INVITATION TO BID FOR PROVISION OF INSURANCE SERVICES AT KHASAKH COOPERATIVE SOCIETY LIMITED
Tender: Invitation to Bid for Provision of Insurance Services
Organisation: Khasakh Cooperative Society Limited
Khasakh is a multi-purpose cooperative society registered under provision of section 6(2) of the Cooperative Societies Act Cap 122 as Amended with a certificate number 9985/RCS. It is owned, governed and subscribed to by former and current staff of World Vision, their spouses and children. As a Christian financial Institution aimed at offering reliable and effective financial services for a healthy and wealthy people, Khasakh operations are geared towards extending credit facilities to members at competitive interest rates, growing members’ savings through attractive interest rates, engaging in cutting edge clientele financial advice and carrying out secure, profitable and competitive investment opportunities on behalf of its members.
Khasakh credit products include short term loans, salary loans, land loans and asset financing loans among others thus the need to seek for interested parties to offer Group credit life insurance for its members.
To procure an insurer to cover risks associated with credit that may affect its business output.
Scope of Work
The scope of work will include provision of insurance against but not be limited to:
i. To provide cover under worker’s compensation and group cover for accidents
ii. Critical illness
iii. Catastrophes like floods, storms, natural calamities
iv. Funeral expenses
v. Conducting awareness about the insurance benefits provided to members and claim procedures
vi. Provision of a relationship officer who will be a focal point between the insurer and
Khasakh Cooperative Society Limited.
Payment of claims against the insured policy in case of risk occurrence.
To assess and pay claims within a month after submission.
5. Payments and other fees
Payment of premiums shall be made after every month with in disbursement of loans occurred.
6. Institutional Arrangements.
The manager shall be responsible for the coordination of meetings and other activities to be conducted by the firm/company.
7. Eligibility criteria
I. Brief background or profile of the registered firm
II. Company brochure
III. List of key officers in the company
IV. Compliance and legality
V. Financial proposal
VI. At least five years’ professional experience in valuation
VII. Evidence of having undertaken similar assignments