SECTION I: INTRODUCTION & INSTRUCTIONS FOR PROPOSALS

1. The Reserve Bank of India (the Bank) is the Central Bank of the country with Central Office at Mumbai. It has Offices across the country in 28 cities and employs a total of around 19,000 Officers and staff. The Bank has around 19,000 retired employees settled across the country.

2. The Bank invites Proposals for engagement of Insurance Brokers/consultants with its Human Resources Management Department for ‘Group Mediclaim Policy’ to be taken by the Bank to cover hospitalization expenses for the retired employees of the Bank, to assist the Bank in pre-placement, placement, post-placement of the Group Mediclaim Policy and other related aspects.

3. Only well established and reputed Insurance Broking/Consulting Firms which are Registered/Issued License by Insurance Regulatory and Development Authority (IRDA) under “Composite” License category are eligible for engagement under contract.

4. At any time prior to deadline for submission of proposal, the Bank may for any reason, modify the RFP. The prospective respondents having received the RFP shall be notified of the amendments and such amendments shall be binding on them.

5. The Bank reserves the right to accept any or reject any or all the proposals in whole or part without assigning any reasons.

6. The Bank intends to select one (1) Insurance Broking/Consulting Firm by issue of Request for Proposal, under contract.

7. During pre qualification and evaluation of the Proposals, the Bank may, at its discretion, ask respondents for clarifications on their proposal. The respondents are required to respond within the time frame prescribed by the Bank.

8. Proposals needs to be submitted in hard copy in a sealed envelope. Proposals received by facsimile shall be treated as defective, invalid and rejected. Only detailed complete proposals in the form indicated, received prior to the closing time and date of the proposals shall be taken as valid.

9. Respondents are not permitted to modify, substitute, or withdraw Proposals after its submission.

10. The proposal may be submitted along with the covering letter about the proposal, along with the information/documents indicated in the Annex and the declaration, signed by the authorized signatory with Seal of the Company. All pages are required to be signed.

11. No cost will be borne by the Bank towards preparation and submission of the proposals.

12. The tenure of the Insurance Broking/Consulting Firm would be for one policy year and may be renewed thereafter depending on the performance and the terms and conditions.

13. Proposals can be submitted in sealed covers up to 1500 HRS on July 13, 2012.

14. The Bank will evaluate the Proposals submitted by respondents in detail, based on the data submitted in the Annex. Top three of the firms would be invited to make presentation, before selecting one of the firms as Insurance Broker/Consultants to be associated with the Bank

Address for Communication :

Chief General Manager,
Reserve Bank of India,
Central Office
Human Resources Management Department
20th Floor, CO Building
SBS Marg, Fort
Mumbai – 400 001

Contact Person :

Shri Sanjay Kumar
Deputy General Manager
Phone: +91-22, 22610329, - 22602482, Fax: +91-22-22661892
email.

SECTION II: ELIGIBILITY OF FIRMS

Insurance Broking/Consulting Firm has to satisfy the following Pre-qualification criteria to apply for engagement. Respondent satisfying the following criteria are only eligible to submit the Proposal for RFP.

1. This invitation to respond to the RFP is open only to reputed and well established registered companies/ firms that are incorporated or registered under the Indian Companies Act, 1956,

2. Insurance Broking/Consulting Firms must be registered/Issued License by Insurance Regulatory and Development Authority (IRDA) under “Composite” License category.

3. The firm/company should have been in existence in India for a period of at least more than 6 years as of 31.05.2012 i.e. their licenses have been renewed at least twice by IRDA.

4. The Insurance Broking/Consulting Firms should have the paid up capital of minimum Rs.2.5 crore and revenues of minimum Rs.10 crore during the last three years.

5. The Insurance Broking/Consulting Firms should have an employee base of more than 150 professionals with exclusive team under Health and wellness in India.

