NOI Providing Consulting Services to Assist in the Selection of a Life Insurance Carrier

The Commonwealth of Massachusetts Group Insurance Commission (GIC) is seeking a consultant to provide project management, actuarial analysis, and technical assistance in developing a Request for Response (RFR) for a Life Insurance Carrier to provide services to the GIC's life insurance plans, which cover approximately 161,000 members. The selected consultant will assist the GIC in reviewing the current life insurance program, developing the RFR, evaluating proposals, supporting the selection of a carrier, and providing ongoing implementation and support services over a potential multi-year contract period. The GIC estimates it spends approximately $50 million annually on its life insurance program, which includes a $5,000 basic life policy and an optional life insurance plan with maximum coverage up to 8 times salary. The procurement schedule includes a tentative response due date of April 24, 2015 and planned consultant selection by May 15, 2015.

This contract opportunity is subject to the Commonwealth of Massachusetts' supplier diversity requirements, and bidders must commit a specific percentage of their sales from this contract to be spent with certified Minority, Women, and Service-Disabled Veteran-Owned Business Enterprises. The prior life insurance consulting services were provided by Boston Benefit Partners, and the GIC was satisfied with the services. The maximum contract value is set at $85,000, to be proposed by the consultant on a fixed-price basis. This procurement is covered under the World Trade Organization Government Procurement Agreement.