Director Vendor Management

Hanover Insurance Group • Worcester, MA

396d

About The Position

The Director of Vendor Management at The Hanover is responsible for managing and optimizing relationships with business unit vendors to ensure high-quality service and cost-efficiency. This role involves collaboration with cross-functional teams, vendor evaluation, contract negotiation, performance monitoring, and risk mitigation, playing a crucial role in the Personal Lines organization's vendor relationships.

Requirements

• Bachelor's degree in Business Administration, Supply Chain Management, or a related field.
• Proven experience as a Vendor Manager or in a similar role; 7+ years of experience preferred.
• Strong negotiation and contract management skills.
• Excellent communication and interpersonal skills.
• Ability to analyze data and make informed decisions.
• Proficiency in vendor management software and tools.
• Strong organizational and time-management skills.
• Ability to work collaboratively with cross-functional teams.
• Experience with supplier risk management and compliance concepts.
• Experience with contract management and supplier performance metrics.
• Strong attention to detail and accuracy.
• Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint) and experience with vendor management software or procurement systems.

Nice To Haves

• Insurance experience is not required, but a desire and ability to develop a solid understanding of the company's operations and priorities is expected.
• Strong analytical ability, critical and strategic thinking skills, attention to detail, and project management skills.

Responsibilities

• Build and maintain strong relationships with vendors to ensure high-quality service and support.
• Act as the primary point of contact between the company and its vendors, facilitating communication and collaboration.
• Work in coordination with Procurement on vendor contracts.
• Resolve any conflicts or issues that may arise and ensure that vendors are meeting the company's expectations.
• Maintain compliance with The Hanover's Procurement and Third-Party Risk Management (TPRM) policies.
• Manage vendor performance risk by identifying potential issues and implementing mitigation strategies.
• Collaborate with internal departments to understand their vendor needs and ensure alignment with business goals.
• Conduct thorough assessments of vendors' products, services, and performance for vendor identification, capability evaluation, and selection.
• Review vendor contracts, set performance standards, delivery schedules, and payment terms in coordination with Hanover's Procurement organization.
• Monitor vendor contracts to ensure compliance and address any issues that arise.
• Coordinate with The Hanover Procurement organization to negotiate favorable pricing and terms, monitor expenses, and identify opportunities for cost savings.
• Ongoing monitoring of vendor performance to ensure adherence to agreed standards and delivery of quality services.
• Conduct regular vendor reviews and assessments to identify areas for improvement and cost savings.
• Prepare and present reports on vendor performance and cost savings to senior management.
• Ensure compliance with legal, regulatory, and company-specific requirements by conducting audits and addressing any compliance issues that arise.
• Develop, implement, and maintain governance frameworks to manage vendor relationships effectively.

Benefits

• Medical, dental, vision, life, and disability insurance
• 401K with a company match
• Tuition reimbursement
• PTO
• Company paid holidays
• Flexible work arrangements
• Cultural Awareness Day in support of IDE
• On-site medical/wellness center (Worcester only)

What This Job Offers

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