6. The Firm should have placed a single policy covering a minimum of 10,000 people.

7. The Firm should have offices in 6-8 centres including metro cities in India.

8. The Insurance Broking/Consulting Firms with global experience would be given preference.

Disqualifications

Bank may at its sole discretion and at any time during the evaluation of proposal, disqualify any respondent, if the respondent

1. Submitted the Proposal documents after the response deadline;

2. Made misleading or false representations in the forms, statements and attachments submitted in proof of the eligibility requirements;

3. Failed to provide related clarifications, when sought;

4. Declared ineligible by the Government of India/State/UT Government for corrupt and fraudulent practices or blacklisted.

SECTION III: SCOPE OF WORK

Phase 1 - Pre Placement Services

Insurance Broker or Consultant would be overseeing the Strategic Conceptualization and Initialization of the whole program. The Strategic Conceptualization of the following action Items would be undertaken with the Bank which will have the following Action heads

1. Placement and designing of the Insurance Policy
2. Cost Containment measures
3. Claims Handling and Service Mapping
4. Capacity Building
5. Grievance Redressal Process
6. Claims Tracking by Web based MIS
7. Communication Plans
8. Validation and Forecasting of Additional Coverage Benefits

Phase 2 - Placement Services

Insurance Broker or Consultant would be acting as a Strategic consultant and would be assisting in the placement process of the scheme.

a. Placement strategy

1. Determine evaluation criteria for Insurer selection in association with Reserve Bank of India
2. Draft RFP (request for proposal) to be shared with Reserve Bank of India for approval prior to distribution
3. Assess Reserve Bank of India service requirement and Insurer capabilities in the marketplace
4. Request placement quotations from Insurers

b. Quotation analysis & negotiation

1. Evaluate quotes
2. Facilitate Insurer meetings
3. Assist in Negotiating the best price from the Insurer

c. Recommendation & placement confirmation

1. Recommend Insurer
2. Placement as per agreed terms and conditions

d. Policy review

1. To ensure policy terms & conditions as per the RFP provided
2. Data consolidation for policy issuance

Phase 3: - Post Placement Services

Insurance Broker or Consultant would be functioning as a Strategic Consultant arm of the Reserve Bank of India and would be assisting in the Post Placement Process of the program. Insurance Broker or Consultant would undertake the following action Items as Post Placement

a. Servicing Support

1. Designing the Service Level Agreement to be signed between Vendors and Reserve Bank of India highlighting the scope of services and timelines
2. Single point of contact for all services.
3. Establish clear escalation matrix for query resolution

b. Communication support

1. Communication assistance for change management in case of any major change in plan design
2. Design and Implementation of Communication
3. Frequently Asked Question design
4. High level communication sessions (Train the trainer)

c. Claim monitoring & Periodic Review

1. Monthly / Quarterly utilization report & presentation
2. Quarterly Third Party Administrator data audit to ensure consistency between claims filed and claims cleared by the
3. Third Party Administrator

d. Service level agreement

1. Set deliverables and expectations with Insurers and Third Party Administrator
2. Claim volume Handling
3. Claims Escalation Handling
4. Endorsement Data Handling

e. Turn Around Time Analysis

1. Monitoring delivery by Third Party Administrator/ Insurer as per agreed Service Level Agreement

f. Administration support

ANNEX

DECLARATION CERTIFICATE

I / We do hereby declare that there is no case with the Police / Court / IRDA / SEBI / Regulatory authorities against the proprietor / firm / partner / employee.

Also I / We have not been suspended / delisted / blacklisted by any other Govt. Ministry / Department / Public Sector Undertaking / IRDA / SEBI / Autonomous Body / Financial Institution / Court.

We certify that neither our firm nor any of the partners are involved in any scam or disciplinary proceedings settled or pending adjudication.

We hereby undertake and confirm that we have understood the scope of work properly and shall carry out the work as mentioned in this RFP.

Signature of the Authorised Signatory
with Seal