Tender

US Benefits - Life & Disability

FOREIGN COMMONWEALTH AND DEVELOPMENT OFFICE

This public procurement record has 1 release in its history.

Tender

23 Jul 2021 at 22:44

Tender Notice
Summary of the contracting process

The Foreign Commonwealth and Development Office has completed the awarding process for a tender titled "US Benefits - Life & Disability Insurance." This contract falls under the life insurance services category and is located within the United Kingdom. The procurement method used was an open procedure, with the contract period commencing on 1st April 2022 and set to expire on 31st March 2025, with potential for a two-year extension. The contract is valued at £522,403 and the award notice was published on 13th May 2022.

This tender presents significant opportunities for businesses that specialise in life insurance services, particularly those licensed to operate in the United States and capable of providing comprehensive coverage across all 50 states. Companies with strong regulatory compliance and a robust U.S. presence will be particularly well-suited to compete for future contracts related to this procurement. Furthermore, experience in managing contracts and navigating state-specific requirements will be advantageous for interested bidders.

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Notice Information

Notice Title

US Benefits - Life & Disability

Notice Description

The US Network provides Life & Disability insurance coverage for its Country Based Staff members (CBS). The benefit has taken on more importance with the passage of time and is a key benefits enjoyed by staff members. The current contract expires on the 31st of March 2022. The size of the US requires that staff have coverage across the 50 US States as coverage may be required during duty travel. In order to ensure geographical coverage and the optimum service provision and Contract Administration, we contract a benefits Broker. Our current Broker is Willis Towers Watson (WTW), whom we have appointed on a separate contract. The Broker specialises in managing the contract, yearly renegotiations, legal advice provision in relation to state and federal changes as well as helping post forecast their expenses and staff contributions for the year ahead. They will be acting as the key point of contact for this procurement opportunity. The Contract is to be for a period of up to five (5) years. Three (3) years, with an option to extend for two (2) additional years upon agreement between Authority and Contractor. The contract for the original three (3) year period is scheduled to start on the 1st of April 2022 and shall expire on 31 March 2025, unless extended. All tender documentation will be sent by, and all substantive communication between the Authority and bidders will be conducted via the FCDO's specialist broker Willis Towers Watson. All bidders must: * Be licensed to do business in the United States (U.S.). * Follow U.S. regulations. * Have a U.S. presence. Companies will be asked to provide: - Copy of the certificate of incorporation - Audited opening balance sheet i.e. at the time of incorporation / commencement of operations, or - Evidence of current shareholders' funds / equity - Business plans and projection for the next 2 - 3 years - Details of ownership (including percentage interest) - Details of reinsurance arrangements - Any plans for ratings by any of the rating agencies, if not already published - Types of business authorised and types written - Details of the board of directors, including a brief resume of the key directors Full Instructions and contact information for WTW is available under Project_6602 / ITT_4453 https://fcdo.bravosolution.co.uk

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-9e5e2442-9a2a-4260-a9b8-751962d394ae
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/227c5e88-5ff6-4ab2-b50d-59f14f23d45e
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (above threshold)
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66511000 - Life insurance services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
23 Jul 20214 years ago
Submission Deadline
23 Aug 2021Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
31 Mar 2022 - 31 Mar 2025 3-4 years
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
FOREIGN COMMONWEALTH AND DEVELOPMENT OFFICE
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
SW1A 2AH
Post Town
South West 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
Westminster
Electoral Ward
St James's
Westminster Constituency
Cities of London and Westminster

Further Information

Notice Documents

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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