Morrison & Foerster, LLP. In its annual “Global Sourcing Trends” report, the firm includes survey responses from its Global Sourcing Group lawyers in Asia, Europe and the United States to create a state of the outsourcing market across a variety of vertical markets.
It’s no surprise that as insurers sought to recover from financial woes brought on by the 2008-2009 economic crisis, they were weary of entering into new long-term outsourcing arrangements. Outsourcing in 2010 was flat over the year prior, and those deals that were made were largely restructuring of old deals, notes the report’s authors, Alistair Maughan (London), Chris Ford (Washington, D.C.), and Nigel Stamp (Hong Kong).
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