Tender

Research on the use of AI and other disruptive technologies in actuarial work

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 1 release in its history.

Tender

13 Feb 2026 at 14:12

UK4 - Tender Notice
Summary of the contracting process

The Financial Reporting Council Limited is inviting tenders for research on the use of artificial intelligence (AI) and other disruptive technologies in actuarial work. As a central government public authority, the FRC is looking to enhance its understanding of AI integration within the actuarial profession, with a specific focus on UK operations. Interested parties are required to register their interest by emailing the FRC procurement team and submit their tender by email before the deadline on 23 March 2026. The procurement process is currently at the tender stage, and it involves an open method below the threshold. The value of the contract is estimated at £80,000, with the possibility for renewal and additional research services.

This tender provides significant opportunities for businesses specialising in research and development services, particularly those experienced in AI technologies. Companies with expertise in actuarial sectors such as life insurance, pensions, and investment, and those capable of delivering comprehensive research on AI usage trends, governance, and risk management within these fields, would be well-suited to compete. The need for innovative solutions addressing data privacy, bias, and transparency further presents lucrative avenues for growth. The FRC intends to leverage this research to uphold high standards of corporate governance and reporting, making it a strategic engagement for businesses looking to influence industry practices at a central governance level.

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Notice Information

Notice Title

Research on the use of AI and other disruptive technologies in actuarial work

Notice Description

The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality. The purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work. The FRC is seeking research on the use of artificial intelligence (AI) in actuarial work. Actuaries are increasingly integrating artificial intelligence (AI) into their workflows. There are several areas where actuaries are becoming more exposed to AI, including: *The use of AI within actuarial models and technical processes *AI models, provided by third parties, acting as a direct input to actuarial models *Changes to the information that is used as inputs to actuarial models. For example: o The underlying environment being modelled by actuaries is undergoing material transformation as organisations adopt AI and other disruptive technologies within their operations o Data is becoming less transparent as data providers are increasingly using AI to generate, process or shape data * AI tools such as large language models (LLMs) playing a growing role in supporting and enhancing actuarial analysis The aims of this project will be to provide updated evidence to enhance the FRC's understanding of: *The technical actuarial work being carried out by actuaries using AI and other disruptive technologies *Actuaries' perception of the risks and limitations they face when using AI and disruptive technologies in their work *How actuaries are considering these risks We are interested predominantly in work being carried out in the in UK, but if any relevant non-UK experience is available we would be happy for that to be included in the research. Scope The research will cover the full range of companies and organisations operating across all major actuarial sectors (Life Insurance, Pensions, General Insurance, Investment) as well as some from wider fields. The aim is to cover all types of actuarial work in all actuarial sectors and sub-sectors. Topics to be covered will include, but will not be limited to: *The extent of AI and other disruptive technologies usage by sector and by activity *Trends in the use of AI and other disruptive technologies *The variety of techniques used *Governance and quality assurance *Perceived risks to the quality of actuarial work and how these are mitigated, including but not limited to: o Explainability o Over-reliance on results o Data privacy o Bias and discrimination * Distribution of expertise of AI and other disruptive technologies across and within teams PLEASE REFER TO THE INVITATION TO TENDER FOR FULL DETAILS. IMPORTANT * Please register your interest by emailing the FRC's procurement team - procurement@frc.org.uk * The FRC will share all tender queries and answers with those that have registered. * Your tender submission must be submitted within the deadline by email to procurement@frc.org.uk

Lot Information

Lot 1

Options: * Additional research services of the same nature.

Renewal: * The right to additional purchases while the contract is valid. * To allow for any pause research activities that may impact the timelines.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-06540a
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/013466-2026
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
UK4 - Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Below threshold - open competition
Tender Suitability
Not specified
Awardee Scale
Not specified

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
£80,000 Under £100K
Lots Value
£80,000 Under £100K
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
13 Feb 20261 weeks ago
Submission Deadline
23 Mar 20264 weeks to go
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
12 Apr 2026 - 4 Dec 2026 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Active
Awards Status
Not Specified
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
+442074922300

Buyer Location

Locality
LONDON
Postcode
E14 9GE
Post Town
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
Not specified
Local Authority
Tower Hamlets
Electoral Ward
Blackwall & Cubitt Town
Westminster Constituency
Poplar and Limehouse

Further Information

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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