This tender seeks proposals for an actuarial reserving software solution to enhance Sasria's reserving capabilities. The selected vendor will provide a comprehensive software package, including licensing, support, and training for a duration of 36 months.
The South African Special Risks Insurance Association (Sasria SOC Ltd) is inviting proposals for an off-the-shelf actuarial reserving software solution. This software will support end-to-end reserving processes, utilizing standard actuarial techniques and governance controls to comply with IFRS 17 and Prudential Regulation requirements. Key features required include robust data management, integration capabilities, and support for various reserving methodologies such as Chain Ladder and Bornhuetter-Ferguson. The solution should also facilitate scenario testing and model risk management, ensuring that it can handle the low-frequency, high-severity nature of insured perils effectively.
The scope of work encompasses the provision of two concurrent user licenses, system configuration, hosting options compliant with South African data regulations, and comprehensive support and maintenance services. The vendor must also provide training materials and ensure effective skills transfer to Sasria's technical team. This initiative aims to enhance Sasria's actuarial capabilities, improve data analysis, and ensure compliance with regulatory standards, ultimately contributing to better risk management and financial stability. Proposals must demonstrate the vendor's experience, technical capabilities, and commitment to transformation within the South African insurance sector.
This tender is suitable for software development firms specializing in actuarial solutions, particularly those with experience in the insurance sector. Vendors with a strong track record in providing robust data management and analysis tools, as well as those committed to transformation and empowerment within the industry, are encouraged to apply.