Description / Scope of Work
State Life Insurance Corporation of Pakistan (SLIC), the largest life and health insurer in the country with AAA rating from PACRA, is inviting bids for consultancy services to develop a comprehensive Accounting Manual. This tender is issued to engage a reputable Chartered Accountant firm to design, develop, and deliver a modern, standardized, and fully compliant accounting framework. The project encompasses multiple business segments across the principal office in Karachi and numerous zonal, regional, and cluster offices nationwide, including conventional life insurance, group life and pension, health and accidental insurance, bancassurance, international business operations in the Gulf, Takaful divisions, real estate portfolio, and investment division. The scope of work includes conducting diagnostic studies, assessing current accounting policies and procedures, developing standardized financial accounting frameworks, ensuring compliance with International Financial Reporting Standards (IFRS) and insurance-specific regulatory requirements, strengthening internal control systems, and supporting future digital transformation initiatives.
The Consultant will be responsible for end-to-end design and delivery across multiple phases: Phase 1 involves diagnostic study and framework development including comprehensive review of existing accounting policies, assessment of finance function's organizational structure, evaluation of financial workflows and reporting lines, identification of compliance gaps, and development of a detailed implementation framework. Eligible firms must be reputable Chartered Accountant firms with significant experience in financial accounting, IFRS implementation, and insurance sector expertise. Bidders are required to submit technical proposals demonstrating capability, experience with similar projects, proposed team composition, and financial proposals outlining service costs and delivery timelines.
Bid documents are available from the Finance and Administration Department of SLIC at the principal office in Karachi. Interested parties must submit sealed bids containing technical and financial proposals according to the specified format and eligibility criteria. The bids will be opened and evaluated based on technical competency and financial viability. All submissions must comply with the terms and conditions outlined in the tender document, including provisions for dispute settlement, force majeure clauses, and termination conditions. For further details regarding bid submission procedures, timelines, and contact information, prospective bidders should refer to the complete tender document issued by SLIC.