Vendor Management Analyst - Hybrid

New Jersey Manufacturers•Trenton, NJ

1d•Hybrid

About The Position

New Jersey Manufacturers Insurance Company (NJM) was founded in 1913 by a group of manufacturers seeking to provide cost-effective, safety conscious and financially secure workers' compensation insurance for their workers. From inception the Company has operated as a mutual, with a focus on the needs of its policyholders. Today, NJM Insurance Group, is a leading mid-sized U.S. property and casualty insurance company with 90 consecutive years of A+ financial strength ratings by AM BEST. Due to exceptional employee experience, NJM has been included on the latest Forbes List of Best Employers in New Jersey for the fourth year in a row. The NJM reputation for being a top provider of outstanding customer service was reaffirmed by the most recent J.D. Power Auto Insurance Claims Survey. Over the last five years, the Company has focused on a strategic plan that calls for it to become a regional property & casualty insurer and has transitioned away from its affinity-based membership model. To that end, the Company has added an independent agency model for new lines of middle and large commercial and has more than doubled its product offerings. NJM now offers its various products to businesses across New Jersey, Pennsylvania, New York, Maryland, Delaware, and Connecticut. The Vendor Management Analyst (based on experience can be filled as level II or III) is responsible for creation, execution, and maintenance of vendor and contract relationships. This role owns the Vendor Management relationship and contract process from initiation to termination. The Vendor Management Analyst will also be responsible for developing and maintaining business relationships with key vendor partners and responsible for collaborating with all areas of NJM to ensure that vendors are effectively managed, and contracts are fully leveraged. This is a Hybrid role. You must be able to work in the West Trenton office 3 days per week with the opportunity to work from home 2 days per week.

Requirements

Demonstrate comprehensive understanding of vendor management life cycle.
Ability to review and understand contracts and insurance requirements.
8 or more years of experience with vendor management, contracting, business process improvements, project management and analytical techniques and practices.
Proficient computer skills, Microsoft Office Suite (Word, PowerPoint, Outlook, and Excel).
Active listening, excellent verbal and written communication skills; strong presentation skills; influencing negotiations acumen.
Professional demeanor: demonstrate independent judgement, ability to communicate with all levels of management and relationship building skills to manage business relationships with vendors.
Demonstrates good critical thinking, ability to analyze problems and strategize for better solutions; detail-oriented and proactive.
Strong project management skills with the ability to execute on multiple projects concurrently.
Able to work independently with minimal supervision.
High school diploma or GED

Nice To Haves

A bachelor’s degree in business management, Vendor Relations or related field
Insurance industry experience preferred
Insurance claims experience is a plus

Responsibilities

Provide management and oversight of vendors’ overall performance, contractual compliance adherence to service level agreements and report back to management.
Utilizing the contract management system, create and maintain an inventory of all assigned vendors, which includes contract purpose, contract price, current contract owner and vendor’s service level agreements.
Work with Law and Regulation on the creation and renewal of existing contracts which includes tracking contract termination notification dates and terms for contracts and ensure that NJM is positioned to renegotiate contract terms or terminate.
Manage the evaluation, selection, transition, and monitoring of contractual agreements of vendors and coordinate contracts and other legal agreements for the department.
Be engaged on vendor assessments/selection for new products and service offerings; work with management to negotiate service level agreements, performance/quality metrics and contractual obligations.
Resolve vendor problems related to quality, performance, and service level agreements.
Escalate to management if SLAs are not met.
Coordinate status meetings between NJM and Vendor Partners including review of performance tracking measures and results and status of open issues.
Work with Information Security to perform an annual Risk Assessment for strategic vendor partners, this includes assessment of currency of escrowed software, review of SOC reports, Business Continuity and Disaster Recovery plan and testing results, incident response and data breach response reports, and written information security program.
Conduct verification of financial stability to include review of annual financial statements, cash flow statements and any open litigation.
Verification of monthly invoices and submittal for payment.
Provide leadership and oversight into vendor project activities to minimize interference with business operations. This includes initial review of project management work products, including charter, project plan, schedule, milestones, risk assessment, change management and escalation process.