Seeking an actuarial service provider for a three-year independent quality assurance review of actuarial methodologies and models to ensure compliance and best practices.
The Road Accident Fund is inviting bids for the appointment of a qualified actuarial service provider to conduct an independent quality assurance review of its actuarial methodologies and models over a three-year period. This review aims to validate the robustness and efficiency of the models used for liability valuation, financial planning, and risk management. The selected service provider will assess methodologies related to outstanding claims liability, budget forecasting, loss of earnings, loss of support, and post-retirement medical aid subsidy liability, ensuring alignment with industry standards and regulatory requirements.
Bidders must demonstrate relevant experience in conducting similar quality assurance reviews and possess a team of qualified actuaries. The scope includes validating assumptions, processes, and outputs, producing comprehensive QA reports, and providing recommendations for improvement. This tender is an excellent opportunity for actuarial firms looking to contribute to the governance and efficiency of public sector financial management.
This tender is suitable for actuarial firms with experience in quality assurance reviews, particularly those with a strong background in public sector financial management and compliance with actuarial standards.
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