Our partners and suppliers are fundamental to us achieving our strategic goals. From vets to car garage networks to cloud providers, our suppliers and partners are comprised of a mix of financial partners, reinsurance partners, IT hosting, distribution and claims services partners.
We work hard to foster strong relationships with our suppliers by having dedicated processes across the Group to govern end-to-end relationships.
Please read our Modern Slavery Statement here.
We also have the following policies in place to ensure equality and fairness across our supplier chains:
Procurement and Outsourcing
Our Group Procurement and Outsourcing policy states that all employees who engage in procurement activity must enhance and protect the standing of the business, maintain the highest standard of integrity in all business relationships, promote the eradication of unethical business practices including modern slavery, and ensure full compliance with laws and regulations whilst continuing to drive the de-carbonisation agenda across Admiral’s critical, strategic and key suppliers. This is enforced through strict controls and monitoring.
Gifts and Gratuities
Our Gifts and Gratuities Policy recognises that sometimes customers, suppliers or business associates offer gifts or gratuities to staff and confirms that all such gifts must be made and received openly and fairly, must not include cash, must be reported and be in line with the policy.
Sustainable procurement
We have been working hard to embed sustainable business practices across our procurement processes. Our due diligence questionnaire asks all suppliers about the environment, financial crime, data protection, human rights and modern slavery.
We also ensure suppliers are aligned to our sustainable procurement standards. They are risk assessed and this is monitored throughout the supplier life cycle process. If their responses demonstrate no policies or procedures, Admiral issues an assessment to the supplier to capture further information and provides advice on how they can make sustainable improvements. For example, we engage with motor supply chain partners through forums on topics such as EVs, carbon emissions reduction, and circular economy.
Our contract management system allows our procurement teams to better assess our supply chain. This allows for increased visibility, helping us effectively assess our business relationships with suppliers, including their ongoing sustainability credentials.
What we procure
Admiral Group, being a diversified financial services company, procures various goods and services to support its operations. This includes:
- Tech and IT
- Marketing and Advertising
- Office Supplies and Equipment
- Professional Services
- Facilities
- Travel and Hospitality
The Process
The procurement process for Admiral Group entities typically involves the following steps:
- Identifying business needs
- Vendor Selection - market research
- Invite to Tender
- Evaluations and Negotiations (T&Cs)
- Contract put in place
- Order Placed
- Invoicing and Payments
- Continuous reviews with suppliers