HDFC Ergo - Senior Manager - Cost Management

Job Description: Manager - Cost Management

Department: Cost Management

Function: Finance

Position: Manager

Band: M1

Location: Mumbai - Andheri (LBP)

About HDFC ERGO

HDFC ERGO General Insurance Company Limited, a subsidiary of HDFC Bank Limited, is one of Indias leading private-sector general insurance companies. The company offers a wide range of products across motor, health, travel, home, property, marine, and liability insurance segments.

With a strong nationwide branch network and 24x7 customer support, HDFC ERGO is recognized for its customer-centric approach, innovative solutions, and operational excellence.

Our Vision

To be the most admired insurance company that enables customer progress by being responsive to their needs.

HDFC ERGO as an Employer

We believe in Sensitivity

We drive Excellence

We uphold Ethics

We bring Dynamism

Role Overview

- The Senior Manager - Cost Management will be responsible for leading non-IT procurement across multiple categories.

- The role involves managing high-value spends, ensuring robust vendor governance, driving cost optimization, and delivering business value through effective procurement practices.

- This position requires strong expertise across the end-to-end procurement lifecycle, including stakeholder management, negotiation, compliance, and vendor performance management.

Key Responsibilities:

End-to-End Procurement (Non-IT Categories):

Independently manage the complete procurement lifecycle, including:

- Requirement gathering

- RFP preparation and floating

- Comparative analysis and bid evaluation

- Commercial negotiations

- Reverse and forward auctions using ProcureTiger

- Vendor selection and onboarding through ProcureBuddy

- Contracting and PO issuance via Oracle P2P

- Vendor performance evaluation

- Procurement audit compliance

- Ensure cost competitiveness, adherence to quality standards, and timely closure of all procurement requirements.

Vendor Management and Governance:

- Conduct due diligence for vendors and partners and ensure compliant onboarding

- Manage strategic and preferred vendor relationships

- Develop backup vendors for each category to mitigate risk

- Track vendor performance metrics and drive continuous improvement initiatives

Spend Management:

- Manage annual procurement spend in the range of INR 80100 Crores

- Perform spend analysis and category-wise optimization

- Identify and negotiate cost-saving opportunities

- Support budgeting, forecasting, and cost control through effective procurement strategies

Process, Policy, and System Management:

- Update procurement policies, SOPs, and automation initiatives as required

- Use Oracle P2P, Procure Buddy, and procurement modules to ensure governance and compliance

- Prepare structured MIS reports and procurement dashboards for management review

Stakeholder Collaboration:

- Act as the primary point of contact for internal stakeholders across finance, operations, administration, and business teams

- Ensure effective coordination and a solution-oriented approach for timely procurement closures

- Build strong working relationships with cross-functional teams to support business requirements

Compliance and Audit:

- Ensure all procurement activities comply with internal audits, external audits, and regulatory requirements

- Maintain procurement documentation, supplier contracts, and negotiation records for audit readiness

Key Requirements:

Education and Certifications:

- Graduate or Post Graduate

- Preferred qualifications include MBA, Material Management, or a Supply Chain diploma

Experience:

- Minimum 7 to 8 years of relevant procurement experience

- Mandatory experience in non-IT procurement

- Experience handling annual procurement spends of INR 80100 Crores

- Minimum of 2 years of stability with the current or previous organization

- Preferably from the BFSI industry (manufacturing profiles will not be considered)

Skills and Competencies:

Technical Skills:

Hands-on experience with:

- Procure Buddy

- Oracle P2P

- Procure Tiger (reverse and forward auctions)

- Advanced MS Excel and MS PowerPoint

- Creation of MIS reports, dashboards, comparative statements, and cost sheets

- Strong understanding of PO governance

Functional and Soft Skills:

- Strong communication and negotiation abilities

- Result-oriented with a strong sense of ownership

- Excellent analytical and problem-solving skills

- Ability to manage multiple stakeholders and meet timelines

- High levels of integrity, discipline, and adherence to procurement governance