Head - Procurement - Life Insurance/BFSI

Reporting to:
Senior Director - Finance
Context & Role:
The Head - Procurement is responsible for establishing and leading a robust, transparent, and compliant procurement function for the Life Insurance company, in alignment with IRDAI regulations, outsourcing guidelines, risk management frameworks, and internal governance standards. The role ensures optimal cost management, vendor risk mitigation, service continuity, data security, and value creation across all procurement categories, while supporting business growth, digital transformation, and policyholder service objectives.
Key Responsibilities:
A. Procurement Strategy, Policy & Governance
- Define and implement procurement strategy aligned to business plans and Board-approved risk appetite.
- Develop and enforce procurement policies, SOPs, and Delegation of Authority in line with IRDAI Outsourcing Guidelines and Corporate Governance norms.
- Ensure transparency, arm's length pricing, and competitive sourcing practices.
- Act as process owner during internal audit, statutory audit, and IRDAI inspections.
B. Strategic Sourcing & Category Management
- Lead sourcing across IT & Digital, Marketing & Distribution, Operations, Facilities, Capex, and Professional Services.
- Ensure material outsourcing assessments as per IRDAI guidelines.
- Apply TCO, should-cost models, and benchmarking to optimize spend.

C. Vendor Management, Outsourcing & Risk Control
- Establish centralized vendor onboarding and evaluation.
- Classify vendors into material and non-material outsourced service providers.
- Ensure SLAs, KPIs, audit rights, BCP and exit clauses.
- Conduct periodic vendor risk assessments and performance reviews.
D. Contracting, Legal & Regulatory Compliance
- Oversee contract drafting, negotiation, renewal, and termination.
- Ensure mandatory IRDAI clauses including audit rights, data confidentiality, and subcontracting controls.
- Maintain documentation for regulatory submissions and inspections.
E. Digital Procurement & Process Excellence
- Drive Source-to-Pay automation and e-procurement adoption.
- Implement contract lifecycle management and maker-checker controls.
- Track KPIs on savings, compliance, risk, and cycle time.
F. Stakeholder & Senior Management Engagement
- Partner with business, IT, Risk, Compliance, and Finance teams.
- Advise senior management and Board Committees on procurement risks and value creation.
G. People Leadership & Ethics
- Build a skilled procurement team with strong BFSI regulatory awareness.
- Promote ethical sourcing and strict adherence to Code of Conduct.
Desired qualifications and experience:
- Education: MBA / PGDM in Supply Chain, Finance, Operations or equivalent
- Experience: 15+ years in Procurement with 5+ years in senior leadership, preferably in Life Insurance / BFSI
- Should be knowledgeable about industry trends (e - procurement/ auctions/ online processes).
- Good understanding of procurement system implementation methodology and process.
- Good knowledge of procurement controls, regulatory and statutory norms.
- Good knowledge of MS office (Excel, Power point).
Knowledge and skills required:
- High on Integrity, courage, professionalism.
- Strong writing and verbal communication skills.
- Excellent commercial understanding and negotiation skills.
- Strong relationship management skills with key business clients and partners.
- Ability to control and ensure delivery.
- Competencies: Analytical thinking, problem solving, makes sound business judgment, communicates effectively, and builds relationships.