What is the difference between sourcing and procurement?

the process of finding suppliers of goods or services

The act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of payment. It often involves(1) purchase planning,(2) standards determination,(3) specifications development,(4) supplier research and selection,(5) value analysis,(6) financing,(7) price negotiation,(8) making the purchase,(9) supply contract administration,(10) inventory control and stores, and

Procurement is department include many sections as purchasing , sourcing , planning .

Sourcing include alot of activities like :-

Cost Management

New PJs Management

Suppliers Management

sourcing is the driver of supply chain managment and sourcing divide in to two part direct procurement and in direct procuremnent .

Sourcing is where it is  finalizing the products/goods/raw materials, suppliers, pricing and negotiating the contracts  based on the usage of the item and approval by R&D 

Whereas on the other hand Procurement team places the Approved purchase order with Supplier and follow up with supplier till the ordered item reaches the warehouse/delivery location as agreed quality and specifications 

Sourcing refers to the identification of suppliers for a particular service, evaluation of the supplier and finally contracting with the supplier to deliver the required products/ services. Simply put Sourcing is the generation of a contract.Procurement refers to the activity of getting the deliveries from the supplier identified and ensuring that the payments to the supplier are made. Simply put, procurement is the execution of the contract.Quora is a place for general info & discussion, for a professional view, please refer to various books/ articles on sourcing and procurement

 Thank you , as the question's topic some how not related to insurance , I regret unable to answer .

Regards .

Sourcing- You Search a new Product , from new Supplier.

Procure- You Purchase a Product you are experienced from a know vendor.

From the name "Sourcing" , its the Process for finding Potential Vendors and Suppliers that can provide the company with Products or Services that meets its demands.

Procurement is the Process of obtaining these goods or services, it might involve receiving an Offer from Vendor, prepare Purchase Orders, appoint Freight forwarder, Customs Agents and making sure the goods are received and in fair condition within time. 

“Procurement” is the entire range and process of activities from sourcing, purchasing, negotiating and acquisition and also includes risk management, sustainability etc.

and

while “Sourcing” is the component of the Procurement process that deals with supplier selection and management