Tender Title: Assets Insurance Service - Selection of Insurer for Renewal of Loss on Card and Cancare Insurance Policy

Reference Number: 2c1be989c

The Department of Financial Services, under the Ministry of Finance, is inviting bids for the Assets Insurance Service aimed at selecting an insurer for the renewal of loss on card and cancaren insurance policies for a specified set of debit and credit cards. This tender focuses on ensuring high-quality insurance coverage for financial assets, minimizing potential losses associated with card transactions, and providing peace of mind to cardholders.

Scope of Work and Objectives

The primary objective of this tender is to establish a comprehensive insurance policy that covers losses incurred through debit and credit card transactions. The selected insurer will be responsible for the timely processing of claims and the overall management of the insurance policy. The scope includes evaluating potential insurance providers, determining the extent of coverage needed, and finalizing terms that benefit all stakeholders involved.

Eligibility Criteria

To qualify for participation in this tender, bidders must be a registered entity with relevant experience in insurance services. Firms must demonstrate prior competence in managing similar insurance portfolios.

Technical Requirements

Bidders are required to submit detailed proposals that outline the technical framework of their service offerings. This includes:

• A clear description of the insurance products offered.
• Risk assessment methodologies.
• Claims processing procedures.

Financial Requirements

Potential bidders need to provide comprehensive financial bids that detail costs associated with premium rates and any additional fees. Previous financial performance data may also be required to demonstrate capability in fulfilling the insurance commitments.

Document Submission Details

All bidders must ensure that their proposals adhere to the required submission guidelines. Documents should be submitted electronically, ensuring compliance with specified formats to avoid disqualification. Incomplete submissions may lead to automatic rejection.

Special Provisions

The tender includes provisions aimed at encouraging participation from Micro, Small, and Medium Enterprises (MSEs) and startups. This will facilitate enhanced competition and promote innovative solutions within the insurance sector.

Evaluation Process

The evaluation of bids will be conducted based on clearly defined criteria encompassing both technical and financial aspects. A scoring system will be used to rank proposals, with a focus on the provider's experience, quality of coverage, and cost-effectiveness.

Delivery Locations

The selected insurance service will apply to all eligible debit and credit cards issued under the guidelines established by the Ministry of Finance. The geographical scope covers all regions within the jurisdiction of the Ministry.

Contact Information

For any inquiries related to this tender, interested parties can reach out through the official contact channels provided by the Department of Financial Services. Due diligence should be carried out by bidders to understand the nuances of the tender specifications adequately.

In summary, this tender presents an opportunity for qualified insurers to partner with the government in providing crucial financial security for cardholders nationwide through a well-structured insurance policy. Bidders are encouraged to carefully review the requirements and submit their proposals in a timely manner.