---
title: "Independent Internal Model Validation Services"
ocid: "ocds-h6vhtk-03343e"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-03343e"
markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-03343e.md"
json_url: "https://d3tenders.com/contract/ocds-h6vhtk-03343e.json"
source: "Find A Tender Service"
current_stage: "Tender"
buyer: "FLOOR RE"
published: "2022-05-05"
---

# Independent Internal Model Validation Services

Buyer: FLOOR RE  
Current stage: Tender  
OCID: ocds-h6vhtk-03343e

[View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-h6vhtk-03343e)  
[Download OCDS JSON](https://d3tenders.com/contract/ocds-h6vhtk-03343e.json)

## Summary

The procurement process initiated by Flood Re seeks to obtain Independent Internal Model Validation Services within the financial and insurance services industry. This open tender is currently active, with a submission deadline set for 6 June 2022. The procurement will support the next phase of the Pricing Internal Model (PIM) development and validation, continuing a partnership for at least four years. Interested parties should take note that submissions must be made electronically via the designated e-sourcing portal. The awarding of contracts will follow shortly after the tender closes.

This opportunity presents significant growth potential for businesses specialising in financial and insurance services, particularly those focusing on independent validation or risk assessment. Companies with expertise in compliance and regulatory requirements, along with a solid track record in delivering high-quality validation services, are particularly well-suited to compete for this contract. The evaluation criteria place a strong emphasis on quality, social value, and competitive pricing, making it essential for bidders to showcase their capabilities effectively.

## Notice

Flood Re requires the provision of independent validation services for the next phase of PIM development and validation. The scope and structure of the PIM developed in the early stages of IMAP, with the current scope of the model having been settled since 2017. Flood Re's Risk Team have been supported by third parties for a number of these validation exercises, and this Procurement seeks to select a 3rd party partner for [at least] the next four years of Independent Validation activity

### Lot Information

Lot 1

Flood Re requires the provision of independent validation services for the next phase of PIM development and validation. The scope and structure of the PIM developed in the early stages of IMAP, with the current scope of the model having been settled since 2017. Flood Re's Risk Team have been supported by third parties for a number of these validation exercises, and this Procurement seeks to select a 3rd party partner for [at least] the next four years of Independent Validation activity

Renewal: 12 months

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Find A Tender Service |
| Latest notice | https://www.find-tender.service.gov.uk/Notice/011681-2022 |
| Notice type | Tender Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Open |
| Procurement method details | Open procedure |
| Tender suitability | Not specified |
| Awardee scale | Not specified |
| All stages | Tender |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 5 May 2022 |
| Submission deadline | 6 Jun 2022 |
| Future notice date | Not specified |
| Award date | Not specified |
| Contract period | Not specified |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | Not specified |
| Lots value | Not specified |
| Awards value | Not specified |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Active |
| Lots status | Active |
| Awards status | Not specified |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | FLOOR RE |
| Locality | LONDON |
| Post town | Central London |
| Postcode | EC4N 7BE |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI3 Inner London - West |
| ITL 3 | TLI35 Westminster and City of London |
| Local authority | City of London |
| Electoral ward | Candlewick |
| Westminster constituency | Cities of London and Westminster |
| Delivery location | TLI4 Inner London - East |

## CPV Codes

### Divisions

- 66 - Financial and insurance services

### Codes

- 66000000 - Financial and insurance services
- 66700000 - Reinsurance services

## Release History

- 5 May 2022 at 11:13 - Tender - Tender Notice - https://www.find-tender.service.gov.uk/Notice/011681-2022

## Notice URLs

- https://procurementsolutions.esourcingportal.com
- https://www.floodre.co.uk/about-us/
- https://www.gov.uk/government/publications/public-procurement-review-service-scope-and-remit

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-03343e. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-03343e.json.