Vice President - Insurance Service Delivery Operation Lead
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $33.99 trillion in assets under custody and administration and $2.81 trillion* in assets under management as of September 30, 2018, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street's website at www.statestreet.com.
*This figure is presented as of September 30, 2018 and includes approximately $28 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Grow the Insurance business through securing new deals, organic growth and cross sale efforts with a focus on scalability, efficiency and adoption of standard delivery of service.
Improve client satisfaction through increased responsiveness to client inquiries, and reduction in exceptions by fully utilizing our global talent pool combined with better use of technology and governance that drives continuous improvement. Purpose of Role:
Define a consistent and rationalized operating model for all Insurance clients across all locations and products. Fully migrate operational and oversight activities out of client facing teams to delivery teams having end to end ownership of Service Delivery for Insurance Clients with the Firm.
Enhance client satisfaction and delight, through improved service quality and focus. Realize productivity & expense improvement through standardization of the model. Enhance employee job satisfaction through clarification of roles and responsibilities.
Role requires this person to interact with Client Service Teams and Insurance RMs with regards to Service Delivery. Also interact with Product and Process delivery areas both in onshore, offshore and JVs Major Responsibilities:
Managerial Responsibilities Ownership
- Ensure there is an E2E Service Delivery accountability-based culture, for Offshore GIC team, with clearly measurable individual goals tied directly to our strategy
- Ensure KPI standards for product and process delivery accuracy and timeliness are achieved
- Produce timely and accurate KPI reporting
- Monitor exceptions across Process and Product Teams. Ensure timely closure of exceptions. Communicate operational issues timely with the Client service team
- Lead Process Improvement Discussions
- Owns creation and maintenance of virtual POD structures with representation from all product/process functions for Insurance clients; owns all custody functions and oversight activities for Insurance segment
- Acts as escalation point for service delivery leads (offshore)
- Enable all engagement of the Delivery teams with the client facing teams to improve services.
- Performs operational analytics/trending across all clients
- Monitor and analyze KPI performance; identify trends across clients
- Review errors and establish trending and root cause remediation
- Develop Monthly Delivery scorecard for services out of offshore and mutually agree on service quality rating with the Client Leads and Client Service Head
- Drive process-engineering and technology enabled transformation efforts to improve client experience across the segment (internal) based on KPI and error trending
- Deliver internal operational KPI reporting and host governance meetings with client service organization
- Ensure that the highest level of the Code of Conduct is displayed in self and Team's behaviour
- Provide appropriate management information as required to support business unit decision making
- Support the 'Risk Excellence' culture within the business
- Adhere to limits of delegation and escalation procedures required by your manager so that you comply with internal policies and external regulation
- Interpersonal, Numerical, Problem Solving
- Metrics, Analytics and Mgmt. Dashboard creation
- Must have a minimum of 15 or more years of total related experience in the financial services industry. Specialization in US specific Insurance products (Non-Retail) desirable
- Projects/ transition / transformation experience preferably in a US or MNC centric captive unit of a major financial company in India
- Strong front end / middle office client services exposure in the past will be a positive
- Experience in relationship management, strong verbal and written communications skills, and good presentation skills is a must
- Must possess leadership and management skills
(Nice to have)
Self-Starter, Team Player, Team Builder, Infuse motivation, Team Management and Difficult conversation handling skills Other competencies:
Equal opportunity creator
Demonstrate level playing ground without any form of discriminatory behavior
Ability to accept feedback and work on it for individual development purpose