What are the responsibilities and job description for the Sourcing & Vendor Management Director (Insurance) position at Group 1001?
About Group 1001
Group 1001 is a consumer-centric, technology-driven family of insurance companies on a mission to deliver outstanding value and operational performance by combining financial strength and stability with deep insurance expertise and a can-do culture.
The company's culture emphasizes the importance of collaboration, communication, core business focus, risk management, and striving for outcomes. This goal extends to how we hire and onboard our most valuable assets – our employees.
Group 1001, and its affiliated companies, is strongly committed to providing a supportive work environment where employee differences are valued. Diversity is an essential ingredient in making Group 1001 a welcoming place to work and is fundamental in building a high-performance team.
Job Summary
We are seeking an experienced Sourcing and Vendor Management Director to take ownership of our procurement strategies, drive value in vendor relationships, and ensure optimal outcomes that minimize risks and maximize value across our supply chain.
Main Responsibilities
- Lead and execute the procurement process, including Insurance Underwriting supplier selection, contract negotiation, cost management, and quality assurance.
- Independently analyze and calculate procurement costs while recommending methods to achieve savings.
- Develop and implement negotiation strategies that secure profitable agreements.
- Design and refine sourcing procedures to ensure operational efficiency and effectiveness.
- Collaborate with cross-functional stakeholders (Legal, Risk, Finance, etc.) to align on terms and processes.
- Conduct market research to anticipate vendor dynamics and shifts in negotiating power.
- Perform detailed cost and scenario analyses and provide actionable insights.
- Assess supply chain risks and apply mitigating strategies.
- Identify and cultivate partnerships with suppliers who align with Group 1001's values and business objectives.
Requirements
- Bachelor's degree in Business, Supply Chain Management, Finance, or a related field; Master's degree or relevant certifications preferred.
- Minimum of 8 years of experience in sourcing and procurement with a proven ability to deliver results in complex negotiations and contracts.
- Strong background in managing contracts, including Insurance Underwriting Agreements, Managed Services, TPAs, MSAs, and SOWs.
- Demonstrated ability to independently manage complex projects and prioritize effectively in a dynamic environment.
- Exceptional negotiation and analytical skills, with expertise in procurement software and e-procurement systems.
- Outstanding communication and relationship-building abilities to engage and influence stakeholders effectively.
- A commitment to ethical procurement standards and the ability to navigate global supply chain risks.
