Claims Management - Vice President

Job Description- Vice President, Claims Management - Band 620

Location - Bangalore

Who we are looking for

The team provides operational support to global clients across regions like APAC, EMEA and North America. Role comprises managing day to day operations, address queries/escalations, people management, stakeholder management, driving simplification and efficiency creation initiatives etc. The current team is across multiple locations, i.e., Bangalore, Hyderabad and Pune.

In this role as Vice President – Claims Utility, you will work with State Street teams from around the globe to lead multiple large scale and demanding international clients. You will have leadership and strategy responsibility to oversee and deliver all day-to-day responsibilities of your teams in a fast-paced, flexible and exciting environment along with ideating and driving E2E automation opportunities. You need to have some working experience and projects, optional areas like AI, robotics and similar tools.

The role will need to initiate and develop good communication and interpersonal relationships with operation, technology, counterparties and client relationship teams to ensure we maintain the high level of service that is currently being provided to these clients.

You will be working closely with Clients, brokers, custodians, various internal teams and other third parties. Timely investigation and escalation of claims is critical. In addition, this involves close liaison with cross functional global teams including Corporate Actions, Trade Support and Custody, as well as the client Middle Office teams.

The candidate will also be responsible for participation in all governance related activity in accordance with standard operating procedure to both ensure and then review the provision of timely and accurate KPI, OKRs and general MIS measured against established SLA criteria.

Responsibilities will also include effective regular review meetings and statistical reporting to both internal senior management and externally to the client. Important you have Leading claims management exercises, having proven track record in reduction of claims, etc. and working with senior management is key. Ability to lead communications with functions across the teams and partnering with technology, Change, HR, IT, etc. is important.

Key people integration, engagement and robust governance mechanisms across people and processes across locations will be a key role

Role involves travelling to these locations need basis and liaising with teams in person and virtual modes daily.

What you will be responsible for

• Leadership role as Functional VP.
• Reporting to the BU head/MD for Claims Management Operations and ensuring offshore services managed are meeting or exceeding agreed State Street SLAs
• Responsible to review Key process risk indicators and deliverables. Result-oriented with an ownership and accountability mindset
• Set clear expectations of service delivery performance, plan future targets and deliverables. Review of key SLA’s and service transitions in a regular set frequency
• Responsible to interact with Onshore management, Client Ops teams based out of the above regions
• Embed risk excellence culture across the teams Facilitate periodic audits, regulatory & risk reviews. Ability to manage process risk, understand the control environment we work in, and have a desire to meet our clients demands are key, as is a drive to develop an agile and diverse workforce
• Maintain & further strengthen the onshore & offshore relationship. Taking accountability of end-to-end outcomes as an enterprise, collaborating across functions/business and locations
• Actively participate in key projects pertaining to automation, transition, process improvements, onboarding new technology, standardization etc.
• Working in US hours primarily, at the same time be flexible for APAC or EMEA related work preferred to have an overlap with all teams and key stakeholder to maintain a close connect with directs & the team
• Leader should have abundant experience in people management, performance / talent management and appropriately do the performance & talent differentiations, with an eye on the future. Drive pay for performance and culture of performance differentiation
• Leader should have experience in managing and have sufficient interest in managing the commercial acumen for their area and have hands-on experience in managing the budgets and financials for their teams. Plan & deliver on efficiency saves per the target
• Leader should have adequate, executive presence by managing with influence and effective communication across stakeholder groups both regionally and globally.  Should be able to communicate across functions and have meaningful conversations / dialogues based on the need of the hour and within the values of the firm. Develop effective working relationships and communications with staff and ensure that staff are motivated, developed and supported.
• Establish and monitor systems of control, delegated authority and escalation procedures so that the business complies with internal policies and external regulations and can be managed effectively
• Support new business onboarding, change management and strategic business initiatives utilizing sound program and project management skills.
• Excellent analytical skills and ability to analyze on the spot
• Establish, encourage and drive a culture of change, ideation within the team, encourage an environment of openness that welcomes effective challenge and supports open discussion.
• Establish and nurture a culture of individual ownership of tasks to embed a clear individual sense of accountability into staff members behavior in performing their roles.
• Ensure that the highest level of the Code of Conduct is displayed in your own and staff behavior.
• Responsibility for staff career development, including relevant coaching and training programs, personal objectives, regular 1:1 discussions and completion of mid / year end evaluation process. 
• Strong financial and business acumen to drive financial improvement across multiple functional disciplines. Assist with the development and maintenance of Business Operations (BAU) and project budgets. Drive Unit Cost Improvement through analysis and optimization. Superior oral and written communication; comfortable making presentations to executives and peers
• Act as an extension of our client service model ensuring seamless service delivery across Business Operations for our clients
• Identify opportunities for process improvement and process efficiency. Key participation in strategic projects and initiatives as representative of the team.
• Demonstrate excellent risk management awareness and ability to communicate effectively with management for risk events and exposures which may result / pose financial or reputational risk to State Street or our client base.

What we value

These skills will help you succeed in this role

• Hands on experience of managing operations for variety of financial products and custody, preferably in a leadership role. Both knowledge of MO and BO processing is a plus point
• Focus on client outcomes, problem solving, cooperating and communicating clearly and effectively
• Profile with experience in Trade lifecycle Management, Cash management/ compensation and reconciliation
• Strong critical thinking, problem solving, and decision making skills
• Client centric attitude in managing, prioritizing and delivering operations and services
• External market connects (Brokers & Custodians) to leverage relationship to accelerate TAT will be an added advantage
• Good team working skills and experience in bringing teams together for a common purpose across locations
• Maintain the highest standards of conduct and integrity
• Support a culture of effective challenge to ensure appropriate governance, and one that supports the core values of State Street
• Collaborative leadership and work style. Deep influencing skills

Education & Preferred Qualifications

• 20 years + experience in financial services, presently in a leadership role managing large operations.
• Navigate a large, global organization. Build meaningful relationships and develop an effective network
• Work successfully in a matrixed environment. Effectively manage multiple stakeholders, determine highest priorities for the organization, identify and resolve contention between directives
• Proven track record of achieving/exceeding financial goals through expense discipline and headcount management
• Experience with change management programs in sponsorship, leadership roles. Demonstrated ability to execute under challenging circumstances and deliver targeted outcomes
• Demonstrated ability to manage, coach and influence colleagues and virtual team members 
• Cross-cultural awareness and the ability to connect with colleagues globally in a collaborative, open work environment. To serve as a role model of acceptance and flexibility in dealing with colleagues with varying backgrounds

About State Street

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Discover more at StateStreet.com/careers