The Road Accident Fund seeks an actuarial service provider to conduct an independent quality assurance review of its actuarial methodologies and models. This review will ensure compliance with industry standards and enhance the credibility of actuarial results.
The Road Accident Fund (RAF) is requesting information from qualified actuarial service providers to perform an independent quality assurance (QA) review of its actuarial methodologies and models. This initiative aims to validate the robustness and efficiency of the RAF's actuarial practices, ensuring they align with industry best practices and produce credible results. The review will cover various methodologies, including Outstanding Claims Liability Valuation, Budget Forecasting, and Loss of Earnings Claims Quantification, among others.
The selected service provider will be responsible for assessing the RAF's existing actuarial models, validating assumptions, and identifying areas for improvement. This includes providing recommendations to enhance actuarial governance and efficiency. Bidders must demonstrate relevant experience and expertise in the specified areas, including compliance with the Actuarial Society of South Africa's standards. The contract is expected to span three years, with annual reviews, making it a significant opportunity for firms specializing in actuarial services and quality assurance.
This tender is suitable for actuarial firms with expertise in quality assurance reviews, financial modeling, and compliance with South African actuarial standards. Companies with a proven track record in actuarial valuations and methodologies are encouraged to apply.