Objectives

The primary objective of this tender is to appoint a qualified and experienced service provider to deliver comprehensive insurance brokering services for the Coega Development Corporation (CDC). The selected provider will advise on short-term insurance risks, manage insurance placements, facilitate renewals, handle claims, and ensure compliance with relevant legislation, thereby supporting CDC’s socio-economic development initiatives and operational needs.

Scope

The scope of work includes:

• Providing professional advice on short-term insurance risks and risk management.
• Conducting environmental and cost-benefit analyses to determine insurance needs and optimal approaches.
• Ongoing placement and renewal of insurance policies with selected insurers.
• Confirming insurance coverage and facilitating procurement of additional covers when necessary.
• Managing insurance claims and administering repudiated claims through third-party suppliers.
• Providing monthly reports on portfolio status, claims, payments, repudiated claims, and litigation progress.
• Updating CDC on legal, product, and risk mitigation developments within the insurance industry.
• Evaluating uninsured risks and analyzing loss statistics for risk management.
• Participating in quarterly service review meetings and providing advice on insurance policies and legislation.

Technical Requirements

The technical requirements specify that the service provider must:

• Be registered with the Financial Sector Conduct Authority (FSCA) as a Financial Services Provider (FSP).
• Demonstrate proven experience in short-term insurance brokering, managing policies for assets, liability, business interruption, directors and officers, cyber, and specialized covers.
• Provide evidence of competence and capability, including case studies and references from recent clients with similar insurance portfolios.
• Have qualified personnel, including a professional representative registered with the Insurance Institute of South Africa or equivalent.
• Maintain local offices in South Africa, with proof of office space such as lease agreements or municipal statements.
• Comply with all relevant legislation, including the Occupational Health and Safety Act, BBBEE requirements, and tax compliance.
• Provide detailed pricing on a fixed annual fee basis, inclusive of VAT, for the five-year contract period.

Skills Requirements

The successful bidder must possess:

• Extensive experience in short-term insurance brokering, with at least three references confirming provision of similar services.
• Strong technical knowledge of insurance products, risk assessment, and legal compliance within the South African insurance industry.
• Capability to conduct environmental and cost-benefit analyses, and ongoing risk evaluation.
• Proficiency in managing insurance claims, renewals, and policy placements effectively.
• Ability to provide strategic advice on risk mitigation and insurance legislation updates.
• Qualified personnel with relevant professional registration and experience in insurance brokerage services.
• Capacity to deliver services locally, with an established office in South Africa.