Request for proposals for a suitable service provider to provide IFRS17 implementation and support services for a period of three (3) years
Tender number: T06/07/21
Closing date and time: 06 August 2021, 11:00
Land Bank Head Office, Tender Box
Block D Eco Glades 2 Office Park
Cnr Witch Hazel Avenue and Olievenhoutbosch Road
420 Witch Hazel Avenue
Eco Park Centurion
Originals to be submitted: 1 Original proposal
Copies to be submitted: 1 soft copy (USB)
Tender Validity Period: 120 business days from the closing date
BACKGROUND AND SCOPE OF WORK
The Land Bank Insurance Company and the Land Bank Life Insurance Company (LBI) would like to appoint a service provider to implement IFRS 17, which establishes the principles for recognition, measurement, presentation and disclosure of Insurance Contracts within the scope of the standard.
The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of the financial statements to assess the effect that insurance contracts have on the entity’s financial position, performance and cash flow.
In preparation for the implementation, the LBI has, in partnership with a consultant, provided training to its operational staff (including finance and actuarial team).
The implementation project will require resources from various fields, including but not limited to the below:
- Actuarial services
- Financial services
- Information Technology
- Business Analyst
- Project Management
The table below reflects the expected deliverables of the project from the appointed service provider. However, these deliverables are not exhaustive, as such the service provider would be expected to give guidance and offer advise on any areas that may not have been listed in the table below, which the service provider reasonably believes are necessary and relevant to the LBI’s circumstance.
Any service provider requiring clarification on any matter whatsoever, including questions relating to the specifications required of the service provider to perform this project or the tender and evaluation process must do so via e-mail and address such request to email@example.com / firstname.lastname@example.org.
see document for more details