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For Companies At a Glance
- Tasks: Manage procurement and supplier relationships for IT and business services.
- Company: IQUW is a leading specialty (re)insurer at Lloyd’s, known for innovative insurance solutions.
- Benefits: Enjoy a full-time role with opportunities for growth and collaboration in a dynamic environment.
- Why this job: Join a forward-thinking team that values data-driven decisions and supplier partnerships.
- Qualifications: Experience in procurement, contract negotiation, and a degree in Business or Law preferred.
- Other info: This role offers a chance to make impactful decisions in a regulated industry.
The predicted salary is between 43200 - 72000 £ per year.
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About Us
IQUW is a specialty (re)insurer at Lloyd’s (Syndicate 1856) underwriting a diverse range of Property, Commercial and Specialty (re)insurance products from Cargo and Marine to Political Violence, Terror and War. We combine data, intelligent automation, and human expertise to make smart decisions, fast.
Overview
Procurement & Supplier Manager
Grade: 3
Reporting to: Head of Procurement
Location: London
About Us
IQUW is a specialty (re)insurer at Lloyd’s (Syndicate 1856) underwriting a diverse range of Property, Commercial and Specialty (re)insurance products from Cargo and Marine to Political Violence, Terror and War. We combine data, intelligent automation, and human expertise to make smart decisions, fast.
ERS is the UK\’s largest specialist motor insurer with an A+ rating. We recognise that for some, motor insurance is more than just a must-have; it\’s a way of taking care of what stands at the heart of their passion or livelihood. For those people, standard insurance isn\’t enough. That\’s why we work exclusively with motor insurance brokers to help get under the skin of the most difficult insurance risks, helping build products to meet their customer’s needs.
The role
The role holder will be responsible for procuring, managing, and supplier governance of IT and business services, including insurance specific products. This role is critical in ensuring our organisation secures best-in-class suppliers, optimises spend, and maintains robust supplier relationships across outsourced and strategic partnerships. IQUW drives supplier value through Procurement, Business and IT working collaboratively, procurement owning the commercial and governance within the Procurement supplier framework.
A key component of the Procurement operating model is the ability to manage the various and varied items of work, some on a recurring basis (renewals) and some new requests within existing supplier contracts or requiring new engagements. The role holder will be required to learn, use and comply with the process as it is integral to the role.
Key Responsibilities
- Procurement: Implement procurement strategies in line with business demand and Procurement Policy.
- Tender & Contracting: This will typically be focused on renewals and changes to existing agreements, but will also include new requirements, which will involve the full lifecycle form RFP, through contract terms and negotiations to approvals.
- Renewals: ensure contract renewals are completed and processed in a timely manner in accordance with Procurement Policy whilst optimising value and avoiding any business disruption.
- Policy & Compliance: ensure contracts contain appropriate conditions and all activities undertaken align with internal policies, legal standards, and regulatory frameworks.
- Supplier Management: Own and manage Tier 2 supplier contracts across key business application and service providers in line with the Procurement Policy. This includes:
- Performance & Risk Management: working with operational and service managers to monitor KPIs, and risk indicators; drive corrective actions and continuous improvement
- Contract Lifecycle Management: end-to-end contract processes including change orders and SOW negotiation, contract handover documentation and support, obligation tracking and management, ongoing risk and issue management, renewal, and exit planning.
- Governance & Compliance: ensure contracts continue to adhere to regulatory, legal, and internal governance standards.
- Cost Reporting & Optimization: Identify opportunities for cost savings, innovation, and operational efficiency through supplier partnerships.
- Risk & Operational Resilience: Assess supplier risk through ongoing due diligence in line with Procurement Policy and work with Operational Resilience to implement mitigation plans.
The above duties and responsibilities are not an exhaustive list, and you may be required to undertake any other reasonable duties compatible with your experience and competencies. This description may be varied from time to time to reflect changing business requirements.
Qualifications, Skills And Experience
- Demonstrable experience in operating across multiple procurement categories
- IT and Insurance data product procurement experience
- Understanding of financial services markets and regulated industry
- Proven track record in supplier relationships.
- Expertise in contract law, commercial negotiation, and supplier governance framework.
- Working with CRM tools
- Degree in Business, Law, or related field
- CIPS or SRM certifications desirable.
Desirable behavioural attributes
- Effective communication skills, including verbal and written communication.
- Initiative & Change
- Driving & Delivering Results
- Planning & decision making
- Teamwork
- Personal Growth & Self-Management
Additional Information
- A full job description can be seen here.
Seniority level
-
Seniority level
Mid-Senior level
Employment type
-
Employment type
Full-time
Job function
-
Job function
Purchasing and Supply Chain
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Industries
Insurance
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Procurement & Supplier Manager employer: IQUW
Contact Detail:
IQUW Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Procurement & Supplier Manager
✨Tip Number 1
Familiarise yourself with the specific procurement strategies and policies used in the insurance sector. Understanding how IQUW operates within the Lloyd's market will give you an edge in discussions during interviews.
✨Tip Number 2
Network with professionals in the insurance and procurement fields. Attend industry events or join relevant online forums to connect with people who can provide insights into the role and potentially refer you.
✨Tip Number 3
Brush up on your negotiation skills, particularly in the context of contract law and supplier governance. Being able to demonstrate your expertise in these areas will be crucial during the interview process.
✨Tip Number 4
Prepare examples of how you've successfully managed supplier relationships and optimised costs in previous roles. Real-life scenarios will showcase your capabilities and align with the responsibilities outlined in the job description.
We think you need these skills to ace Procurement & Supplier Manager
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in procurement and supplier management. Focus on your achievements in contract negotiations, supplier relationships, and any specific projects related to IT and insurance data products.
Craft a Compelling Cover Letter: Your cover letter should reflect your understanding of IQUW's business model and how your skills align with their needs. Mention specific examples of how you've implemented procurement strategies or managed supplier relationships effectively.
Highlight Relevant Qualifications: If you have certifications like CIPS or SRM, be sure to mention them prominently. Also, include any degrees in Business, Law, or related fields that are relevant to the role.
Showcase Soft Skills: Effective communication and teamwork are crucial for this role. Provide examples in your application that demonstrate your ability to collaborate with various stakeholders and drive results in a team setting.
How to prepare for a job interview at IQUW
✨Understand the Procurement Landscape
Familiarise yourself with the key procurement strategies and policies relevant to IQUW. Be prepared to discuss how you would implement these strategies in line with business demands, especially in the context of IT and insurance products.
✨Showcase Your Supplier Management Skills
Highlight your experience in managing supplier relationships and governance frameworks. Be ready to provide examples of how you've optimised supplier performance and driven continuous improvement in past roles.
✨Demonstrate Contract Negotiation Expertise
Prepare to discuss your knowledge of contract law and your experience with commercial negotiations. Share specific instances where you successfully navigated complex contract terms or managed renewals to avoid business disruption.
✨Engage with Stakeholders Effectively
Illustrate your ability to collaborate with various internal functions such as IT, Legal, and Finance. Discuss how you’ve engaged stakeholders in previous roles to ensure alignment with business objectives and successful contract delivery.
