|
||||||||
Request for Proposal (RFP) For Assets/Non-Life Insurance Policy
This document is meant for the exclusive purpose of Bidding as per the specification, terms, Condition and Scope indicated and shall not be transferred, reproduce or otherwise used for purposes other than for which it is specifically issued Background: UCO Bank, a leading public sector bank in India having a strong customer base and a sizable asset portfolio is catering to the needs of different demographic segment of the public. The assets financed by the bank whether to individuals, companies or corporate need to insured against fire, burglary, floods, SRCC risks etc depending upon the nature of the asset. Although we are currently having a corporate agency arrangement with NICL, arising out of the de-tariffing of the rate structure and with a view to offer our customers attractive pricing as well as the best of after sales service and a support mechanism both in terms of technology and manpower to settle claims if any expeditiously, we are looking for channel partners in General Insurance who could meet these requirements. We are anxious to offer all our loanee customers a bouquet of products for general insurance which, besides being attractively priced, would have an excellent back up service, so that they do not have to look elsewhere for covering/insuring the assets created by them from our bank finance. Please submit your general insurance proposal for our customers, as per the broad specification listed below. Any deviation from the minimum specifications must be identified and fully described. The bank reserves the right to accept or reject quotation and to waive any irregularities in a quotation if any. In case you are unable to quote or do not wish to quote, please return this form intact marking it as “not interested” or “ not quoting” 1. Purpose This RFP is being issued by UCO Bank for soliciting offers from General insurance Companies for extending general Insurance cover for risks like fire, burglary, floods, SRCC risks etc depending upon the nature of the asset to all our borrower to cover the assets created by them from bank finance so as to protect themselves as well the bank against any unforeseen eventualities. The company should also offer a group Insurance Medical/Health Insurance package for UCOBANK customers/clients at a competitive premium from what is being offered by them to the general public. 2. Objective & Scope of Policy The objective of this general insurance policy is to offer all UCOBANK customers who have availed credit limits from the Bank for acquiring fixed or movable assets (term as well as working capital) an attractive and competitive product for insuring their assets created out of bank finance against unforeseen eventualities, which of-course should be backed by prompt and speedy settlement mechanism preferably with good technology support. The company should also offer a group Insurance Medical/Health Insurance package for UCOBANK customers/clients at a competitive premium from what is being offered by them to the general public. As UCO Bank has a pan India presence with an existing base of around FIVE lacs borrower customers including Bank staff loan accounts housing and vehicle loan, a co-branded product with attractive pricing has immense potential to tap the existing clientele and to lure new customers as well. The product will be distributed by all our branches in India. At present we have around 1963 branches spread across the length and breadth of our country. 3. Bidder’s Eligibility (all mandatory provisions) 3.1 .The bidder must have a track record of minimum 5 years of operations in non life insurance business in India as on 31.03.08; 3.2 .The bidder should have at least three private/public sector banks as channel partners under Banc assurance as on 31.03.08. 3.3 . The bidder must have a network of at least 100 outlets/branches including points of sale(POS) across the country 3.4 .The bidders must have a recorded a progressively increasing trend in their premium collection turnover for the last three years and the same for March 2008 should be at least Rs.500 Crs. 3.5 The bidder must have an IRDA license for procuring insurance business in India. 4. Period of Tie up The tie up between the Insurance Company and the Bank shall be for a minimum period of 3 (THREE) Year commencing from a date to be determined /advised after completion of the process of selection. 5. Minimum Specifications for the General Insurance Policy 5.1. The company should offer cover to the assets, both (movable and Immovable) financed by the bank to its borrowers by way of working Capital finance and or Term Loan to cover various risks like:
