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) over a period of five years. The service aims to provide professional advice on insurable risks, risk management, insurance placement, claims management, and ensuring CDC's compliance with relevant legislation and best practices in insurance management.

Scope

The scope of work includes, but is not limited to:

• Providing professional advice on short-term insurable risks.
• Offering risk control and risk management services.
• Guiding CDC through informed insurance decision-making processes.
• Conducting environmental analysis to determine insurance needs.
• Investigating and maintaining suitable product options.
• Performing cost-benefit analyses to select optimal approaches.
• Placing insurance with selected insurers and confirming cover.
• Facilitating annual or cyclical renewal of insurance policies.
• Procurement of new or additional insurance covers as necessary.
• Managing and administering insurance claims.
• Assisting CDC in compliance with applicable legislation and regulations.

The scope also encompasses ongoing review and analysis of the CDC’s insurance portfolio, regular reporting, and continuous risk management advice.

Technical Requirements

The Service Provider must:

• Be registered with the Financial Sector Conduct Authority (FSCA).
• Provide monthly reports including claims reconciliation, claims monitoring, legal updates, industry developments, and risk analysis.
• Review the CDC’s insurance portfolio quarterly with CDC Procurement and Finance departments.
• Offer ongoing financial advice and interpretation of insurance policies.
• Undertake continuous risk management assessments and recommend mitigation measures.
• Ensure compliance with relevant legislation such as the Short-term Insurance Act, FAIS Act, PFMA, BBBEE Act, and others.
• Maintain proper documentation and reporting standards.

Skills Requirements

The successful Service Provider must demonstrate:

• Proven experience and track record in insurance brokering, specifically in short-term insurance.
• Expertise in risk management, insurance placement, claims handling, and legislative compliance.
• Ability to provide detailed and accurate reporting, including claims reconciliation and legal updates.
• Knowledge of the South African insurance industry, market trends, and product options.
• Capacity to advise on risk mitigation strategies and insurance policy interpretation.
• Compliance with FSCA registration and B-BBEE requirements, including valid SANAS accreditation or sworn affidavits.
• Capacity to manage multiple projects within the specified limits and deliver services over the five-year contract period.