Request For Proposals Are Invited For Group Life Insurance

Request For Proposals Are Invited For Group Life Insurance Request For ProposalsGroup Life InsuranceHeifer International Rwanda Heifer Is A Nonprofit And Non Governmental International Organization With The Mission To Alleviate Hunger And Poverty While Caring For The Environment Through Sustainable Agricultural Practices It Has Been Operating In Rwanda Since 2000 And Its Activities Have Led To Improved Household Nutrition And Income Heifer Wishes To Invite Registered And Licensed Reputable Companies Operating In The Health Insurance Cover Business To Provide Group Life Insurance Cover For Employees And Their Dependents As Specified Here Below Information On The ProposalsProposals Must Include The Following Information At A Minimum Incomplete Proposals May Be Rejected Full Company Name Physical And Mailing Address And Country Of Registration Full Name And Contact Information Email And Phone Number Of Primary Contact Period For Validity Of ProposalsProposals Shall Remain Valid For Ninety 90 Days After The Date Of Proposal Submission Prescribed By Heifer Pursuant To The Deadline Clause A Proposal Valid For A Shorter Period May Be Rejected On The Grounds That It Is Non Responsive InsuranceThe Group Life Insurance Will Cover For Employee And Or SpouseS Death Disability Total Or Partial Permanent Dread Diseases Critical Illness Loss Of Income Due To Critical Illness Or Disability As Well As Funeral Last Expense For All Family Members No Waiting Period CoversEvents Upon Which Sum Assured Are PayableSum Assured In Rwf Details Are Specified In The Register Of Lives Assured Attached Death Benefit Absolute And Final DisabilityOn Death From All CircumstancesFrw 40 000 0000 Staff And Spouses Only With No Free Cover LimitTotal Partial Permanent DisabilityAll CircumstancesThe Benefits Are Calculated According To The Continental Scale Of Disability Benefits With A Maximum Amount Of Frw 40 000 000 For Staff And Spouse Only With No Free Cover LimitDread Disease Or Critical IllnessHeart Attack Coronary Artery Surgery Stroke Cancer Renal Failure Aorta Surgery Replacement Of Heart Valve Paraplegia Major Organ Transplant Blindness Major Burns Coma As Diagnosed By A Medical Doctor Maximum Of Rwf 20 000 000 Per Staff And Spouse OnlyLast Expense Funeral Benefit On Death Resulting From All CircumstancesRwf 1 200 000 Staff Spouse Children Payable Within 24 Hours Disability Loss Of Income Loss Of Income Due To Accident Or Illness Frw 30 000 0000 Payable To Staff Beneficiaries In Maximum 24 Monthly Instalments That Is Rwf 1 250 000 Per Month Or 75 Of Monthly Net Salary Whichever Is Favourable To The BeneficiaryAccidental Medical BenefitsCoverage Of Medical Prescriptions Resulting From Accident And Not Covered By Ordinary Medical InsuranceActual Unsettled Medical Expenses But Limited To Rwf 500 000 Per Staff And Spouses OnlyModifications To Request For ProposalsHeifer Reserves The Right To Modify This Request For Proposals In Any Manner That Ensures The Achievement Of The Objectives And Performance Requirements Of The Project In This Event All Vendors Who Have Contacted Heifer And Intend To Submit A Proposal Will Be Notified If The Request For Proposals Needs To Be Modified After The Close Of Bid Acceptance Heifer Will Notify Only Those Bidders Who Have Submitted A Proposal By The Stated Deadline 5 Related CostThe Bidder Shall Bear All Costs Associated With The Preparation And Submission Of The Proposal Heifer Will In No Case Be Responsible Or Liable For Those Costs Regardless Of The Conduct Or Outcome Of The Solicitation Preparation And Submission Of BidsBid Price And Currency The Price Quoted For The Services Shall Be The Rwanda FrancsPreparation And Submission Of Bids Documents Required Administrative Documents Required Bids Should Be Accompanied By Copies Of The Following Documents 1 Domestic Business Registration Certificate2 Valid Tax Clearance Certificate3 Valid Social Security Fund Clearance Certificate Original Or Notified Copy And This For A Local Company 4 Bnr License And Registration Certificate For Insurance5 Past Performance In Form Of Customer Lists Copies Of Contracts Recommendations Letters And Or Certificates From Present Past Customers Technical Proposal 1 The CompanyS Profile2 CompanyS Financial Statements For 2017 2018 And 2019 In Addition A Summary Of The Financial Ratios Below 3 Details Of The