Head of Innovation

Factory Mutual Insurance Company; Norwood (MA); On-site; USD 180,000 - 240,000; Full time

Benefits offered by this job

Total Rewards program

401(k) & pension plan

Tuition reimbursement

Flexible work

Time off allowances

Job summary

FM is a leading mutual insurance company focused on property risk management and resilience for policyholder-owners. As Head of Innovation, you will lead a high-impact portfolio of initiatives, assess ventures and partnerships, and advise senior leaders to translate bold ideas into client value.

You will oversee the Innovation team, drive strategic priorities across the organization, and ensure effective implementation of new products and capabilities with a focus on business impact, risk

Qualifications

• Bachelor's degree required. MBA or master's degree preferred.
• 10+ years of leadership responsibility in innovation, M&A/investments/ventures, strategic planning, program/project management, or financial management.

Responsibilities

• Lead the Innovation team of 8-10 direct reports and 4-6 indirect reports, managing resources to pursue a portfolio of projects delivering value to clients.
• Manage the innovation portfolio, budgets, and stage gate performance; develop business cases and new Innovation investments.
• Develop metrics and reports for leadership to drive transparency and accountability.
• Lead communications and public relations to inform internal and external audiences; liaise with industry experts and venture ecosystem.
• Serve as the Company's Innovation Expert for enterprise projects and programs.
• Ensure vendor/partner engagements comply with FM Legal and Information Security requirements.

Skills

Innovation leadership

Strategic planning

Program management

Financial management

Communication

Education

Bachelor's degree

MBA or master's degree

Tools

MS Project

Excel

PowerPoint

Job description

Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.

Shape what comes next at FM. As our Head of Innovation, you'll turn bold ideas into real value for our clients. You'll lead a talented Innovation team and steer a portfolio of high-impact, multi-year initiatives. You'll also assess the ventures, M&A opportunities, investments and partnerships that could shape our future. Working closely with senior executives as a trusted advisor, you'll spot emerging trends, test new approaches and help bring new products and capabilities from early concept into the business. If you like working where strategy, technology and experimentation meet, and you want your work to make a lasting difference, this role is for you.

The Head of Innovation is responsible for driving Innovation resources and services strategically across the organization. While actively engaging with senior leadership to facilitate and set priorities aligned to strategic initiatives, this role manages a portfolio of innovation projects and technical/business review of venture opportunities, such as targeted investments, and Joint Venture/M&A opportunities. This includes multi-year endeavors that have high strategic business value and impact to our clients. Key activities involve problem solving and consulting with sponsors to position the initiatives for success, monitoring and reporting progress of the innovation portfolio to senior leaders with specific emphasis on business objectives, value delivery and efficient innovation resource allocation. The Head of Innovation is responsible for planning, execution and support of these innovation and venture programs, providing leadership, guidance and direction to cross-functional program teams assigned to support the projects. Furthermore, acts as a trusted advisor to leaders with a specific focus on senior leaders and executives. The role will manage the Innovation team’s efforts to identify, analyze, and test approaches in key programmatic areas for business value innovation. Based on expertise/observation, understanding of design and experimentation processes, this role collaborates across the organization to ensure new innovative products and capabilities are discovered, explored and brought to the business in an implementable manner. Keeping all stakeholders apprised on progress and advocating for changes to internal/external processes based on results is key to the role’s success.

Essential Functions & Responsibilities

• Lead the Innovation team of 8-10 direct reports and 4-6 indirect reports as well as manage resources to pursue a portfolio of projects which enable the business and support value creation for our clients. Provide stakeholders with innovative research for emerging trends, potential M&A targets, technology and insights that offer high potential and high value benefits to our clients
• Manage the innovation portfolio, budget allocations and stage gate performance metrics for new innovation efforts. Aid the Innovation team on the development of business cases and new Innovation investments.
• Develop innovation metrics and performance indicators and reports for leadership to drive transparency and accountability.
• Lead the communications and public relations resources to develop and maintain integrated communication plans for internal and external audiences. Acts as a liaison to outside industry, academic experts and the venture ecosystem to help inform the strategic planning efforts of FM and our clients.
• Serve as the Company's Innovation Expert for enterprise projects and programs.
• Ensures that each vendor and/or partner engagement (such as POC) is in full compliance with FM Legal and Information Security Requirements.

Qualifications

• Bachelor's degree required. MBA or master's degree preferred.
• 10 Years Relevant and increasing leadership responsibility in one or more of the following areas:
  • Innovation
  • M&A/Investments/Ventures
  • Strategic Planning
  • Program/Project Management
  • Financial Management/Reporting
  • 10+ years of experience leading teams.
• Navigate the organization, roles and functions of relevant groups within FM
• Strong business acumen in the commercial property insurance space
• Develop and sustain excellent relationships to drive workstreams across organizational boundaries
• Strong communication and influence skills working with executive partners
• Strong project management knowledge, tools and techniques to directly influence success of innovation services
• High attention to detail while being a forward thinker and strategic individual
• Works well under pressure with the ability to work in a fast paced environment and manage multiple priorities simultaneously
• Strong prioritization skills to meet numerous competing deadlines
• Strong qualitative, quantitative, and financial analysis skills
• Ability to travel 20% of the time, valid passport required.

The final salary offer will vary based on geographic location, individual education, skills, and experience. The position is eligible to participate in FM's comprehensive Total Rewards program that includes an incentive plan, generous health and well-being programs, a 401(k) and pension plan, career development opportunities, tuition reimbursement, flexible work, time off allowances and much more. FM is an Equal Opportunity Employer and is committed to attracting, developing, and retaining a diverse workforce.