(RFP)-Group Life Insurance at Heifer International Rwanda: (Deadline 26 March 2021)
REQUEST FOR PROPOSALS
Group Life Insurance
Heifer 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 proposals
Proposals 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 proposals
Proposals 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.
- Insurance
The group life insurance will cover for employee and/or spouse’s 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).
| COVERS | EVENTS UPON WHICH SUM ASSURED ARE PAYABLE | SUM ASSURED in RWF (Details are specified in the Register of lives assured attached) |
| Death benefit /absolute and final disability | On death from all circumstances | Frw 40, 000,0000 staff and spouses only with no free cover limit |
| Total/Partial Permanent Disability | All circumstances | The 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 limit |
| Dread disease or critical illness | Heart 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 only |
| Last expense (funeral benefit) | On death resulting from all circumstances | Rwf 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 beneficiary |
| Accidental medical benefits | Coverage of medical prescriptions resulting from accident and not covered by ordinary medical insurance | Actual unsettled medical expenses but limited to Rwf 500,000 per staff and spouses only |
- Modifications to Request for Proposals
Heifer 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 cost
The 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 Bids
| Bid Price and Currency | |
| The price quoted for the services shall be the Rwanda Francs | |
| Preparation and Submission of Bids | |
| Documents required:
Administrative documents required: Bids should be accompanied by copies of the following documents: 1) Domestic Business registration certificate 2) Valid tax clearance certificate 3) Valid social security fund clearance certificate (original or notified copy and this for a local company) 4) BNR license and registration certificate for insurance 5) Past Performance in form of customer lists, copies of contracts, recommendations letters, and/or certificates from present/past customers. Technical proposal: 1) The Company’s profile 2) Company’s 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 procedures Financial 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 |
|
Company’s financial ratios
| No | Ra Ratio | Formula | Average(%) /2017 | Average(%) /2018 | Average(%) /2019 |
| 1 |
Solvency |
Net assets/earned premium net of reinsurance *100 | |||
| 2 | Liquidity | Current assets/Current liabilities *100 | |||
| 3 | Combined ratio | (Claims +expenses +acquisition costs)/earned premium net of reinsurance*100 | |||
| 4 | Investment return | Net profit/Total Investment*100 | |||
| 5 | Return on equity | Profit after tax/shareholders equity/100 | |||
| 6 | Return on asset/asset quality | Profit before interest and tax/(share capital +reserves+ borrowing)*100 |
- Number of employees and family members
The service provider will provide 100% Life insurance coverage for Heifer’s employees and their dependents per the numbers shown below:
| Family size | Number |
| Member | |
| 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 dependents | 108 |
- Selection Criteria
Heifer will select the final bidder based on a least cost for a better cover package using the selection criteria below:
| No | CRITERIA | METHOD OF EVALUATION | Max Points |
| 1 | Audited Financial
Accounts (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)
Ø Less than 110% Ø Equal to110% Ø Between 110-130% Ø Between 130-150% Ø Over 150% |
0
2.5 5 7.5 10 |
| 2 | Liquidity Ratio | Less than 120%
Equal to120% Greater than120% |
0
2 4 |
| 3 | Combined Ratio | More than 90%
Equal to 90% Less than 90% |
0
2 4 |
| 4 | Investment return | Less than 20%
Equal to 20% More than 20% |
0
2 4 |
| 5 | Return on equity | Less than 25%
Equal to 25% More than 25% |
0
2 4 |
| 6 | Asset Quality | Return on Assets less than 4%
Return on Assets equal to 4% Return on Assets more than 4% |
0
2 4 |
| 7 | Firm’s 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 done | 10 |
| 8 | Gross premium
Turnover (Company underwriting capacity |
Premium turnover in each of last 3 years in Workers Group Life insurance (Billion Rwanda Francs):
3 –5 5- 10 Over 10 |
5 10 15 |
| 9 | Reinsurance
Arrangements
|
Attach a professional summary of reinsurance arrangements, Reinsurance cover notes. Higher limit should be awarded higher score | 10 |
| 10 | Claims 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). |
15 |
| 11 | Professional qualifications and experience of the professional staff (4 staff).
|
|
20 |
| Total | 100 | ||
| Bidders who qualify to attain 75 marks will proceed for financial evaluation | |||
Failure 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%).
- Payment
Heifer shall effect initial payment of 25% to the successful bidder within 15 days after signature of the contract, submission, and approval of the commercial invoice. The rest of the annual premium will be paid on a quarterly basis.
- Service contract period
The proposed Service Contract period is One year from the date of commencement. Heifer may, at its sole discretion and subject to the performance of the Service Provider, terminate the Contract prior to its expiry, by giving 30 days written notice.
- How to submit:
The bidder shall submit proposals in a pdf format via email at [email protected] .Any questions pertaining to this bid should be addressed to Heifer International Rwanda through this email address. Deadline for submissions is on or before March 26th, 2021; at 5 p.m. Late bids will be rejected.
Dr. Elisee Uwilingiye Kamanzi
Country Director
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