Cover And Payable Events Including All Limits Exceptions Or Exclusions If Any 4 Requirements And Procedures For Adding New Staff New Dependents Or Removing Departing Staff During The Period Of The Contract 5 Eligibility Requirements Life 6 Service Management Procedure And Rapidity In Handling Queries And Claims Settlement 7 Any Other Conditions Rules And ProceduresFinancial Proposal Should Include 1 The Total Cost Net Premium And Detailed Premium Per Event Category For One Year Life Insurance Cover Of All 25 Staff Spouse And Dependants 2 Sum Assured Payable Per Event Category 3 Other Applicable Fees If Any Throughout The Period Of The Contract CompanyS Financial Ratios NoRa RatioFormulaAverage 2017Average 2018 Average 20191 SolvencyNet Assets Earned Premium Net Of Reinsurance 100 2 LiquidityCurrent Assets Current Liabilities 100 3Combined Ratio Claims Expenses Acquisition Costs Earned Premium Net Of Reinsurance 100 4Investment ReturnNet Profit Total Investment 100 5Return On EquityProfit After Tax Shareholders Equity 100 6Return On Asset Asset QualityProfit Before Interest And Tax Share Capital Reserves Borrowing 100 Number Of Employees And Family MembersThe Service Provider Will Provide 100 Life Insurance Coverage For HeiferS Employees And Their Dependents Per The Numbers Shown Below Family SizeNumberMember Member Spouse Member Spouse 1 Child Member Spouse 2 Children Member Spouse 3 Children Member Spouse 4 Children Member Spouse 5 Children Etc Total Number Of Heifer Staff And Dependents108Selection CriteriaHeifer Will Select The Final Bidder Based On A Least Cost For A Better Cover Package Using The Selection Criteria Below NoCriteriaMethod Of EvaluationMax Points1Audited FinancialAccounts Financial Position Of The Insurance Company Only Computed Solvency Margins Approved By Bnr Will Be Considered Average Solvency Position In The Last 3Years 2019 2018 2017 Less Than 110 Equal To110 Between 110 130 Between 130 150 Over 150 02 557 5102Liquidity RatioLess Than 120 Equal To120 Greater Than120 0243Combined RatioMore Than 90 Equal To 90 Less Than 90 0244Investment ReturnLess Than 20 Equal To 20 More Than 20 0245Return On EquityLess Than 25 Equal To 25 More Than 25 0246Asset QualityReturn On Assets Less Than 4 Return On Assets Equal To 4 Return On Assets More Than 4 0247FirmS Past Experience Give Five 5 Similar Assignments Done In The Past 5 Years Of Providing Workers Group Life Insurance Cover Services Whose Insurance Premiums Are 15 Million And Above For Each Client For The Said Clients Provide Their Names And Copies Of Post Work Satisfaction Letters As Proof Of Each Of The 5 Assignments Done108Gross PremiumTurnover Company Underwriting Capacity Premium Turnover In Each Of Last 3 Years In Workers Group Life Insurance Billion Rwanda Francs 3 55 10Over 10 510159ReinsuranceArrangements Attach A Professional Summary Of Reinsurance Arrangements Reinsurance Cover Notes Higher Limit Should Be Awarded Higher Score1010Claims Administration Attach Evidence Of Total Claims Paid In The Last 3 Years In Relation To Workers Group Life Insurance Cover Description Of Claims Settlement Process From The Declaration To The Closing Of The Case Including Required Documents At Least 5 Major Claims Paid In The Last 3 Years In Relation To Workers Group Life Insurance Beneficiary The Amount And The Time Spent For Settlement Of Each Case With Supporting Evidence 1511Professional Qualifications And Experience Of The Professional Staff 4 Staff Managing DirectorHead TechnicalSenior Underwriter Claims ManagerTeam Leader Principal Officer At A MasterS Degree And Professional Qualification With 10 Years Experience Other Team Members At Least Degree Level And Professional Qualifications With At Least 5 Years ExperienceRelevant Professional Qualifications Education In Insurance Will Score Better Than The General EducationProvide Task Assignment Summary Of Proposed Staff And Attach Copies Of Cvs Certificates As Proof20 Total100Bidders Who Qualify To Attain 75 Marks Will Proceed For Financial EvaluationFailure To Comply With Any Of The Above Technical Requirements Will Render The Tender Non Responsive And Thus Disqualified From Moving To Next Stage Of Financial Evaluation The Pass Mark Will Be At 75 PaymentHeifer Shall Effect Initial Payment Of 25 To The Successful Bidder Within 15 Days After Signature Of The Contract Submission A

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