| Ministry/Division |
: |
Ministry of Finance |
| Agency |
: |
Finance Division |
| Procuring Entity Name |
: |
Project Director (Joint Secretary) Bangladesh Insurance Sector Development Project |
| Procuring Entity Code |
: |
|
| Procuring Entity District |
: |
Dhaka |
| Expression of Interest for Selection of |
: |
Consulting Firm (National) (Lump-Sump) |
| Title Of Service |
: |
Selection of “Asset Liability Management Study-Firm”
Reference No: S11
|
| EOI Ref. No. |
: |
53.03.0000.090.041.004.19-319 |
| Date |
: |
29/07/2019 |
KEY INFORMATION
|
| Procurement Sub-Method |
: |
Quality and Cost Based Selection(QCBS) |
FUNDING INFORMATION
|
| Budget and Source of Funds |
: |
Development Budget Grant/Credit |
| Development Partners |
: |
|
PARTICULAR INFORMATION
|
| Project/Programme Name |
: |
|
| EOI Closing Date and Time |
: |
29/08/2019 5.00PM
|
| Publication Date |
: |
31/07/2019
|
INFORMATION FOR APPLICANT
|
| Brief Description of Assignment |
: |
The scope of work broadly covers the following:
The selected firm will be responsible to deliver for both corporations, SBC and JBC, unless otherwise indicated the following activities:
• Assess the existing business plan in relation to the corporation resources and distribution channels and provide areas of improvement in the form of a new business plan together with the needed structure and processes to reduce frictional costs and ineffectiveness.
• Evaluate the current and expected financial condition and solvency of the corporation in the next three years.
• Assess the reporting and management systems (ICT) with respect to efficiency, comprehensiveness, integrity, stability and future suitability. The system should support the proposed changes in the business plan.
• Assess of the governance structure and effectiveness. Propose a modern governance structure that would support the new proposed business plan. Provide capacity building to the existing directors and to a set of potential future directors. The capacity building should be to a level of certification of a recognized independent directorship.
• Assess the internal controls and risk management and propose improvements to run the new business plan in a risk-controlled environment.
• Provide training to the staff in all areas: pricing, underwriting, claims handling, commercialization, product design, distribution channels, reinsurance.
• The training should result in having the staff at the professional level of their peers in the private insurance sector. The training should be job related and have relevance to the current activities like design of insurance policies, underwriting, assessment of claims, design of an optimal reinsurance program, etc.
|
| Experience, Resources and Delivery Capacity Required |
: |
a) Assessment of the existing business plan including insurance products
b) Assessment of existing risk management and transfer ( reinsurance) practice
c) Assessment of asset liability management practice including legal framework and recommendations
d) Evaluation of the current and expected financial condition and solvency of the corporation in the next three years
e) Assessment of the reporting and management systems (ICT) with respect to efficiency, comprehensiveness, integrity, stability and future suitability
f) Recommendation for the ICT system that would effectively support the new business plan.
g) Assessment of the governance structure and effectiveness.
h) Proposal for a modern governance structure that would support the new proposed business plan. Capacity building to the existing directors and to a set of potential future directors.
i) Assessment of the internal controls, risk management, risk transfer (reinsurance), marketing, asset liability management, what are the root cause low market penetration for the both state insurance companies, distribution channels, and propose improvements to run the new business plan in a risk-controlled environment.
j) Training to the staff in all areas: pricing, underwriting, claims handling, commercialization, product design, distribution channels, reinsurance. |
| Other Details (if applicable) |
: |
3. Insurance Development and Regulatory Authority (IDRA) now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services. The short-listing criteria are:
(a) General experience of the Firm(s);
(b) Experience in similar assignments of compatible size, complexity and technical specialty in the required area;
(c) Financial soundness of the firm; and
(d) Staffing and logistics of the firm. Consultants are requested to submit the following supporting documents in support of the above-mentioned criteria:
(a) Registration paper of the firm (s); (b) JV agreement/letter of intent (if applicable); (c) Firm’s brochure; (d) Audited financial reports for last three years; (e) service experience record (including nature, total cost, total input in terms of man month, employer, location of service etc.).
4. Consultants may associate to enhance their qualification, but should mention whether the association is in the form of a “joint-venture” or of “sub-consultancy”. In the case of an association, all members of such “association” should have real and well-defined inputs to the assignment and in such "association" it is preferable to limit the total number of firms including the associates to a maximum of four.
5. A shortlist of applicants will be prepared upon evaluation of EoIs of the eligible applicants and “Request for Proposal” document will be issued in their favor. A Consultant will be selected using the Quality and Cost Based Selection (QCBS) method in accordance with the procedures set out in the world Bank “Guidelines: Selection and Employment of consultants under IBRD loans and IDA credits & Grants by world Bank Borrowers” dated January 2011 revised July 2014 (Consultant Guidelines).
6. It is expected that the services will commence on February 2020 and be completed within a period of 18 (Eighteen) months. Interested Applicants may obtain further information on the requirements including the criteria of short listing by email at pd.bisdproject@gmail.com up to 19/08/2019. Terms of Reference (ToR) of the assignment can be downloaded from www. idra.org.bd.
7. Expression of Interest (both hard and soft copy) must be delivered to the Project Director, Bangladesh Insurance Sector Development Project (BISDP), SBC Tower (8th Floor), 37/A, Dilkusha C/A, Dhaka-1000 and be clearly marked “Asset Liability Management Study-Firm” (in person or by mail) by 17:00 hours (GMT+ 6 hours) on or before August 29, 2019. The authority reserves the right to accept or reject any or all EOIs without assigning any reason, whatsoever.
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| Association with foreign firms is |
: |
Encouraged |
| Eoi Detail Information |
|---|
| Ref No |
Phasing Of Services |
Location |
Start Date |
Completion Date |
| 1 |
N/A |
Dhaka |
|
|
|
PROCURING ENTITY DETAILS
|
| Name of Official Inviting EOI |
: |
Md. Nayeb Ali Mondal |
| Designation of Official Inviting EOI |
: |
Project Director (Joint Secretary) |
| Address of Official Inviting EOI |
: |
Bangladesh Insurance Sector Development Project |
| Contact details of Official Inviting EOI |
: |
Phone : 9514963, Fax : , Email : |
| The procuring entity reserves the right to accept or reject all tenders |
