Actuarial services – model validation and reporting (raf)

{"closingDate":"14 OCTOBER 2026","closingTime":"11H00 AM","briefingSession":"{"date":null,"time":null,"venue":null,"is_compulsory":false}"}

No briefing session will be held for this tender.

{"name":"Mr Elias","email":"[email protected]","phone":null,"department":"of Trade and Industry (dti) is charged with","address":"All enquiries regarding this bid must be directed to the Supply Chain Management Office"}

Returnable Documents: SBD 1: Completed, attached and signed, SBD 4: Completed, attached and signed, SBD 6.1: Completed, attached and signed, Proof of Construction Industry Development Board (CIDB), Provide Tax TCS Pin to verify Tax Status: Attached, involved, each party must submit a separate Tax TCS Pin.), Registered on the Central Supplier Database of National, https://secure.csd.gov.za/),

• That the bidder is registered on the National Treasury Central Supplier Database (CSD)

All Returnable Documents must be submitted with the proposal, including completed forms, mandatory declarations, returnable documents, and any other required documents. The bid must be clearly indexed and cross-referenced to a Table of Contents. As prescribed, all Standard Bidding Documents (SBD Forms – Returnable Documents) must be submitted.

Bidders must indicate how they claim points for each preference point goal.

Bidders must tick the correct box indicating Comply or Not Comply for each mandatory requirement.

Client reference letters must clearly describe the work performed and may cover multiple categories if the letter explicitly confirms the relevant scope.

Proof documents must be valid at the bid closing date.

Appointment of an actuarial service provider to conduct independent quality assurance

Review of actuarial methodology and models for a period of three (3) years.

Review of actuarial methodology and models for a period of three (3) years.

including scope and objectives, approach/methodology, detailed workplan and timelines, data

requirements and agreed data cut, roles and responsibilities, governance and reporting cadence,

risks and dependencies, issue escalation route, document/version control, and the agreed report

structures/templates (required sections and evidence requirements) for each deliverable.

5.1.2. Blind Parallel Modelling Reports (per model within scope)

Category 2 Budget Forecasting Methodology and

Projects of a similar nature may include:

• Medium Term Expenditure Framework, MTEF, technical support

• Multiyear infrastructure planning

• Municipal budget and strategic planning

• Revenue and expenditure trend analysis

Evidence required: At least two (02) client reference letters confirming completion

of budget forecasting, MTEF forecasting, or similar work.

iii. Category Three, Loss Quantification, LOE and LOS, company

Loss of Earnings, LOE, projects of a similar nature may include:

• Road Accident Fund, RAF, claims assessment

• Loss of profit, commercial, claims

• Unfair labour practice compensation

• Medical negligence claims

• Wrongful arrest and detention claims

Loss of Support, LOS, projects of a similar nature may include:

• Dependency claims for deceased estates

• Maintenance claim calculations

• Wrongful death liability assessments

Evidence required: At least two (02) client reference letters confirming completion

of LOE and or LOS, or similar loss quantification work.

iv. Category Four, Post Retirement Medical Aid Subsidy Liability

Valuations, PRMA, company experience

Projects of a similar nature may include:

• Actuarial valuation of employee benefits

• Defined benefit pension fund valuations

• GRAP 25 compliance reporting, IAS 19 compliance reporting

• Medical scheme contribution subsidy valuations

Evidence required: At least two (02) reference letters confirming completion of

PRMA, or similar employee benefits valuation work.

Scoring Matrix, Company Experience, per category

Use the scoring below for each category the bidder is bidding for.

Number of completed projects evidenced in Category Category Category Category

client reference letters One Two Three Four

(Score) (Score) (Score) (Score)

No projects evidenced, or projects not relevant, or 0 0 0 0

less than 2 projects evidenced for each type of

project

2 completed projects evidenced 20 20 20 20

3 completed projects evidenced 30 30 30 30

4 or more completed projects evidenced 40 40 40 40

8.2.2. Company resources 30

Bidders must demonstrate that they have suitably qualified and experienced

resources available to deliver the scope for each category in which they are

bidding. Evidence must be provided via CVs and supporting documents that

clearly confirm qualifications, professional standing, and relevant experience.

Bidders must submit the minimum resources required per category. The same

individual may be proposed across multiple categories; however, the bidder must

clearly indicate this and ensure that the requirements are met for each category

bid for.

CVs must include the role on the project, relevant experience, and the category or

categories the resource will support. Proof documents must be valid at the bid

closing date. RAF reserves the right to verify the information submitted.

