On Premises/Software as a Service (SaaS) Solution for IFRS-17 Calculation Engine for IT Division State Life Insurance Corporation Principal Office Karachi

The State Life Insurance Corporation of Pakistan (SLIC), based in Karachi, Sindh, is procuring an On Premises or Software as a Service (SaaS) solution for an IFRS-17 Calculation Engine specifically for its IT Division at the Principal Office. This procurement aims to implement a comprehensive end-to-end IFRS-17 reporting solution to comply with the new insurance contract accounting standard effective from January 1, 2027 in Pakistan. The scope covers the entire business portfolio of SLIC including Pakistan Life Fund, Overseas Life Fund, Takaful Fund, Health & Accidental Insurance Fund, and Pension Fund among others. The technical scope includes IFRS-17 computations such as Contractual Service Margin (CSM), risk adjustment calculations, modelling of fulfilment cashflows, discounting, cohort categorization, disclosures, trial balance preparation, audit trail, financial reporting, process development support, testing, validation, reconciliation with IFRS-4, and comprehensive training and implementation support. The solution must support multiple measurement models (PAA, GMM, VFA) and provide functionalities like data processing layers, actuarial modelling, accounting system integration, and multi-GAAP reporting. Eligible bidders must be legally registered firms or consortiums with proven expertise in IFRS-17 implementation for insurance companies, registered in Pakistan, and compliant with FBR/ATL registration. Experience in SaaS or on-premises software services to insurance companies is required. The bid submission must be through the EPADS system by 04-05-2026 before 11:00 AM, with technical bids opened the same day at 11:30 AM. Earnest Money of Rs. 2,500,000 in the form of a pay order is required. The contract period is 5 years starting from the go-live date. A practical tip for bidders is to ensure full compliance with the detailed technical and non-technical requirements outlined in the tender document, including submission of all annexures and supporting documents. Early registration on EPADS and thorough preparation of the technical proposal without financial information will help avoid disqualification. Attending the pre-bid meeting on 21-04-2026 at 11:30 AM at the Central Procurement Division, Karachi, is strongly advised to clarify any queries and understand submission nuances.