Actuarial Consulting Services

The New Jersey Schools Insurance Group (NJSIG) is seeking actuarial consulting services through a Request for Proposal (RFP) for a contract period from July 1, 2025, to June 30, 2026. The procurement targets qualified actuarial consulting firms to provide comprehensive analytical services including net liabilities analysis, rate level analysis, general and auto liability experience ratings, and actuarial opinions on budgeted loss and allocated loss adjustment expenses. Proposers must be Fellows or Associates of the Casualty Actuarial Society with substantial experience in loss reserving, rate making, and working with governmental risk pools. The evaluation process will utilize a weighted criteria system: 35% for technical criteria, 35% for management criteria, and 30% for cost considerations. Key deliverables include two presentations to the NJSIG Board of Trustees (in October 2025 and March 2026) and multiple analytical reports with specific due dates. The RFP was posted on March 17, 2025, with proposals due by April 8, 2025, and a scheduled Zoom meeting for potential bidders to discuss the opportunity. Proposers must submit detailed documentation including ownership disclosure, business registration, insurance requirements, and various compliance forms.

The RFP does not explicitly mention specific set-aside designations or restrictions for disadvantaged enterprises. While no incumbent vendor is directly identified, the document emphasizes the importance of familiarity with New Jersey insurance regulations and public entity financial management. The procurement is specifically for Burlington County and targets actuarial consulting services for the school board insurance group. Although a specific budget range is not provided, the comprehensive nature of the required services suggests a significant professional services contract. Proposers will need to demonstrate financial stability, provide clear actuarial insights, and show expertise in governmental risk pool management. The contract requires a comprehensive approach to actuarial analysis, indicating a potentially substantial engagement for the selected consulting firm.