Minimum resources required per category

• at least one additional qualified Actuary, Fellow or Associate

• a Quantitative Analyst, Data Scientist, or Artificial Intelligence specialist

with relevant experience in model automation, validation tooling,

reconciliation tooling, or AI-enabled review support

i. Category One, Outstanding Claims Liability, OCL Valuations,

company resources

Evidence required:

• Additional actuary CV with at least 5 years relevant experience, proof of

have had accidents within the borders of the country. The RAF head office is in Centurion there will be

other Customer Experience Centres in each province in the country.

relevant actuarial body. That is,

1. Certificate of registration (The certificate must not be

expired at the bid closing date)

NB: Submitted certificates will be verified with ASSA

8.1.2 Experience of the Lead Actuary

minimum of ten years post-qualification experience and in good

standing with the Actuarial Society of South Africa (ASSA).

i) A copy of Qualification as a Fellow; and

ii) A letter of good standing from ASSA.

iii) The CV of the lead actuary clearly indicating the post

fellow experience

NB: The RAF reserves the right to verify the information

provided

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8.1.3 Company Experience

8.2.1 Company experience 40

• Medium Term Expenditure Framework, MTEF, technical support

• Multiyear infrastructure planning

• Municipal budget and strategic planning

• Revenue and expenditure trend analysis

Evidence required: At least two (02) client reference letters confirming completion

of budget forecasting, MTEF forecasting, or similar work.

iii. Category Three, Loss Quantification, LOE and LOS, company

experience

resources available to deliver the scope for each category in which they are

bidding. Evidence must be provided via CVs and supporting documents that

clearly confirm qualifications, professional standing, and relevant experience.

• Additional actuary CV with at least 5 years relevant experience, proof of

qualification

• Quantitative Analyst, Data Scientist, or AI specialist CV, project example

demonstrating at least three (03) years relevant experience

ii. Category Two, Budget Forecasting, MTEF Forecasting, company

resources

• Additional actuary CV with at least 5 years relevant experience, proof of

qualification

• Quantitative Analyst, Data Scientist, or AI specialist CV, project example

2.1. The bidder must be an eligible, registered service provider in terms of the applicable laws of the

country.

2.2. The bidder must have a business continuity management plan, which must be available for

inspection by the RAF during the subsistence of rendering services to the RAF.

2.3. The Evaluation Criteria that were published with a Request for Proposal/ Bids will be used to

assess bidders’ responses and no amendment after the closing of a bid. Bid Proposals must be

clearly indexed and cross referenced to a Table of Contents.

2.4. Companies or Directors included on the National Treasury register of Restricted Suppliers and/ or

risk management. Due to the complexity of the modelling environment, the reliance on judgement-based

assumptions, and the importance of having results that are credible and defensible to governance

structures and external stakeholders, the RAF requires the appointment of an independent service

provider to perform a quality assurance (QA) review of RAF’s internal actuarial work:

• To provide assurance that models are robust, efficient, aligned with industry best practice, and

capable of producing credible and defendable results;

• To validate methodologies, assumptions, and model outputs; identify areas for improvement; and

provide recommendations to strengthen actuarial governance, automation, and efficiency;

4.1. The RAF wishes to appoint a suitable qualified actuarial company(s) to conduct an Independent

Quality Assurance Review of Actuarial Methodologies and Models, annually, for a period of three (3)

years in respect of the following Methodologies and Models:

a) Outstanding Claims Liability Valuation Methodology and Model, aligned with the unique dynamics

of RAF’s claims lifecycles.

b) Budget Forecasting Methodology and Model, aligned with the requirements of the Medium-Term

Expenditure Framework (MTEF) issued by the National Treasury.

c) Loss of Earnings Claims Quantification Methodology and Model, aligned with the requirements

set out in Actuarial Practice Note 701 (APN 701) issued by the Actuarial Society of South Africa

(Assa).

d) Loss of Support Claims Quantification Methodology and Model, aligned with the requirements set

out in Actuarial Practice Note 701 (APN 701) issued by the Actuarial Society of South Africa

(Assa).

e) Post-Retirement Medical Aid Subsidy Liability Valuation Methodology and Model, aligned with the

requirements set out in GRAP 25.

4.2. The Service Provider will be required to:

• Independently review the actuarial models within scope for methodological soundness and

alignment to best practice.

• Validate assumptions, processes, and outputs to ensure credible, defendable, and sustainable

financial and risk projections.

• Evaluate compliance with relevant actuarial and applicable accounting standards.