5.2. The premium for the above risk cover should be in line with the market conditions and competitive enough, to restrain our clients from looking else where 5.3. The company should have a satisfactory solvency ratio 5.4. The company should also have a speedy claim settlement record. 5.5. The company should be so technology enabled, so as to be in a position to provide the Bank with list of the policies issued pan India with all details by the 10th of the succeeding month 5.6. The company should be in a position to remit the revenue/commission payable to the Bank every month at the corporate level with complete details by the 10th of every month, so as to facilitate the bank to distribute the same to the Zones/ branches by the 15th of each month. 5.7. The company shall give an indemnity to the Bank to the effect that they will not use or part with the data for any other purpose other than its Intended purpose. 5.8. The company should be in a position to provide access to our Bank’s data of policies sold by branches on the company’s portal through a specific User ID and password. 5.9. The company shall also offer a special Medical/Health Insurance package for UCOBANK customers/clients at a competitive premium from what is being offered by them to the general public. 6. Commencement of Coverage of Policy Individual policy coverage issued by the company shall commence from the date the premium cheque has been received/acknowledged by the company. 7. Period of Coverage of Individual Policy Individual policy to be issued to the customers shall be valid for a period of one year from the date of issue and shall be subject to renewal every year at the request of policy holder. The company should have in place a proper mechanism /process for timely notice for renewal of the policy before the due date. 8. Service & Support Service and support is an important aspect. Proponents are to indicate their customer support processes and any other relevant information. 9. Quotation Format and Context 9.1. Quotations must be complete in all respects. The RFP must be signed by an authorized company representative, clearly indicating his designation along with the company seal. 9.2. Emphasis should be on a comprehensive proposal with clarity of content. 9.3. Quotation must be accurate. Errors, omissions, alterations of a material nature will result in rejection of a Quotation. Quotation cannot be altered or amended after the submission deadline. However, for proper evaluation Bank may, at its discretion, ask the bidder for clarification. The response shall be in writing and no change in premium rate or substance of the bid shall be permitted. 9. Quotation Format and Context 9.1. Quotations must be complete in all respects. The RFP must be signed by an authorized company representative, clearly indicating his designation along with the company seal. 9.2. Emphasis should be on a comprehensive proposal with clarity of content. 9.3. Quotation must be accurate. Errors, omissions, alterations of a material nature will result in rejection of a Quotation. Quotation cannot be altered or amended after the submission deadline. However, for proper evaluation Bank may, at its discretion, ask the bidder for clarification. The response shall be in writing and no change in premium rate or substance of the bid shall be permitted. 10. Minimum Bid Acceptance Period Bids shall be firm offers and shall remain valid for acceptance by UCO Bank for a minimum period of THREE MONTHS following the RFP closing date (i.e. last date of submission of RFP). 11. Submission/Opening of Bids 12.1 The bid should be addressed to the Assistant General Manager, UCO BANK, Retail Banking- Insurance Marketing Wing, Head Office (2nd Floor - Annex), 10 B.T.M. Sarani, Kolkata – 700 001 and should be submitted in this office on or before 2 PM of 22nd October 2008 in a sealed packet marked as “Technical Bid” for Non Life Insurance. Late bids will not be accepted. 12.2 The Technical bids will be opened on 23rd October 2008 at 2.30 P.M. in the office of the Asst.General Manager (Retail Banking) in the presence of bidder’s representatives who chose to attend. The representatives who are present shall sign the attendance sheet evidencing their presence. On the basis of technical bids opened, it will be ascertained whether the participating bidders meet the minimum mandatory eligibility criteria prescribed under clause 3 above. 12.3 The bidders found eligible and satisfying the mandatory stipulations under Clause 3 above, will be short listed and thereafter would be required to offer a power point presentation of their company, products, marketing , support system, MIS and revenue earning to the bank from the tie proposed. The presentation should also include the company’s settlement procedure and maximum Turnaround time limit for settlement (TAT). The presentation shall be before a committee of TOP Management Executives of the Bank, within SEVEN days from the opening of the technical bid. 12.4 The committee of the TOP Management Executives shall evaluate the company on the basis of the presentation in respect of the various parameters listed in Para 12.3 above and submit its recommendations in respect of the top two or three companies to the Chairman & Managing Director / Executives Directors for a final selection. 12. Decision Decision taken by the Bank as detailed above will be based on the evaluation of the bidder’s presentation. The Bank’s decision will be final and binding on all the bidders and the Bank reserves its right to reject one or all of the bids without assigning any reason whatsoever. 13. Communication Regarding the RFP This Request for Proposal is being issued by the Retail Banking Department of UCO Bank, Head Office, Kolkata, which is the sole point regarding all administrative and technical matters relating to the requirements described in this RFP and is the only authority to change, modify, clarify the specifications, terms and conditions, etc. of this RFP and for the decisions taken as a result of this RFP. Any communication in this regard may be made on the address mentioned under clause 12.1 on “Submission/Opening of Bids”. Click here to download the Annexuree
|
||||||||
 |
||||||||
| |
TENDER
NOTICE