Award

Research Services - Artificial Intelligence (AI) and Machine Learning (ML) in Actuarial Modelling in the UK

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

26 Sep 2022 at 09:20

Award Notice
Tender

23 Jun 2022 at 17:07

Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC), a regulatory body for auditors, accountants, and actuaries in the UK, has awarded a contract for Research Services focusing on Artificial Intelligence (AI) and Machine Learning (ML) in Actuarial Modelling. The research aims to explore the role of AI/ML in UK actuarial modelling across various sectors like pensions, insurance, banking, and investment. The contract, valued at £50,000 GBP, was awarded to the Government Actuary Department, with a contract period from 26th September 2022 to 24th April 2023.

This tender presents business growth opportunities for firms specialised in research and development, particularly those familiar with AI/ML integration in financial services. Business entities with expertise in actuarial practices, data science, and risk management are well-suited to compete. The procurement process, initiated as an open tender with specific suitability for Small and Medium Enterprises (SMEs), offers a chance for businesses to engage with the FRC and contribute to advancing understanding in actuarial practices using cutting-edge technologies like AI and ML.

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Notice Information

Notice Title

Research Services - Artificial Intelligence (AI) and Machine Learning (ML) in Actuarial Modelling in the UK

Notice Description

***THIS IS A CONTRACT AWARD NOTICE*** The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management. The use of Artificial Intelligence (AI) and Machine Learning (ML) is growing in actuarial modelling. The Institute and Faculty of Actuaries (IFoA), the UK's professional association for actuaries, has been encouraging education and training in these techniques among its members and recently launched a data science certification The objective of this research is to learn more about the role of AI/ML in UK actuarial modelling practices across pensions, life insurance, general insurance, and wider fields (e.g., banking and investment). It will also compare the extent of AI/ML deployment by the actuarial profession with that of other similar professions. The overall purpose of the research is to improve our understanding of new risks that AI/ML might bring to the quality of actuarial work. To do this, the research will address the following four areas of enquiry: 1. Areas of use: Which actuarial departments are involved in using AI and ML techniques in their work? 2. Approach: What approach(es) and technique(s) are used? How are they selected? 3. Governance: What is the governance process around the use of AI and ML techniques as compared to the governance process around the more traditional techniques? 4. Output: How do the areas of use, approach and governance of AI and ML impact on a. the way outputs are used internally by a company, and b. the uncertainty around the actuarial modelling results using AI/ML, as compared to the uncertainty around results from the more traditional approaches? ***AWARD NOTICE*** Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-840ebf68-dde4-4c70-a091-eb3a0a1f8cc1
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/6da0cfcb-8cba-40dd-bb81-fb16c40b4da9
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME, VCSE
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£50,000 Under £100K
Lots Value
Not specified
Awards Value
£50,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
26 Sep 20223 years ago
Submission Deadline
15 Aug 2022Expired
Future Notice Date
Not specified
Award Date
25 Sep 20223 years ago
Contract Period
25 Sep 2022 - 24 Apr 2023 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE FINANCIAL REPORTING COUNCIL LIMITED
Contact Name
Head of Procurement
Contact Email
procurement@frc.org.uk
Contact Phone
020 7492 2300

Buyer Location

Locality
LONDON
Postcode
EC2Y 5AS
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Bassishaw
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

GOVERNMENT ACTUARY DEPARTMENT

Further Information

Notice URLs

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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