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• Assess model efficiency, automation maturity, controls, and reporting performance, including the

adequacy of documentation and audit trail.

• Produce clear QA reports that set out findings, gaps/limitations, risks, and recommended

improvements to strengthen actuarial processes, governance, and model controls

• Consultation / Clarification Support – Advisory sessions to clarify the QA reports and

recommendations (interpretation of findings, explanation of gaps and proposed improvements,

and Q&A with RAF stakeholders).

• Present the independent QA report to the Executive Committee, the Audit & Risk Committee, and

the Board regarding the soundness and robustness of RAF’s actuarial methodologies and

models

• Develop detailed action items arising from the QA report

4.3. The Service Provider’s approach in providing an Independent Quality Assurance shall include, but

not limited to, the following:

• At first, apply a blind parallel modelling approach, whereby RAF will provide the required data,

but not the models to ensure independence.

• Comparative analysis of independently developed model outputs against RAF model outputs,

including commentary on material variances and drivers.

• Gap analysis covering methodologies, key assumptions, data inputs, model governance and

controls, documentation, and reporting outputs.

• Recommendations for enhancement (including automation and AI-enabled tools).

• Joint project plan for implementation of the recommendations.

• Final confirmation report.

4.4. Exclusions from the scope of requirements

• The Service Provider will not be required to provide tools, licences or subscriptions;

however, the reports may include recommendations on suitable technology stacks/tools

for RAF’s consideration.

• The Service Provider will not be responsible for hands-on implementation of

recommendations; implementation remains the responsibility of RAF and/or a separately

appointed service provider.

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5.1.3. Quality Assurance Reports (per model within scope)

interpretation of findings, explanation of gaps and proposed improvements, and Q&A with RAF

stakeholders. Knowledge transfer sessions must cover relevant best practices (e.g.,

governance/controls, documentation standards, and QA methods).

Note: The Service Provider will not implement the recommendations/action plans for the RAF

models.

5.1.6. Management & Audit & Risk Committee Presentations

Presentation of annual QA outcomes (findings, conclusions and recommendations) to the

including discussion of queries and clarifications.

5.1.7. Close-Out Report (Annual)

A close-out report confirming completion of the annual QA review cycle and summarising: work

performed, key conclusions, and the final set of recommendations and clarifications issued for

the year. The report must reference all submitted deliverables and supporting evidence.

qualified actuary (e.g., a Fellow/Associate, as applicable), confirming professional accountability

for the work performed and the conclusions reached.

5.2. Phases of the Project

5.2.1. Initial Phase: Complete the first annual cycle deliverables, including blind parallel modelling,

comparative analysis, gap analysis, QA reports, consolidated recommendations/roadmap,

presentations, and consultation/clarification sessions.

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5.2.2. Post execution consultation and support (as and when required): Provide additional

consultation/clarification sessions, where necessary, to further unpack the QA reports and

recommendations, respond to stakeholder queries, and support RAF’s understanding of the

proposed improvements for the relevant annual cycle.

5.2.3. Subsequent annual cycles (Years 2 and 3): Deliver the same set of annual deliverables for

each year of the contract term (i.e., repeat the full annual cycle deliverables each year),

including updated reports, consolidated recommendations/roadmap, presentations, and

consultation/clarification sessions.

minimum of three clients within the past five years from the bid

closing date.

As proof, the bidder must provide a minimum of three (3) client

reference letters on a company letterhead confirming that the

bidder has conducted independent Quality Assurance Reviews.

NB: RAF reserves the right to verify the client's reference

letters.

8.1.4 Data Storage

Closing date: 14 october 2026 @ 11h00 AM

Note: Faxed and/or Emailed Proposals/ bids will not be accepted, only hand delivered and

couriered Proposals/ bids must be deposited in the tender box on or before the closing date and

time.

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Table of contents for bid RAF/2026/00061

1. Part a: invitation to bid

2. Part b: terms and conditions for bidding

3. Sbd 3.1: Pricing schedule (firm prices)

4. Sbd 4: declaration of interest

5. Sbd 5: national industrial participation programme

6. Sbd 6.1: Preference points claim form

The service of the state.”

Nb: failure to provide / or comply with any of the above particulars may render the bid invalid.

Signature of bidder:...................................................

Capacity under which this bid is signed:...................................................

