AVP, Procurement
Job Description
Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the worldās leading providers of legacy reinsurance solutions. They work with the worldās leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $55 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group. Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Reās roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Reās leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders. Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry.Ā Ā Ā ClickĀ hereĀ for moreĀ information about Fortitude Re.
The AVP, Procurement role provides support, structure, expertise and active participation with our internal and external business partners. This role is responsible for managing our request/bids proposal and contracting review processes. Work closely with our Third-Party Risk Management team to ensure vendor risk is addressed within the vendor contracts.Ā Create and publish monthly vendor scorecards and periodic metrics related reports of the third-party contracting process. Ā The primary goal is to ensure adherence to company policies/standards and are compliant with established performance expectations and contractual terms, regulatory guidelines, and industry best practices. This role reports to the AVP, Sourcing and Procurement.
What You Will Do:
- Lead/facilitate the bid and proposal management effort for enabling new strategic capabilities for Fortitude Re.
- Collaborate with legal, finance, other business units, and subject matter experts to identify and draft bid requirements, developing bid strategies, and required Request for Information (RFI) and Request for Proposal (RFP) documents.
- Operate as a single point of contact (SPOC) during the RFI and RFP process for Fortitude or specifically for the Sourcing and Procurement team.
- Participate in third-party vendor meetings, presentations, and negotiations as needed.
- Maintain bid-related documentation and records in accordance with Fortitude Reās policies and procedures.
- Responsible for building summary presentations with recommended and alternate vendor to Fortitude Reās leadership for their approval based on vendor assessment results.
- Continuously evaluate and improve bid and proposal management processes and procedures to enhance efficiency and effectiveness.
- Responsible for managing the contract review process end-to-end.
- Collaborate with legal, finance, and other departments to review and negotiate (as necessary) contracts with external partners / third party entities to ensure that the contracts align with Fortitude Reās standards & policies and legal & regulatory requirements.
- Responsible for conducting detailed due diligence and contract reviews, and include appropriate language related to security, privacy, and compliance requirements into contracts under consideration (coordinating with Third Party Risk Management lead).
- Review and analyze contracts to identify potential risks, inconsistencies, and areas for improvement.
- Maintain accurate and up-to-date contract records and documentation.
- Provide guidance and support to internal teams on contract-related matters.
- Monitor contract performance and compliance throughout the contract lifecycle.
What You Will Have:
- Bachelor's degree in Business Administration, Law, or related field; advanced degree or certification in Contract and Bid Management or a related discipline is preferred.
- 7+ years of experience in contract review, negotiation, and management, preferably in Insurance / Reinsurance industry.
- Proven ability to review, draft, and negotiate complex contracts with a keen attention to detail.
- Strong understanding of contract law and legal terminology.
- Excellent communication, negotiation, and interpersonal skills.
- Proficiency in Bid and Contract management software and Microsoft Office Suite.
#LI-Hybrid
The base salary range for this role is listed below and will be commensurate with candidate experience. Pay ranges for candidates may differ based on the cost of labor in that location. In addition to base salary, all employees are eligible for an annual bonus based on company and individual performance as well as a generous benefits package. Ā
Base Salary Range
$105,000ā$120,000 USD
What We Offer:
Ā
We offer competitive benefits in a fast-paced, dynamic and nimble culture including:
- Unlimited PTO policy
- Up to 12 paid company holidays
- Up to 16 hours per year of paid volunteer timeĀ
- Competitive 401(k) plan - US Employees Only
- Paid parental leave
- Learning and Development Stipend
- Mental Health and Wellbeing support
- Health, vision, dental, and life insurance with additional access to health and wellness programs
- Flexible working environment
- Actuarial Exam Support through our Actuarial Development Program (ADP) for Actuarial employees
- Actuarial Program Rotation for ADP employees
- For all Actuarial Life AVP and above roles not based out of our Nashville, TN office: 30% travel is required to our Nashville, TN office
At Fortitude Re, we believe that diversity and inclusion are critical to our future and our mission- creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.Ā
We are committed to being an equal opportunity employer and evaluate qualified applicants without regard to race, color, religion, sex, pregnancy (including childbirth, lactation and related medical conditions), national origin, age, physical and mental disability, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, diversity of thought and any other characteristic protected by applicable law.Ā
To all recruitment agencies:Ā Unless you have been requested to work on this position, or other positions with Fortitude Re, please do not forward any resumes to Fortitude Re employees.Ā Fortitude Re is not responsible for any fees related to unsolicited resumes.
Check us out on YouTube: Ā About Fortitude Re (youtube.com)
By submitting your application, you agree that Fortitude Re may collect your personal data for recruiting purposes.Ā
Date Posted
06/10/2024
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