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News - Small players set to feel the squeeze as rivals 'offshore' insurance jobs.
(From Post Magazine)
Byline: Ana Paula Nacif.
Smaller insurers may have to reconsider their operations as they come under increasing pressure from rivals with offshore operations, according to the author of a new report on the subject.
Chris Gentle, a director at Deloitte who compiled Titans Take Hold, claims the trend among global financial services companies to offshore staff is set to increase by 38% during the next year.
The report adds that the 100 largest companies in the world will have $210bn (GBP116bn) of cost base offshore, saving more than $700m by 2005.
It stated that within six years, more than 20% of the financial services industry's global cost base will have shifted offshore, resulting in average savings of 37% per relocated process.
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