| Ministry/Division |
: |
Ministry of Finance |
| Agency |
: |
Insurance Development and Regulatory Authority |
| Procuring Entity Name |
: |
Project Director (Joint Secretary), Insurance Development and Regulatory Authority |
| Procuring Entity Code |
: |
|
| Procuring Entity District |
: |
Dhaka |
| Expression of Interest for Selection of |
: |
Consulting Firm (National) (Time-Based) |
| Title Of Service |
: |
Review of existing product lines & Insurance Distribution Network Firm |
| EOI Ref. No. |
: |
No.: 53.03.0000.090.41.008.21-Reference No: S14 |
| Date |
: |
03/11/2021 |
KEY INFORMATION
|
| Procurement Sub-Method |
: |
Quality and Cost Based Selection(QCBS) |
FUNDING INFORMATION
|
| Budget and Source of Funds |
: |
Development Budget Grant/Credit |
| Development Partners |
: |
IDA |
PARTICULAR INFORMATION
|
| Project/Programme Name |
: |
Bangladesh Insurance Sector Development Project |
| EOI Closing Date and Time |
: |
25/11/2021 02:00 PM
|
| Publication Date |
: |
08/11/2021
|
INFORMATION FOR APPLICANT
|
| Brief Description of Assignment |
: |
3. The consulting services include:
A. Review and prepare feasibility report for all existing insurance lines/products that currently available in Bangladesh insurance market. This work also should focus to review existing products of JBC and SBC and to develop new insurance products especially health insurance policy, education policy for JBC. This work should focus to develop new insurance product/s close the protection gap (such as climate related risk products, bancassurance and investment/unit linked insurance product)
B. Review Takaful, microinsurance and recommend pricing strategy based on such review. For instance, is a new distribution channel needed for Takaful? Can Takaful be used to access some new market segments? – Takaful expert
C. Draft Takaful regulation taking account Takaful white paper coming directly under the BISDP – Takaful expert
D. Develop market conduct guidelines for effective product development that includes market needs analysis, technical pricing, effective distribution channels, clear policy wording, and fair claims handling.
E. A strategy paper on enhancing distribution strategy to reach untapped population in middle and low income in the short/medium/long term. – Strategy paper including reporting process to capture information, determination of regulatory changes required, new guidelines and allowances. How to implement technology, successes elsewhere
F. A white paper on developing an enabling agricultural, micro insurance (micro health, micro credit etc.) product and family takaful to tap the untapped lower- and middle-income people in Bangladesh. This report should consider institutional, technical, financial, operational and climate change challenges.
G. A report on online selling of insurance products and “Standardizing the Traceability & Identification involved in Internet Sales of Insurance Products'. – market development expert with experience in insurance and technological innovation
H. Manual/guidance on shifting to digital tools (how technology is transforming insurance distribution channels). And provide recommendations as to how regulations should be changed to encourage such development. – market development expert with experience in insurance and technological innovation
I. A report along with recommendations analyses the influence of distribution strategies on the efficiency of life and non-life insurance firms
J. A Report on the role of distribution channels in market discipline (ICPs (Insurance Core Principles 18 and 19) for the life insurance industry. – Regulatory expert with experience in working with the ICP- market conduct regulator |
| Experience, Resources and Delivery Capacity Required |
: |
4. Insurance Development and Regulatory Authority now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services. The short-listing criteria are:
(a) General experience of the Firm(s);
(b) Experience in similar assignments of compatible size, complexity and technical specialty in the required area;
(c) Financial soundness, staffing and logistics of the firm.
Key Experts will not be evaluated at the short-listing stage.
Consultants are requested to submit the following supporting documents in support of the above-mentioned criteria:
(a) Registration document/ paper of the firm (s); (b) JV agreement/letter of intent (if applicable); (c) Firm’s brochure; (d) Audited financial reports for last three years; (e) service experience record (including nature, total cost, total input in terms of man month, employer, location of service etc.). |
| Other Details (if applicable) |
: |
5. The attention of interested Consultants is drawn to paragraph 1.9 of the World Banks Guidelines: Selection and Employment of Consultants under IBRD Loans and IDA Credits & Grants by World Bank Borrowers, January 2011 (Revised July 2014). (“Consultant Guidelines”), setting forth the World Banks policy on conflict of interest.
6. Consultants may associate with other firms to enhance their qualifications, but should indicate clearly whether the association is in the form of a “joint-venture” or of “sub-consultancy”. In the case of a Joint Venture, all the members of the Joint Venture shall be jointly and severally liable for the entire contract, if selected. In the case of such “joint-venture” or of “sub-consultancy”, each member should have real and well-defined inputs to the assignment, and it is preferable to limit the total number of firms in the association to a maximum of three.
8. It is expected that the services will be commenced tentatively in February 2021 and will be completed within a period of 10 months. Terms of Reference (ToR) will be available in the office of the undersigned and also in the IDRAs website (www. idra.org.bd). Interested consultant may obtain further information from the office of the undersigned from 09:00 to 17:00 hours (Except holidays). |
| Association with foreign firms is |
: |
Not Encouraged |
| Eoi Detail Information |
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| Ref No |
Phasing Of Services |
Location |
Start Date |
Completion Date |
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Na |
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PROCURING ENTITY DETAILS
|
| Name of Official Inviting EOI |
: |
Dr. Md. Mohiuddin |
| Designation of Official Inviting EOI |
: |
Project Director (Joint Secretary) |
| Address of Official Inviting EOI |
: |
Financial Institutions Division, Ministry of Finance, Jiban Bima Tower,Front Block (5th Floor),10 Dilkusha C/A, Dhaka – 1000 |
| Contact details of Official Inviting EOI |
: |
Phone : 88 02-9514963, Fax : , Email : pd.bisdproject@gmail.com |
| The procuring entity reserves the right to accept or reject all tenders |