(Proof of authority must be submitted e.g. company resolution)

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Sbd 3.1

Pricing schedule – firm prices

(Purchases)

Note: only firm prices will be accepted. Non-firm prices (including prices

Subject to rates of exchange variations) will not be considered

Bid Bond: performance guarantee to the dti;

d. The contractor will submit a business concept for consideration and approval by

the dti;

e. Upon approval of the business concept by the dti, the contractor will submit

detailed business plans outlining the business concepts;

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f. The contractor will implement the busines

Quantitative Analyst, Data Scientist, or AI specialist CV, project example demonstrating at least three (03) years relevant experience ii. Category Two, Budget Forecasting, MTEF Forecasting, company resources Evidence required

Additional actuary CV with at least 5 years relevant experience, proof of

Quantitative Analyst, Data Scientist, or AI specialist CV, project example

Points Allocation: 3 points

B-BBEE Details: address

..........................................................................................

....................................................................................

Signature.....................................Name (in print)...................................

Date..................................................

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Sbd 6.1

Preference points claim form in terms of the preferential procurement

Regulations 2022

This preference form must form part of all tenders invited. It contains general information and serves as

a claim form for preference points for specific goals.

Nb: before completing this form, tenderers must study the general

Conditions, definitions and directives applicable in respect of the

Tender and preferential procurement regulations, 2022

1. General conditions

1.1 The following preference point systems are applicable to invitations to tender:

• the 80/20 system for requirements with a Rand value of up to R50 000 000 (all applicable

taxes included); and

• the 90/10 system for requirements with a Rand value above R50 000 000 (all applicable

taxes included).

1.2 To be completed by the organ of state

(delete whichever is not applicable for this tender).

a) The applicable preference point system for this tender is the 80/20 preference point system.

1.3 Points for this tender (even in the case of a tender for income-generating contracts) shall be

awarded for:

(a) Price; and

(b) Specific Goals.

1.4 To be completed by the organ of state:

The maximum points for this tender are allocated as follows:

Points

Price 80

Specific goals 20

Total points for Price and SPECIFIC GOALS 100

1.5 Failure on the part of a tenderer to submit proof or documentation required in terms of this tender

to cl

Note: Faxed and/or Emailed Proposals/bids will not be accepted, only hand delivered and couriered Proposals/bids must be deposited in the tender box on or before the closing date. The proposal submitted by the supplier must be valid for a period of 90 days from the closing date for the submission of proposals. All enquiries regarding this bid must be directed to the Supply Chain Management Office. Questions/enquiries received after the stated date and time will not be entertained. Some requirements may not be applicable to international suppliers/bidders.

The bidder must be an eligible, registered service provider in terms of the applicable laws of the Republic of South Africa. The bidder must have a business continuity management plan, which must be available for inspection by the RAF during the subsistence of rendering services to the RAF. The Bidder must be registered as an Actuarial Firm/Company, with a certificate of registration (the certificate must not be older than a specified period). The Bidder must have conducted Independent Quality Assurance Reviews for a minimum of three clients within the past five years from the bid closing date. As proof, the bidder must provide a minimum of three (3) client reference letters. Bidders may bid for one or more categories, and each bid will be evaluated separately. One client reference letter may cover multiple projects. Proof documents must be valid at the bid closing date.

2.3. The Evaluation Criteria that were published with a Request for Proposal/ Bids will be used to

provider to perform a quality assurance (QA) review of RAF’s internal actuarial work

Phase 2: Mandatory Evaluation Process

Phase 3: Technical/ Functional Evaluation Process

At this phase, Bidder(s) who met the minimum threshold of 60 points out of 100 points allocated at

Functionality Evaluation will be further evaluated in Phase 4 (Price and Specific Goals). Bidders who do

not achieve a minimum score of 60 out of 100 points will not be eligible to proceed further with the

evaluation and will thus be disqualified.

Phase 4: Price and Specific Goals Evaluation

document. Bidders who meet the functionality threshold will be evaluated on Price and Specific Goals,

The Bidder must have conducted Independent Quality

bidder has conducted independent Quality Assurance Reviews.

Points claim form in terms of the preferential procurement

This preference form must form part of all tenders invited. It contains general information and serves as

a claim form for preference points for specific goals.

1.1 The following preference point systems are applicable to invitations to tender

the 80/20 system for requirements with a Rand value of up to R50 000 000 (all applicable

the 90/10 system for requirements with a Rand value above R50 000 000 (all applicable

a) The applicable preference point system for this tender is the 80/20 preference point system.

1.3 Points for this tender (even in the case of a tender for income-generating contracts) shall be

(b) Specific Goals.

The maximum points for this tender are allocated as follows

Specific goals 20

Total points for Price and SPECIFIC GOALS 100

to claim points for specific goals with the tender, will be interpreted to mean that preference