Commercial Lines - Operations Specialist III

Cincinnati Financial • Fairfield, OH

227d • $137,465 - $174,930 • Remote

About The Position

The Commercial Lines department is seeking an operations specialist III, specializing in vendor and expense management. The operations specialist is responsible for understanding underwriting and product strategies and their use of vendors and third-party data, evaluating vendors to optimize risk and price selection, establishing standard operating procedures and integrating vendor management solutions into operations, with focus on expense management. Many departments at our Headquarters in Fairfield, Ohio, offer hybrid work options, empowering associates to work from home several days a week. Depending on your role and responsibilities, hybrid options may be available for those working at headquarters. The pay range for this position is $137,465 - $174,930 annually. The pay determination is based on the applicant's education, experience, location, knowledge, skills, and abilities. Eligible associates may also receive an annual cash bonus and stock incentives based on company and individual performance.

Requirements

• Strong negotiation and contract management skills
• Proven track record of developing and implementing vendor management strategies to optimize vendor performance and alignment with strategies, goals and expense plans
• Strong attention to detail and ability to multi-task
• Proficiency in using Excel
• Highly effective communication skills and prior experience working with leadership
• Fully developed analytical/problem solving skills; able to identify patterns in data and take appropriate action
• A thorough understanding of the primary business functions with a customer mindset for all segments of the department
• Ability to work independently and proactively with little direction
• Highly collaborative and develops positive working relationships with team members
• Adaptive, open, and flexible mindset

Nice To Haves

• Preferred insurance or financial services experience

Responsibilities

• Establish vendor management strategies including standard operating procedures to maximize our investments and deliver desired business results
• Negotiate terms and conditions of contracts to secure favorable terms and conditions
• Identify opportunities for cost savings and process improvements within the vendor management function
• Calibrate expenses into our direct operating plans and annual budget
• Forecast annual spend and compounded annual growth of key vendor relationships
• Perform analysis on expense allocations for enterprise consumers of our vendor solutions
• Evaluate cost benefit analysis and return on investment post implementation for benefits realization with focus on impact to efficiencies, staffing, and expense plans
• Perform analysis on invoice quality and research invoice errors or anomalies
• Review and approve expense committee submissions and supporting documentation for IT VMO and AI Governance
• Monitor vendor performance and compliance with contractual obligations
• Coordinate or perform queries/validation for usage for various vendors
• Evaluate requests from across the company to utilize our purchased services, conduct evaluation of terms and conditions
• Conduct regular analysis of expenses and trends; make recommendations for improvements and solution optimization

Benefits

• Annual cash bonus
• Stock incentives based on company and individual performance
• Hybrid work options

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Industry: Insurance Carriers and Related Activities
• Education Level: Bachelor's degree