Objectives

The primary objective of this tender is to appoint a qualified insurance broker to provide short-term insurance brokerage services for the Export Credit Insurance Corporation of South Africa (ECIC) for a period of five years. The broker will source appropriate insurance cover to ensure ECIC is adequately protected against all relevant risks, with coverage effective from 1 June 2026. The appointment aims to leverage the broker’s expertise to manage ECIC’s insurance portfolio, optimize risk coverage, and facilitate claims management and reporting.

Scope

The scope of services includes:

• Providing comprehensive insurance brokerage services tailored to ECIC’s risk profile.
• Advising on and sourcing insurance cover for various assets and liabilities, including but not limited to:
• Assets such as office equipment, furniture, motor vehicles, and electronic equipment.
• Liability covers including public liability, directors and officers liability, crime and civil liability, employment practices liability, and cyber liability.
• Specialized covers such as cyber risk, business interruption, and other emerging risks.
• Managing the insurance portfolio, including claims data analysis, claims history reporting, and claims dispute resolution.
• Providing ongoing risk assessment, market analysis, and advice on insurance industry developments.
• Facilitating quarterly reviews, due diligence, and site inspections as needed.
• Supporting ECIC in loss prevention, risk mitigation, and insurance policy interpretation.

Technical Requirements

The technical requirements for the tender include:

• Demonstrable experience of at least five years in providing comprehensive short-term insurance brokerage services.
• Provision of contactable references from previous clients.
• Authorisation by the Financial Sector Conduct Authority (FSCA) as a Financial Service Provider (FSP) for short-term insurance.
• Capability to source insurance cover based on an estimated annual premium of R850,000, with firm pricing for the contract period.
• Ability to prepare detailed claims processes, reports, and manage claims efficiently within a seven-day turnaround time.
• Provision of a comprehensive risk management strategy aligned with ECIC’s needs.
• Compliance with all relevant legislative and regulatory requirements, including POPI Act for data protection.

Skills Requirements

The successful bidder must possess:

• Extensive experience in short-term insurance brokerage, with a proven track record of at least five years.
• Strong knowledge of the South African insurance market, including product offerings, market trends, and regulatory environment.
• Expertise in risk assessment, portfolio management, and claims handling.
• Excellent communication and reporting skills to provide timely and accurate information to ECIC.
• Capability to advise on emerging risks such as cyber threats and market developments.
• Technical proficiency in insurance policy interpretation and risk mitigation strategies.
• Ability to conduct due diligence, site inspections, and ongoing client relationship management.