On Premises/Software as a Service (SaaS) Solution for IFRS-17 Calculation Engine for IT Division

State Life Insurance Corporation of Pakistan (SLIC) invites bids for the procurement of an On Premises or Software as a Service (SaaS) Solution for IFRS-17 Calculation Engine to be used by its IT Division. This procurement is managed through SLIC's UAE branch and requires bidders to be registered with UAE licensing and tax authorities. The tender is open to firms with expertise in IFRS-17 implementation for insurance companies, either as individual companies or consortiums, with the lead bidder registered in UAE. Items being procured: - On Premises/Software as a Service (SaaS) Solution for IFRS-17 Calculation Engine - Technical Proposal submission - Financial Bid submission - Comprehensive end-to-end hands-on training for 10 employees - Configuration of 2 major products from each statutory fund - Support for IFRS-17 Dry Run based on Year-End 2025 data - Optional implementation support for additional products and financial quarters The scope covers the entire business operations of SLIC in Pakistan and overseas including UAE. The solution must support IFRS-17 computations including CSM, risk adjustment, fulfilment cashflows, discounting, disclosures, sub-ledgers, trial balance, audit trail, and financial reporting. Deployment models include SaaS/Cloud and On-Premise with detailed technical requirements. Training is to be practical and based on SLIC's actual products and data. The bidder must provide configuration, dry run support, and optional implementation support including project management and user assistance. Eligibility requires UAE registration, prior IFRS-17 implementation experience, no blacklisting, and tax registration. The tender follows a single stage two envelope bidding procedure with separate technical and financial proposals. The deadline for submission is 12-08-2026 before 11:00 AM UAE time. Technical bids will be opened first, followed by financial bids of technically qualified bidders. The evaluation includes technical and financial scoring with a combined score determining the award. The tender documents are available on SLIC and PPRA websites. Earnest Money and Performance Security requirements apply. The contract period is 5 years with possible extension. Submission must be physical at SLIC's UAE office. Contact person is Anjum Rashid, Zonal Chief Gulf, reachable at 00971-56-5972866. Bidders are advised to attend the pre-bid meeting on 4th August 2026 at 11:00 AM UAE time at SLIC UAE office or online. The tender emphasizes compliance with PPRA rules, confidentiality, and integrity. One practical tip for bidders is to ensure full compliance with the technical proposal requirements and submit all annexures (A to G) as incomplete bids will be rejected. Also, bidders should carefully plan for the training and dry run milestones as payments are linked to their successful completion. This tender represents a significant opportunity for IT and actuarial solution providers specializing in insurance accounting standards to partner with Pakistan's premier life insurance corporation for a critical regulatory compliance project.