Vendor Operations Lead
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 2015 operating earnings of $1.875 billion. Total assets under management at year end 2015, with affiliates, totaled $528 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 over 170 years.
This resource will play a key role in the Technology Strategic Partnership Office. The TSPO is a new organization for NYL that is being launched with an initial focus on understanding the foundation and ecosystem while working to deliver a long range vision and near-term tactical priorities. The role of the CoE Vendor Operations Lead is to maximize Partner value by driving efficiencies and influencing adoption of new sourcing processes and initiatives.
Oversight: Responsible for partnering across the organization to align with strategic guidance, ensuring optimal rates, terms and conditions and appropriate guardrails are adhered to.
Communication: Provide readily-available point of contact to reduce cultural and NYL-specific communication barriers (e.g., careful monitoring of the “Yes” culture). Driving adherence to key guardrails to ensure the NYL teams are protected and delivering work against leading class practices.
Growth: Identify opportunities to gain additional efficiencies within the Technology sourcing arrangement internal stakeholder team processes.
- Participate in various operations governance/status sessions (daily, weekly, monthly, quarterly)
- Partner with the OBIO to manage deal administration processes across key Technology stakeholders and Procurement; ensures budgets are accounted for and approval process is managed appropriately prior to contract execution
- Partners with Risk, Compliance, Audit and Security to ensure alignment of teams on third party risk questions
- Partner with HR, Audit and Legal to refine and implement leading vendor management guidelines, procedures and standards
- Drive improvement opportunities and develop TSPO standards, OLAs, policies and internal practices
- Will manage the Vendor / Partner reporting strategy, communicating short term and long term contracted resource visibility
- Identify opportunities where third party labor can be better leveraged for cost savings / cost avoidance
- Encourage and recognize employee commitment to self development
- Implement and manage key communications to 3rd parties
- Develop training and awareness to increase process efficiency and reduce lead times and cost of third part services
- Influence adoption of TSPO standard tools and processes
- Manage overall operations and efficiency improvement projects
- Drive Vendor Segmentation and Scorecarding, including development of standard programs / awards to further key Partnerships
- Mitigate risk and increase organization-wide support of the new Op Model and adoption of the TSPO CoE practices
- Support change management strategy, communications and training within Vendors / Partners
- Centralize the review and monitoring of invoices as well as service level credits and earnback amounts
- Provide support to NYL internal organizations by fielding questions and facilitating services
- Deep experience in vendor oversight and performance
- Strong verbal and written communication skills
- Proficient in PC software packages, such as Microsoft Word, Excel, Email and Internet applications
- Execution Management
- Work effectively across every level of the organization and establish strong credibility with Senior Leadership
- Strong financial background, strong analytical and problem solving skills
- Strong conflict resolution skills
- Strong leadership skills with the ability to build Winning Teams; ability to create trust, and to motivate
- Determination to drive initiatives to completion
- Proven knowledge in sourcing processes and process efficiency improvement, including development of policies and standards
- Bachelor’s degree preferred by not required
- 5+ years of experience in customer service
- Insurance Experience
- 3+ years of experience in IT sourcing or related field
- Strong conflict resolution skills
- 2+ years of solid financial or analytical experience, including performance reporting
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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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