Corporate Vice President, Benefits - Vendor Manager for Outsourcing Relationships
Location:
New York , New York
Posted:
December 11, 2017
Reference:
57526-en_US

New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.

 

New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion.  As of year-end 2016, New York Life’s surplus was $23.336 billion**.  New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).

 

Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.

 

Corporate Vice President – Vendor Manager for Outsourcing Relationships

 

New York Life currently outsources the benefits administration for two defined benefit plans, two defined contribution plans and two health and welfare programs.  This vendor relationship is valued at approximately $8 million and includes all benefits administration and customer service.  The Corporate Vice President role will be responsible for setting, executing, and managing a strategic agenda with the(se) vendor(s) to insure New York Life is at the forefront of what is available in this space and that it serve the overall strategic objectives for the company’s benefit programs.  This role will also ensure that all aspects of the relationship, record keeping, and administrative functions are compliant and working as contracted, and the role will recommend solutions (in both process and service) with focus on enhanced service delivery and operational excellence.  The position reports directly to the head of benefits and will manage the benefits strategy relationship with the HR Shared Services organization and Technology teams.

 

 

  • Set a strategy for benefits administration and customer service and manage and execute the strategic agenda
  • Develop the vendor relationship with a focus on overseeing all day to day process activities to insure accurate and transparent reporting that allows the head of benefits and the leads for retirement and health and welfare to understand what is happening at the vendor and how benefits are being used  
  • Manage the Benefits Strategy relationship with HR Shared Services and Technology
  • Develop, implement, execute, and manage a process for issue escalation
  • Manage all procurements, contracts, and audits for the benefits administration vendors
  • Insure all required communications are delivered in a timely manner
  • Initiate required projects and drive to completion; ensure all reporting and compliance matters (i.e. MAR/SOC ) are timely and accurate

 

 

  • Bachelor’s degree required
  • 7+ years of relevant experience
  • Excellent knowledge of and experience with corporate benefits administration and/or benefits vendor management
  • Must possess discretion and awareness of compliance issues and best practices to deliver positive end results
  • Ability to develop strategy and manage complex projects related to benefits administration
  • Superior communication skills (verbal and written) to effectively negotiate and persuade recommendations as well as liaise with all internal areas of New York Life

 

 

 

 

 

 

 

 


 


 

 

 

 

EOE M/F/D/V

 

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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016.  See http://fortune.com/fortune500/  for methodology.

**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.

 

1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.

 

2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.


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