VP Portfolio Development, Munich Re Ventures
VP Portfolio Development – Hartford Steam Boiler (HSB)
Munich Re Ventures
Location: Hartford, CT
The Group: Munich Re Ventures
Munich Re Ventures invests in and partners with innovative companies to develop growth opportunities for Munich Re, including its subsidiaries Hartford Steam Boiler and ERGO Group. Munich Re is the world's largest reinsurance company, with a global platform spanning all aspects of primary insurance and reinsurance.
Munich Re Ventures is responsible for corporate venture capital activities that deliver both strategic and financial value through minority investments and business partnerships. Our current areas of focus include the Internet of Things, Cyber Security, InsurTech, Autonomous Vehicles/Mobility, AI, Digital Health and more. We are active investors who frequently lead rounds and our syndicate partners include top tier venture capital and corporate venture capital firms.
Internally, the team works hand-in-hand with leaders in the Businesses, Engineering, Product Development, Innovation & IT to develop and execute on investment and partnership strategies. Externally, the team works with venture capital firms, incubators / accelerators, universities, entrepreneurs, and other corporations to develop technologies, companies and management teams that help us to strategically grow and transform the business.
The Role: VP Portfolio Development
The VP of Portfolio Development will be the member of the Ventures' team with day-to-day responsibility for engaging with the HSB Businesses, Engineering, Product Development, IT, and other areas for the delivery of strategic value from portfolio companies. Working closely with the Strategic Portfolio Development lead and HSB innovation leads, this role will help todevelop the innovation strategy of HSB around key strategic themes and pathways for turning the strategy into reality. In addition, as a member of the Ventures team, this role will participate in the sourcing and execution of deals, as well as post-close oversight of on-going relationships. This person will have previous experience creating new businesses, either in business development or in an early stage start-up and a background in industrial or mechanical engineering or computer science. The position will report to the Managing Director of Munich Re Ventures and will be located in Hartford, CT with frequent travel to San Francisco, CA.
The VP Portfolio Development will:
- Partner internally with the Businesses, Engineering, & other areas to understand and inform their strategy, evaluate specific opportunities, gain business sponsorship, and identify specific activities to deliver strategic value.
- Develop strategic themes and actionable investment thesis in areas of strategic relevance to HSB, in collaboration with the Portfolio Manager, Venture Advisory Board, and HSB innovation & business leads.
- Craft and constantly iterate 3-5 year pathways for achieving the long term vision for each strategic theme, including learning plans, on-ramps to market entry, product and service evolution, technology and business partnership and development, and operational integration.
- Oversee on-going relationships with portfolio companies to enhance strategic and financial value for both HSB and the portfolio companies.
- Network externally to generate deal flow and relationships for HSB.
- Conduct preliminary due diligence on specific opportunities to assess attractiveness and strategic value potential, in partnership with the relevant Business, Engineering and otherinternal area.
- Assist in communication of investment / partnership goals for each opportunity to Managing Director & Investment Committee.
- Assist in preparation of review materials, Investment Memos, and reporting / monitoring documents for Ventures' governing bodies, including Investment Committee, and Functional Review Board.
- Negotiate and communicate successfully with entrepreneurs, management teams, and other stakeholders, including attorneys, advisors, and consultants.
- Represent HSB at various venture capital, investment, and innovation conferences and topical industry events.
- Lead internal Ventures' events, i.e., Town Halls, portfolio reviews, and presentations to stakeholders across the company.
- Develop key internal people to be effective partners for evaluation of opportunities, including sharing information on trends, conferences, and companies.
The Person: Successful Candidate
The successful candidate will be one part strategist and one part business developer, and with the creativity and execution ability to figure out how to create something out of nothing, including identifying on-ramps for getting an opportunity off the ground and on the path to development.
- Strategic Vision & Passion for Creating the Future: To be effective in this role requires gaining an understanding of HSB's insurance businesses, including business models, drivers of economic value, the insurance value chain, competition, risk transfer mechanisms and products, and regulatory environment. Individuals must be able to then build upon this knowledge to envision alternative futures and growth strategies for HSB and specific tactical paths to getting there, based on emerging trends, market dynamics, and evolving customer needs and partner opportunities.
- Experienced Business Developer: Candidates must have experience with business development processes and deal structures, including the ability to think creatively about potential business relationships and to find the deal.
- Intellectual Curiosity: This role requires an innate and insatiable intellectual curiosity about business, technology, and business models. Active and constant monitoring and engagementwith the innovation ecosystem is essential.
- Superb Communicator & Relentless Networker: The position requires a high level of communication, influence and interpersonal skills in order to network, navigate, negotiate, influence, and execute internally with cross-functional teams and externally with multiple stakeholders and partners. Written and visual communication skills are critical. The ability to develop and leverage internal and external global relationships and networks is essential.
- Focused, Persuasive Decision Maker: Of paramount importance in this role is the ability to drive oneself and other parties towards decisions, including participating actively withappropriate courage and candor to accelerate decision making. Clarity and precision in communication is important, tempered by openness and adaptability. This includes maintaining a rational view of specific opportunities and advocating for the development of a broad portfolio.
- Disciplined Adaptable Tactician: This role requires strong execution and follow-through in emergent and uncertain situations. The ability to be adaptable and problem solve in the face of evolving internal and external stakeholder agendas, changing priorities, and new learnings is critical.
Requirements and Qualifications:
- 5 + years of experience, including 3 years in business/partnership or corporate development, an early-stage start-up, or similar new venture-oriented roles
- MBA preferred, combined with a degree in mechanical or industrial engineering, or computer science
- Previous experience in insurance or financial services preferred
- Knowledge and fluency in emerging technology and business models in sectors relevant to HSB
- Superior oral, written and visual communication skills
- Superior proactive networking and relationship development skills
- Proven teamwork skills both as a leader and cross-functional team member
- Self motivated with high initiative
- Willing to travel 20-25%+ of the time including internationally