The New York Life Supplier Diversity Program is designed to ensure that diverse businesses have equal access to our procurement process. Currently, our diverse suppliers include these groups: Minority-owned Business Enterprises (MBEs); Women-owned Business Enterprises (WBEs); Lesbian, Gay, Bisexual, and Transgender-owned Business Enterprises (LGBTBEs); Disabled-owned Business Enterprises (DBEs); Veteran-owned Business Enterprises (VBEs); and Service-Disabled Veteran-owned Business Enterprises (SDVBEs).
Some of our current initiatives involve exploring innovative approaches to facilitate diverse business inclusion in non-traditional areas, such as management consultants and investment firms. We will continue to expand our customer base for diverse businesses and participate in activities that will introduce the company to new diverse suppliers. We also encourage our prime suppliers to subcontract with diverse businesses in the performance of our contracts.
What is a diverse business?
A diverse business is a for-profit enterprise that is owned, operated, and controlled by minority group members including African Americans, Hispanic Americans, Native Americans, and Asian Americans; women; lesbian, gay, bisexual, or transgender individuals; people with disabilities; veterans; and service-disabled veterans. The business must be at least 51 percent owned by such individuals (in the case of a publicly owned entity, at least 51 percent of the stock must be owned by one or more such individuals). Considering this definition, “controlled” means actively exercising power to make policy decisions, and “operated” means active involvement in the daily management of the business.
New York Life’s Supplier Diversity Program is structured to provide more opportunity for diverse businesses. Our goal is to provide greater value and enhanced service to our employees, our policyholders, and our future customers.
New York Life partnerships.
We are proud of our partnerships with the National Minority Supplier Development Council, Women’s Business Enterprise National Council, and the National Gay & Lesbian Chamber of Commerce, in addition to its local affiliates including the New York & New Jersey Minority Supplier Development Council Inc. (NYNJMSDC), Women Presidents’ Educational Organization (WPEO), and the National Gay & Lesbian Chamber of Commerce New York (NGLCCNY), respectively, as well as other local organizations that promote supplier diversity.
At New York Life, we strive to provide the highest quality products and services, at a reasonable cost, to all of our internal and external customers. We firmly believe that having a broad field of qualified suppliers brings a wider range of viewpoints and ideas—and ultimately, adds value to our organization. As part of our centralized procurement process, we diligently seek out certified diverse businesses to ensure they are afforded maximum opportunities to participate in all of our procurement processes. We also communicate this policy to our primary suppliers and encourage them to subcontract with certified diverse suppliers.
When you seek to do business with New York Life, you can be certain that:
- All our requirements and/or specifications will be clearly communicated.
- The same expectations and business standards will be applied uniformly to all suppliers competing for our business.
- Contracts will be awarded after a rigorous and competitive bidding process to those suppliers which offer cost-effective solutions and best overall value.
Goods and services we buy.
The following is a representative, but not all-inclusive, list of the products and services we commonly buy:
- Advertising and marketing agency services including design, digital, media, and promotional.
- Benefits and services.
- Brokerage and investment banking services.
- Facilities including construction and related services, electrical services and supplies, furniture, janitorial services and supplies, repairs and maintenance, and security services.
- Food and beverage equipment and services.
- Hardware and software.
- Office services, equipment, and supplies.
- Professional services including financial, legal, real estate, management, and IT consulting.
- Temporary labor.
- Travel, conference, and meeting services.
Read more about New York Life’s family of companies, financial strength, and history.
Registering as a diverse-owned business.
If you are interested in doing business with us, you must complete the following steps:
- Secure certification of your business as an MBE, WBE, LGBTBE, DBE, VBE, or SDVBE by either a recognized national supplier diversity advocacy organization, including the National Minority Supplier Development Council (NMSDC); Women’s Business Enterprise National Council (WBENC); National Gay & Lesbian Chamber of Commerce (NGLCC); or by select state, federal, and municipal governments.
- Request a Supplier Diversity Registration form by sending an email to email@example.com, and indicate in the subject line, “REGISTRATION FORM REQUEST”.
- When you are ready to register, email us at firstname.lastname@example.org and include:
- a description of your product or service in the body of the email;
- a copy of your certification;
- a completed Supplier Diversity Registration form; and
- marketing materials about your product or service (optional).
- If you are a new supplier, indicate in the email’s subject line “NEW SUPPLIER and your company name.”
- If you’re already registered and would like to update your company and/or product information, indicate “REG UPDATE and your company name” in the subject line. It will be helpful if you briefly specify the change.
- Upon receipt of your information, we will include your firm in our Supplier Diversity vendor database. This database is open to New York Life buyers and utilized for our sourcing initiatives. Inclusion in our database does not imply that New York Life will indeed do business with you; it is a tool that we use to identify potential suppliers who meet our business requirements.
- New York Life will contact you if follow-up information is needed, or if there is a potential opportunity for your product or service.
Below are some links you may find helpful:
- National Minority Supplier Development Council (NMSDC)
- New York & New Jersey Minority Supplier Development Council (NYNJMSDC)
- Women’s Business Enterprise National Council (WBENC)
- Women Presidents’ Educational Organization (WPEO)
- National Gay & Lesbian Chamber of Commerce (NGLCC)
- National Gay & Lesbian Chamber of Commerce New York (NGLCCNY)
For more information about our Supplier Diversity Program, contact Joy Wong, Corporate Vice President, Supplier Diversity at email@example.com.