Prime Life Insurance Limited is an insurance company, established in 2011 by Rwandan investors, a licensed life insurance company authorized by the National Bank of Rwanda (BNR).
Website: https://www.prime.rw
Terms of Reference for Comprehensive Archiving and Management Policy
Introduction and Background
Prime Life Insurance Limited is an insurance company, established in 1995 by Rwandan investors, a licensed life insurance company authorized by the National Bank of Rwanda (BNR). The Company is seeking a professional service provider to develop and implement a comprehensive Document Archiving and Management Policy that will standardize, organize, and secure the company’s critical documentation across all departments.
Objective
The primary objective is to create a robust, systematic, and secure document archiving solution that ensures:
- Efficient document classification and storage
- Easy retrieval of documents
- Compliance with legal and regulatory requirements
- Protection of sensitive information
- Long-term preservation of company records
Scope of Work
Departmental Document Categories
The archive policy must comprehensively address filing and management of documents from the following departments:
Underwriting & Actuarial Department
- Customer proposals
- Insurance policy documents
- Risk assessment documents
- Underwriting decision records
- Customer communication files
- Medical reports,
- Reinsurance correspondences
- Files of data used for liability computation for a certain period
- Actuarial and financial conditions reports
- Other actuarial reports
Claims Department
- Claims applications
- Claims assessment documents
- Settlement records
- Correspondence related to claims
Finance Department
- Payment records
- Receipts and invoices
- Accounting ledgers and Journals
- Audit trail documentation
- Inter-bank transfers files
- Cheque books
- Automatic teller machine cards
- Bank statements
- Bank reconciliations
- Premiums and claims reconciliation
- File used from premium allocation (confidential Information)
- Policies used in finance department
- All Financial transaction documents
Archiving Requirements
The proposed solution must address:
- Digital and physical document storage methodologies
- Indexing and categorization system
- Access control and security protocols
- Retention periods for different document types
- Backup and disaster recovery mechanisms
- Compliance with data protection regulations
Deliverables
The selected service provider shall submit:
- Detailed document archiving and management policy
- Implementation roadmap
- Technical specifications for archiving system
- Training manual for staff
- Cost proposal for implementation
Qualification Requirements
Interested bidders must demonstrate:
- Proven experience in document management for financial services
- Understanding of regulatory compliance in insurance sector
- Technical capabilities in document archiving
Evaluation Criteria
Proposals will be evaluated based on:
- Comprehensive approach to document management
- Technological sophistication
- Cost-effectiveness
- Scalability and future-proofing (creating a system (archive way) that can grow and adapt with the company’s changing needs
- Security and compliance features
Submission Guidelines
- Detailed technical proposal
- Comprehensive cost breakdown
- Service provider past project references
- Implementation timeline
- Proof of relevant certifications
Timeline
- Tender publication date: 12 Dec 2024
Deadline for proposal submission:
- Deadline: 23 Dec 2024 at 4:00 PM
- Address: the tender documents will be submitted to itclife@prime.rw
Contact information
- Email for inquiries: itclife@prime.rw
- Deadline for inquiries: 20 Dec 2024 at 12:00 PM
Done at Kigali on 11 Dec 2024
Chief Executive Officer
Innocent HABARUREMA
Prime Life Insurance Ltd
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