Objectives

The primary objective of this tender is to appoint a suitably qualified independent actuarial service provider to perform a structured, evidence-based review of the Road Accident Fund's (RAF) Outstanding Claims Liability valuation. The review aims to validate the accuracy, reasonableness, and compliance of the valuation with relevant standards, assumptions, and methodologies, culminating in a professional actuarial opinion on the liability as at 31 December 2025.

Scope

The scope of work includes:

• Performing a structured, evidence-based review of the RAF Outstanding Claims Liability valuation.
• Assessing data accuracy, completeness, and integrity.
• Reviewing assumptions related to economic, demographic, legal, operational, and claims factors.
• Evaluating the valuation methodology for compliance and appropriateness.
• Reviewing the valuation model's structure, logic, calculations, and controls.
• Providing a professional conclusion on the reasonableness of the liability valuation.
• Delivering recommendations on data quality, assumptions, methodology, and governance.

The review is limited to validation and review activities; model redevelopment or advisory services are explicitly out of scope.

Technical Requirements

The service provider must:

• Assess the accuracy, completeness, and consistency of the valuation data.
• Review assumptions for appropriateness and alignment with RAF experience and trends.
• Evaluate compliance with actuarial standards, reserving principles, and public-sector reporting frameworks.
• Review the valuation model's structure, logic, and controls, including version control and documentation.
• Perform reasonability checks on key calculations and outputs.
• Provide a clear professional opinion on the valuation's reasonableness as at 31 December 2025.
• Deliver a comprehensive QA report and a summarising PowerPoint presentation.

Out-of-scope activities include model development, methodology redesign, data pipeline rebuilding, and ongoing advisory services.

Skills Requirements

• The lead actuary must be a Fellow of the Actuarial Society of South Africa (FASSA) or a Fellow of the Institute and Faculty of Actuaries (IFoA). Proof of membership/registration must be submitted.
• The provider must submit at least two reference letters from previous clients where similar structured, evidence-based actuarial reviews were performed.
• The team should possess strong expertise in actuarial valuation, reserving standards, data analysis, and model validation.
• Experience in public sector or insurance liability valuations is preferred.
• Ability to deliver high-quality reports and presentations within tight deadlines (30 days from data receipt).