Transamerica Procurement

Transamerica is committed to high standards.  We expect all our suppliers to adhere to similar standards and business ethics, contributing to sustainable economic development everywhere.

Our VCC sets out clear, transparent and non-discriminatory minimum standards of conduct for suppliers and their business relationship with Transamerica and our affiliate companies.

While performing work with or on behalf of Transamerica, suppliers must conduct their business activities in compliance with the VCC.

Suppliers will be reimbursed for reasonable and necessary business-related travel expenses incurred while providing goods or services to Transamerica per the terms of the agreement. Expenses must be properly documented, submitted in a timely manner, and approved in accordance with the Supplier Travel & Expense Policy. 

Transamerica is a complex financial services enterprise offering products and services subject to a vast array of federal and state laws and regulations. In addition to those direct regulatory obligations, Transamerica also must meet certain commitments with its customers, some of whom require that Transamerica and its service providers meet privacy and security responsibilities even more stringent than those applicable to Transamerica. To that end, any suppliers seeking to do business with Transamerica, and who would have access to Transamerica’s systems or data, must be prepared to meet certain privacy and security requirements and agree to specific terms on those topics in the contract engagement.

The specific terms and requirements applicable to any particular engagement will vary based on the nature of the contract, the type(s) of data being processed, and for which Transamerica entities the services will be performed. Suppliers typically must undergo a thorough security review and vetting process as part of the onboarding effort, which continues in the form of periodic (often annual) due diligence reviews throughout the term of the engagement and for any extended record retention or post-termination period that might apply. 

Suppliers should bear in mind that insurance and financial services companies are in one of the most heavily regulated industries in the world, and the privacy/security obligations are a critical part of the procurement process and eventual supplier performance for any engagement with Transamerica.

Use of the Transamerica name, logo or trademarks is prohibited unless prior express written approval from Transamerica is granted.

Publicly referring to the existence of a contractual agreement; or making statements or representations regarding Transamerica’s opinion of a supplier’s company, product, or services with Transamerica or its affiliate companies is prohibited without prior express written approval from Transamerica.

If prior express written approval is granted, Transamerica reserves the right to revoke such right at any time.

Transamerica has teamed up with Rapid Ratings and Ecovadis to assess suppliers and provide tolerance metrics.  Our commitment to high standards includes the requirement for our suppliers to work in partnership with these companies to provide transparency in performance. 

Rapid Ratings provides a platform for visibility into the financial stability of public and private supplier members.

Ecovadis is a universal sustainability ratings provider.  Companies partner with Ecovadis to collaborate on sustainability using this common platform.

Except for authorized amounts of prescribed medications required for health reasons, Transamerica prohibits the use, possession, distribution, purchase or sale of drugs or alcohol on company premises or while engaged in performing services for the company. 

Suppliers (and any subcontractors of a supplier) are expected to obtain and maintain sufficient insurance coverage for the duration of any relationship with Transamerica or its affiliate companies.

Upon request, suppliers must present a valid certificate of insurance as evidence of compliance with the required coverage. Certificates must include clauses requiring the certificate holder to provide prior written notice of any material change, cancellation or intent to cease coverage.

Required Coverage:

Depending on the nature and scale of the services provided, minimum requirements for these insurance types will apply and are stated within the parties’ negotiated contract.

1. Commercial General Liability Insurance, including coverage for bodily injury, death and property damage
2. Errors and Omissions Insurance
3. Workers’ Compensation Insurance, including Employer’s Liability
4. Automobile Liability Insurance
5. Comprehensive Crime Insurance
6. Cyber Liability Insurance

Further requirements may include but are not limited to, waivers of subrogation, additional insured requirements and minimum insurer credit ratings.

Any required supplier notices or communication regarding a contractual matter must be in writing and addressed to lawdepartment@transamerica.com, with a separately delivered copy to TAProcureOps@transamerica.com. 

Required supplier notices or communications relating to data protection or security events must be in writing and addressed to the Privacy Officer at InformationSecurity@transamerica.com, with a separately delivered copy to lawdepartment@transamerica.com.

A Statement of Work (SOW) is an agreement between businesses that describes the project, the work to be performed, the timeline and any key deliverables, and outlines the payment structure.  Transamerica requires a fully executed SOW in accordance with the governing agreement prior to the performance of any services.  

Further guidance on SOW expectations:

• SOWs or any amendments to SOWs will only be effective if executed by both parties in accordance with the governing agreement.
• All SOWs must reference the governing agreement.
• SOWs will generally contain the following items:
  • A detailed description of services to be performed and the deliverables 
  • A list of the resources to be provided by each party 
  • Primary contact information for each party
  • The amount and schedule of payment 
  • Timetable of deliverables and key milestones 
  • The start date and expected completion date of the SOW 
  • Any terms and conditions specific to the SOW 

*Note:  Transamerica is not responsible for services rendered without an agreement.