Objectives

The primary objective of this tender is to procure an off-the-shelf Actuarial Reserving Software Solution that supports end-to-end reserving processes, complies with relevant accounting and prudential standards (including IFRS 17), and enhances data capabilities, model risk management, and governance controls. The solution aims to facilitate robust, transparent, and scalable reserving methodologies suitable for Sasria’s unique low-frequency, high-severity insurance environment.

Scope

The scope encompasses the provision, licensing, configuration, support, and maintenance of the actuarial reserving software over a three-year contract period. Key deliverables include:

• Provision of two concurrent user licenses for the software.
• Hosting either via subscription-based (SaaS) or cloud infrastructure within South Africa, compliant with data regulations.
• System configuration supporting various reserving models, frameworks, and reporting packs.
• Support and maintenance services with defined SLAs, including system upgrades.
• Provision of comprehensive system documentation, training, and skills transfer.
• Demonstration of solution capabilities through a formal demonstration process.

Technical Requirements

The software must:

• Support data ingestion via Excel and direct database connections, with dynamic triangle adjustments.
• Support all standard actuarial reserving methodologies, including Chain Ladder, Bornhuetter-Ferguson, Expected Loss Ratio, Cape Cod, tail-fitting, and stochastic techniques (e.g., Mack, Bootstrap). Support for ACPC (frequency-severity) and machine learning is advantageous.
• Allow actuarial judgment application through smoothing, trend analysis, and assumption adjustments.
• Enable roll-forward analysis, generate cashflows with configurable payment patterns, and provide diagnostics and visualizations.
• Export results, assumptions, and diagnostics to Excel in a structured, reproducible format.
• Include strong governance controls such as audit trails, change logging, and validation reports.
• Be configurable to support various reserving models and reporting frameworks.

Skills Requirements

The vendor must demonstrate:

• Proven experience in providing or licensing actuarial reserving tools, supported by reference letters from recent clients (not older than 5 years).
• A well-resourced actuarial and technical support team, including roles such as Lead Functional Product Specialist, Actuarial Reserving Expert, Service Delivery & Support Manager, and Application Support Capability.
• Strong support capabilities with defined response times, a transparent product roadmap, and regular audit or assurance reports.
• Capability to support system configuration, training, and ongoing support for the duration of the contract.
• Experience in implementing governance controls, audit trails, and validation processes within the software solution.