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Vendor Relationship Manager at Prudential

Posted in Insurance 30+ days ago.

This job brought to you by eQuest

Type: Full-Time
Location: Roseland, New Jersey

Job Description:

Prudential Group Insurance has a unique opportunity to join our Team.  In this role, you will be expected to provide vendor relationship management with a specific focus on the following:

 


  • Manage relationship and serve a single point of contact with key vendor partner who serves as Third Party Administrator for a Prudential product

  • Serve as bridge between vendor and internal stakeholders, including control functions (e.g., Risk, Legal, Compliance)

  • Ensure internal business controls are maintained and managed effectively

  • Monitor, maintain and report on vendor performance, including SLAs, KPIs, via regular reporting, quarterly business reviews, etc.

  • Ensure standard operating procedures are documented, updated and reviewed regularly with vendor and Prudential

  • Monitor and negotiate contractual agreements with vendor

  • Engage in diagnosing and resolving any issues or escalations related to the vendor, process or customers

  • Ensure compliance with Third Party Risk Management standards

  • Review and respond to RFP specific questions

  • Provide support to both Product and Distribution teams, as needed

  • Manage financials of vendor relationship, including financial performance of existing programs, invoice and expense management, billing of vendor service and escalation point of any funding issues

  • Perform regular site visits and annual audits with vendor

  • Identify and implement efficiencies associated with vendor relationship and processes

  • Create feedback loop to monitor customer loyalty

  • Identify opportunities to enhance product management

 



  • 5 years of product, project, benefits administration or voluntary claims leadership experience

  • Experience with Voluntary Products (Critical Illness, Hospital Indemnity or Accident), with a background in Voluntary Product administration preferred

  • At least 3 years of experience in managing vendors, including negotiating vendor contracts and managing vendor expenses

  • Experience selecting and evaluating vendor performance is required

  • Project Management or other related experience such as underwriting, marketing, pricing, etc. is preferred

  • Strong negotiation skills are required

  • Experience reviewing expenses and financial outcomes and understanding the drivers of financial results

  • Experience building internal relationships and working across a highly-matrixed organization

  • Experience in defining and delivering strategic capability roadmaps

  • Experience analyzing large data sets and interrelated metrics from disparate sources, that enable strategic decision making

  • Outstanding communication and problem solving skills

  • Ability to make decisions in an ambiguous / fast-paced environment, communicate rationale and make adjustments mid-course

  • A customer-centric focus keeping customers in forefront of decisions, connecting plans and actions to purpose of serving clients

  • Ability to thrive in a complex, dynamic environment

  • Bachelor’s Degree preferred