23-2003 I4 Integrated Services 15 Day Posting.pdf

CITIZENS PROPERTY INSURANCE CORPORATION

DESCRIPTION OF INTENDED SINGLE SOURCE PURCHASE

SS21-2003

DATE POSTED: 08/30/2023

LAST DAY FOR RECEIPT OF INFORMATION: 09/21/2023 at 4 PM ET

Vendors are requested to provide information regarding their ability to provide the commodities or contractual services described herein, in writing, to purchasing@citizensfla.com, or Purchasing Department, 2101 Maryland Circle, Tallahassee, Florida 32303, no later than the last day for receipt of information provided above.

This description of commodities or contractual services, intended for purchase from a single source, is posted in accordance with section 287.057(3)(c), F.S., and will remain posted for a period of at least 15 business days. Interested vendors are requested to provide information regarding their ability to supply the commodities or contractual services described.

I. TITLE: Statutory Insurance Rate Filing per F.S. 627.351

II. INTENDED SOURCE: I4 Integrated Services

III. COMMODITY OR SERVICE REQUIRED: Statutory Insurance Rate Filing

IV. QUANTITY: 36 months

Performance and/or Design Requirements: These services provide a solution for analyzing and reporting on Citizens’ rate competitiveness in the Florida property insurance market. The services perform this comparison by evaluating the rates of

Citizens’ policy data portfolio and comparing them to the rates of Florida property insurers. As of 8/18/23, Citizens had policies

1.37M policies and writes personal and commercial residential as well as commercial non-residential multiperil and wind-only lines of business.

At a minimum, the services must include rate comparisons for HO-3, DP-3, and HO-6 lines of business where all lines will need to be compared in the future. The rate comparisons for HO-3, DP-3, and HO-6 must include at least fifty percent (50%) of the

Florida property and casualty personal residential insurers market measured, using total insured value. The services must provide the rate comparisons delineated by insurer and by line of business. The services should be updated annually. This is not a proof-of-concept statement, and any respondent must be able to provide past proof of rate filings per Florida Statute

627.351, specifically:

A. “Rates for coverage provided by the corporation must be actuarially sound pursuant to F.S. 627.062 and not competitive with approved rates charged in the admitted voluntary market so that the corporation functions as a residual market mechanism to provide insurance only when insurance cannot be procured in the voluntary market, except as otherwise provided in this paragraph.”

Justification for Single Source Acquisition: Market research has found that only I4 Integrated Services has had the experience to complete the research per the requirements of the Office of Insurance Regulation as outlined by F.S.627.062.

Further review has found that many companies can do partial evaluations, focus on markets outside of Florida for the majority of policy analysis, or state that they can do this as a concept. None have been able to provide the analysis of rate filings for

Florida that is required by Citizens Corporate Analytics.

mailto:purchasing@citizensfla.com

V. CONTRACT VALUE: $828,000 approximate cost

VI. REQUESTING BUSINESS UNIT: Financial Services - Corporate Analytics (621)

If it is determined in writing by Citizens, after reviewing any information received from prospective vendors, that the commodities or contractual services are available only from a single source, Citizens will provide notice of its intended decision to enter a single-source purchase contract in the manner specified in section 627.351(6), F.S.