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. Group1001'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. Diversity embodies all the differences that make us unique individuals. All employees share the responsibility for maintaining a workplace culture of dignity, respect, understanding and appreciation of individual and group differences.
Job Summary:
We are seeking an experienced Sourcing and Vendor Management Director to oversee our procurement strategies, manage vendor relationships effectively, and ensure that we secure the best possible value and minimize risks in our supply chain. The ideal candidate will be a strategic thinker with a proven track record of success in sourcing and vendor management with strong focus in Insurance Underwriting and Operations Services.
Main Accountabilities:
Lead and manage the entire procurement process, including Insurance Underwriting supplier selection, contract negotiation, cost management, and quality assurance.
Analyze and calculate costs of procurement and suggest methods to decrease expenses.
Develop negotiation strategies and secure profitable deals.
Optimize sourcing procedures to attain maximum efficiency.
Coordinate with stakeholders (Legal, Risk, Finance, etc.) to achieve agreement on terms and processes.
Research and anticipate shifts in the negotiating power of vendors.
Perform cost and scenario analysis and benchmarking.
Assess risks within the supply chain and apply risk minimizing techniques.
Identify, research and partner with suppliers who are aligned with Group 1001 core values.
Foster strong relationships with key Insurance Underwriting suppliers, managing performance and ensuring compliance with contractual obligations, including service level agreements (SLAs).
Collaborate with various departments to understand their procurement needs and ensure alignment with the overall business strategy.
Analyze market trends and maintain intelligence on industry changes to capitalize on opportunities for cost savings and risk management. Manage the company's supply portfolio ensuring transparency of spend.
Qualifications:
Bachelor's degree in Business, Supply Chain Management, Finance, or a related field; Master's degree or relevant certification (e.g., CPSM, CSCP) preferred.
Minimum of 8 years' experience in sourcing and procurement with a proven track record in a leadership role.
Strong contract experience with negotiation skills including Insurance Underwriting Agreements, Managed Services, TPAs and Service Agreements (MSAs & SOWs).
Strong strategic thinking and project management skills with the ability to manage complex projects and multi-task effectively.
Exceptional negotiation skills with a keen understanding of contract law and supplier agreements.
Strong analytical skills with the ability to interpret complex data and translate it into actionable strategies.
Proficient in procurement software and tools, with a solid understanding of e-procurement systems.
Excellent communication and interpersonal skills, with the ability to engage and influence stakeholders at all levels.
Commitment to ethical procurement standards and understanding of global supply chain risks.
Benefits Highlights:
Employees who meet benefit eligibility guidelines and work 30 hours or more weekly, have the ability to enroll in Group 1001's benefits package. Employees (and their families) are eligible to participate in the Company's comprehensive health, dental, and vision insurance plan options. Employees are also eligible for Basic and Supplemental Life Insurance, Short and Long-Term Disability, and to enroll in the Company's Employee Assistance Program and other wellness initiatives. Employees may also participate in the Company's 401K plan, with matching contributions by the Company.
