New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2014 operating earnings of $2.021 billion. Total assets under management at year end 2014, with affiliates, totaled $552.82 billion. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/11/15).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for 170 years.
This resource will support various contractual needs for the Technology Strategic Partnership Office. The resource will drive immediate key tactical activities related to contract management while also supporting strategic responsibilities. This role is slightly open in nature as responsibilities will flex based upon the long term strategic needs of the TSPO.
Support team efforts in documenting contract processes, contract knowledge, developing contract FAQs, and analysis of contracted deliverables to final delivery, TSPO document repository maintenance, etc.
The role of the Contract Analyst is to support the day-to-day contract administration of New York Life third party agreement(s).
The Contract Analyst also monitors the fulfillment of contractual obligations and oversees correspondence with contracting parties. The Contract Analyst will support the development of the NYL methodology for tracking and storing (contract repository) critical recurring and one-time deliverables. The Contract Analyst will also work closely with the Finance Team to develop a methodology in support of the payment and chargeback methodology.
- Providing understanding of contractual obligations to internal stakeholders, including contract education and awareness
- Validating service provider’s invoices against contract Statements of Work
- Monitoring and tracking NYL and service provider’s compliance with contract terms and conditions, commitments, notifications, routine attestations, reports and critical deliverables
- Managing contract library and control document access
- Ensuring consistent record retention regarding agreements
- Proactively monitoring for systemic delivery problems or issues that could result in a contract change
- Ensuring that appropriate audit controls are in place for service provider’s processes and invoices
- Supporting timely problem resolution of contractual issues to minimize impact of service disruptions to NYL
- Informing of, or escalation of contractual issues as they arise, as warranted by the processes, including the completion of all appropriate tracking documents
- Identifying areas for possible process improvement gains, through efficiency or effectiveness by identifying areas where operational process changes are needed
- Working with key stakeholder groups to ensure the overall effectiveness of the outsourcing initiative
- Administer, track and analyze contracts as well as communicate supplier performance and contract compliance
- Facilitate the contract review process, specifically contract modifications / change orders and extensions to ensure validation of scope and appropriate contract closeout documentation is completed
- Support teams monitoring vendor performance and make recommendations for improvement when appropriate
- Prepare and distribute reports and statistical data to facilitate planning and maintenance of contract records and files
- Participate in and provide support for initiatives such as supplier enablement, contract management, project management, problem resolution, and customer support
- Manage contracts to ensure cost, service and quality requirements are met
- Work with external and internal customers to maintain a professional relationship
Required Skills & Knowledge
- Bachelor’s Degree in Business with a minimum of 2 years of relevant experience
- Proficiency in MS Word, MS PowerPoint, and Adobe Acrobat Professional is required
- Familiar with the administration of commercial contracts from the proposal stage through contract closeout
- Excellent communication skills, both written and oral
- Strong collaboration and partnership skills
- Ability to lead and influence individuals
Preferred Skills & Knowledge
- Experience in Vendor Management
- Experience with a Vendor Management System (“VMS”), e.g. Beeline, Fieldglass, IQNavigator
- Experience with ServiceNow
- Strong financial acumen
- Experience with large technology vendors, HW/SW/Labor, including offshore resources
Location: Dallas, TX, Jersey City or NY
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- Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 15, 2015. See http://fortune.com/fortune500/2015/ for methodology.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US(GAAP), with certain adjustments Company believes to be appropriate as a measurement approach ( non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.
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