GICPND1503 Bidders Questions.docx
DOCX document 27 KB Posted
- Attached to
- NOI Providing Consulting Services to Assist in the Selection of a Life Insurance Carrier
- Solicitation number
- BD-15-1049-GIC00-07GIC-00000003561
- Issued by
- Suffolk County, Massachusetts
About this file
This document is a set of questions and answers related to a procurement for consulting services to assist the Commonwealth of Massachusetts Group Insurance Commission (GIC) in the selection of a life insurance carrier. The GIC is seeking a consultant to provide project management, actuarial analysis, and technical assistance as it develops a Request for Response (RFR) for a life insurance carrier to provide services to the GIC's life insurance plans. The prior life insurance consulting services were provided by Boston Benefit Partners, and the GIC was satisfied with the services. The GIC will provide a copy of the current consulting contract, and all proposals received will be evaluated in full, with only finalists interviewed. The GIC does not have a formal written policy governing the use of the Rate Stabilization Reserve for life insurance, but its policy is to use the reserve to return funds to participants in the form of premium subsidies while avoiding sharp changes in premiums.
The pricing terms and other details related to the consulting services contract are not explicitly provided in this document. However, the document indicates that the GIC is looking to procure these services through a competitive process, and the prior contract information will be made available to interested parties.
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Text version
Providing Consulting Services to Assist in the Selection of a Life Insurance Carrier - GICPND1503
Bidders’ Questions & Answers
1. Which firm provided consulting services for the GIC’s prior Life Insurance RFR in 2011?
Boston Benefit Partners
1. Will the GIC provide a copy of the most recent contract for Life Insurance Consulting services (including consulting fees paid)?
Yes. A copy of the current contract and its amendments has been uploaded to CommBUYS.
1. Was the GIC satisfied with the Life Insurance Consulting provided by the prior firm?
Yes
1. How many proposals did the GIC receive in response to the 2011 Life Insurance RFR?
Two
1. Do the GIC procurement rules allow for the identification of only the most financially competitive proposals for full evaluation, or must all life insurance proposals be evaluated and scored in full? In other words, can the evaluation of non-financially competitive proposals be limited to a cost comparison?
All proposals will be reviewed in full. Only finalists will be asked to an interview.
1. Does the GIC have a policy in place currently governing the use of the Rate Stabilization Reserve for life insurance?
The GIC does not have a formal written policy. However, our policy is to use the Rate Stabilization Reserve to return funds to participants in the form of premium subsidies while avoiding sharp changes in premiums from year to year.
File details come from the government source that posted it. Updated .