Director, Strategic Sourcing – Economical Insurance
Founded in 1871, Economical Insurance is one of Canada’s leading property and casualty insurance companies, providing security and support for customers and broker partners from coast to coast. Based in Waterloo, Ontario, and Canadian-owned and operated, Economical has approximately $2 billion in annualized premium and $5.3 billion in assets, serving the needs of more than one million customers across Canada and employs approximately 2400 employees.
The company makes one simple promise to all of its customers: they’ll be there when you need them the most. When the unexpected happens, you can count on Economical to take care of the details so you can get on with your life. Innovative insurance products are backed by a professional, 24-hour emergency claims service so that they are always available when customers need them.
Economical offers a wide range of personal, commercial, farm and specialty products. Whether people are looking to insure their home, automobile or business, they can help. Innovative products meet the demands of busy lifestyles, and all products are supported by a solid history, financial stability and fast, efficient service on claims.
Job Title: Director, Strategic Sourcing
Reports to: AVP, Enterprise Procurement
Direct Reports: 3
Location: Waterloo, Ontario
Reporting to the AVP, Enterprise Procurement, and as a member of the Procurement senior leadership team, the Director, Strategic Sourcing is responsible for sourcing strategy development, supplier selection, contract negotiations, supplier relationship management, reduction of total cost of ownership, risk management and day-to-day execution.
The incumbent drives sourcing programs with a focus on Speed, Efficiency, Agility, Effectiveness (most optimal Total Delivered Cost), Commercialization, Sustainability, Supplier Diversity and Business Continuity. The Director is also a key contributor to the creation and implementation of category strategies for selected categories or sub-categories of goods and/or services with the support of the AVP, Enterprise Procurement Team and Business Groups including, but not limited to, the execution of all elements of the sourcing strategy (Sourcing Process, RFI, RFQ, Negotiation, Contracting, Vendor Management).
The Director develops and maintains current market expertise, as well as provides guidance to the business on markets and category risks and opportunities.
- Lead a team of category specialists in areas focused on Claims Supply Chain, (Auto, Property, Services, Technology, Professional Services). Establish long term category strategy and guide important Strategic Sourcing projects/investments for the Claims function
- Ensure the overall satisfaction of internal stakeholders
- Manage the Strategic Sourcing program and is accountable for achieving sourcing savings targets, as it relates to key performance indicators
- Establish long term category strategy and guide important Strategic Sourcing projects/investments
- Assess and mitigate supply risk and facilitate important Supplier Review meetings
- Guide the management of strategic supplier relationships and development
- Monitor key supply contract service level agreements and investigate service level failures caused by the supplier’s inability to execute and understand Business Unit requirements
- Collaborate with the regional business units to understand needs and align those needs regarding productivity delivery, innovation and business continuity planning
- Perform market assessments to identify current and future capabilities within the supply base
- Provide market intelligence, cost analysis and benchmark studies on his/her area of responsibility
- Partner and utilize Strategic Sourcing processes to identify, evaluate and select new suppliers
- Negotiate and finalize supplier contracts, including Service Level Agreements
- Identify and initiate productivity projects/improved cost efficiencies for the selected categories
- Prepare budget and strategic plan for areas of responsibility
- Work collaboratively with the Business Groups to identify, define and align on the mid-to-long term (minimum 3 years) requirements including product specifications, supplier performance requirements and other criteria pertaining to goods and services procured
- Actively support requests for new material development (innovation, productivity, etc.) through providing recommendations and guidance on sourcing options and sourcing materials as required by the project team
- Provide ongoing staff development in areas of sourcing and negotiating, process definition and implementation, analytics and reporting
The successful candidate will have the following:
- Minimum 8-10 years of experience in relationship management, procurement planning, sourcing execution, contract negotiation and management, vendor performance and third-party risk management, operational procurement, invoicing and payments
- Minimum 8-10 years of experience in leading target categories and strategic sourcing in large-scale organizations and large amounts of spend
- Demonstrated expertise in strategic thinking, business case development, project management, advanced negotiation, conflict resolution, presentation and facilitation
- Must have experience in conducting comprehensive supplier analysis and screening, analyzing supplier proposals and using decision-making tools/models, including financial and non-financial criteria, to support the buying teams in negotiations and facilitate award recommendations
- Demonstrated record of accomplishment in negotiating complex contracts and supplier relationship management
- Advanced analytical skills with thought leadership to drive strategy development and execution
- Deep expertise in financial business case analysis and cost modelling
- Certified Professional Purchaser (CPP) designation is an asset
- Master of Business Administration (MBA) is desirable
Personal and Professional Attributes
- Strong acumen in strategic sourcing, with extensive negotiations experience
- Results orientated – comfortable with setting personal and team stretch targets
- An effective change agent who can build internal relationships and be viewed as a value-added business partner
- Accomplished in working within a matrix environment, building strong cross-functional and cross-regional relationships with all levels of management
- Must have solid coaching and team-building skills
- An influential leader with strong oral and written communication skills
- An innovative approach and collaborative style, with the ability to establish strong relationships and navigate across all functions of the organization
- Excellent computer and analytical skills
- Strong interpersonal skills with the ability to communicate effectively at all levels
- Self-starter and results-oriented
A competitive compensation package awaits the successful candidate.
How to Apply:
Please send your resume in Word or PDF format to: firstname.lastname@example.org
. Copy and Paste the following job title and code and place it in the subject line of your email so we can identify the job and confirm receipt of your application:AXLW-781335 Director, Strategic Sourcing – Economical Insurance - ON - Kitchener/Waterloo (OTIAPPLY) Please note that only those candidates meeting the selection criteria, established by our client, will be contacted further.
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