IDBI Bank Limited Facilities and Infrastructure Management Department Head Office: IDBI Tower, WTC Complex, Cuffe Parade, Mumbai

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1 1 P age IDBI Bank Limited Facilities and Infrastructure Management Department Head Office: IDBI Tower, WTC Complex, Cuffe Parade, Mumbai Expression of Interest (EOI) for Empanelment of Insurance Brokers 1. IDBI Bank Limited invites Expression of Interest for empanelment of Insurance Brokers for assisting the Bank in pre-placement, placement & post placement services of insurance policies and other related works. 2. To be considered for empanelment by the bank, the Insurance broking firms/companies should meet the following criteria : a) The applicant should be a body corporate, incorporated under the Company s Act 1956 and should have been in existence for not less than 7 years as on 31/03/2015. b) The applicant should have a valid license for Insurance broking services from the Insurance Regulatory and Development Authority of India (IRDAI) and should have been in the insurance broking business for not less than 5 years as on 31/03/2015. c) The applicant should have a current mandate for carrying out the insurance broking services from at least two Public Sector Banks. d) The Insurance Broking Company with experience in consolidation of Insurance Policies in Umbrella Policies and drafting Basel-II compliant Insurance programme for Banks in India would be given preference. e) The Insurance Broker Company should meet criteria fixed by the Bank internally, such as experience in handling similar projects, Employee base, Pan-India presence, experienced professionals in its employment etc. f) The Broking Company should have experience in handling end-to-end insurance programme of reputed Public Sector Banks covering Insurance of property, cash, gold, motor cards, IT assets, electrical and Electronic assets against burglary/fire/accident and Bankers Indemnity Policy etc. g) The Insurance Broker Company will be required to appoint a relationship manager to look after servicing of the insurance policies of the Bank. 3. The role of Insurance Broking Firm/Company would be advisory in nature in respect of coverage of insurance and terms and conditions of policy. The Bank reserves the right to accept the recommendations or alter the terms and conditions of the suggestions by the broker firm/company. The final decision would be that of the Bank. The strategy of the Bank would be maximum risk coverage with minimum premium outgo. The services rendered by the broker shall be free

2 2 P age of cost and the Bank shall not entertain any request for remuneration / reimbursement etc. 4. The SCOPE OF WORK for the Insurance Broking firms/companies covers the following. However, the Bank may enlarge or modify the scope of work at any point of time depending upon its need. a) Evaluation of Insurance needs of various assets/products/activities of the Bank, customize, design and placement of Insurance Policy. b) Insurance Broker would be functioning as a Strategic Consultant for IDBI Bank Ltd. and would be assisting the bank in pre-placement, placement and post-placement process of the insurance of bank assets and other operational risks. c) Facilitate insurer meetings & assist in negotiating the best price from the Insurer. d) Claim monitoring & periodic review. e) Validation and forecasting of additional coverage benefits. f) Recommendation and placement confirmation. g) Provide Servicing Support in designing the Service Level Agreement to be signed between Insurance Company and IDBI Bank Ltd. highlighting the scope of services and timeliness. 5. Expression of interest needs to be submitted in hard copy in a sealed envelope. Proposals received by facsimile/ shall be treated as defective, invalid and rejected. Only detailed complete proposals in the form indicated, received prior to the closing time and date of the proposals shall be taken as valid. All pages are required to be signed. 6. Bank may empanel more than one broking firm/company in its panel. Mere empanelment of the broking firm/company shall not entitle them to broking assignment by the Bank and Bank shall have the right to assign the job to any of the empanelled broking firms/companies at its sole discretion. 7. The empanelled Broking firm/company shall sign an MOU having Non- Disclosure Clause, with the Bank. The following undertaking/declaration needs to be submitted along with EOI: DECLARATION / UNDERTAKING We hereby declare that there is no case with the Police /Court /IRDA/ SEBI /Regulatory authorities against the proprietor / Firm / partner / company / Directors / employee. We have not be suspended / delisted /blacklisted by any

3 other Govt. Ministry /Department /Public Sector Undertaking /IRDA / SEBI / Autonomous Body / Financial Institution /Court Etc. We certify that neither our firm nor any of the partners is involved in any scam or disciplinary proceedings settled or pending adjudication. We hereby undertake and confirm that we have understood the scope of work properly and shall comply with the terms of engagement. 3 P age Sd/- Signature of the Authorised Signatory With Seal. 8. Intending insurance broking firms/companies are required to submit their applications (EOI) giving full particulars about their organization, technical personnel in the organization, competence and experience in this line of business etc., to the following address : The Deputy General Manager, Facilities and Infrastructure Management Department(FIMD), IDBI Tower, WTC Complex, Cuffe Parade, Mumbai Tel: / The last date for submission of application (EOI) is upto hours on 23/06/2015. Applications received after this date will be summarily rejected. 10. Upon receipt of applications (EOI) the same shall be scrutinized and evaluated by the Bank. The Bank shall shortlist/select broking firms/companies as per its requirement and the same shall be communicated to the empanelled broking firm/company. A selection committee, comprising of the Bank s executives shall be formed which will go through all the applications for empanelment of the Insurance Brokers. The decision of the Committee shall be final and no correspondence shall be entertained in this regard. The Bank reserves the right to reject any or all the offers in part or full without assigning any reasons whatsoever. 11. During pre-qualification and evaluation of the proposals, the Bank may, at its discretion, ask respondents for clarifications on their proposal. The respondents are required to respond within the timeframe prescribed by the Bank. The respondents may be invited to make presentation before the Competent Authority.

4 12. The Bank shall follow the following process for evaluation: 1. Ranking of all eligible applicants based upon the total marks secured in all the parameters chosen for evaluation. 2. Short-listing of 3 top ranked brokers. 3. Calling for presentation of the top 3 brokers before the Committee constituted by the Bank, if required, for evaluation and selection as Insurance Broker. SCHEME FOR AWARDING MARKS 1. Number of years in Insurance Broking Business: One mark will be assigned for every additional year of experience beyond the minimum prescribed period of 5 years, subject to a maximum of 5 marks. 2. Number of PSBs currently serving: Additional marks will be assigned for the work done for each PSB subject to a maximum of 25 marks as per the following. 5 Marks Large Sized i.e., Banks having total business more than Rs.3 lakh Banks crore as on Marks Medium Sized i.e., Banks having total business more than Rs.2 lakh Banks crore but less than Rs.3 lakh crore as on Marks Small Banks i.e., Banks having total business less than Rs.2 lakh crore as on Net Worth: One mark will be awarded for additional capital of Rs. one crore or part thereof beyond Rs.50 lakh, as stipulated by IRDA, subject to maximum of 5 marks. 4. Number of Branch Offices Pan India: One mark will be awarded for a block of 5 branches subject to a maximum of 15 marks. 5. Premium Placement in the year : Two marks will be awarded for every Rs. one crore or part thereof, for Premium mobilized subject to a maximum of 20 marks. EVALUATION CHART SL. NO PARAMETERS MAXIMUM MARKS 1 Number of years in Insurance Broking Business 5 2 Number of PSBs currently serving 25 3 Net Worth 5 4 Number of Branch Offices all over India 15 5 Premium placement in the year Assessment of presentation by Insurance Brokers to in-house committee. 30 Grand Total 100 MARKS OBTAINED 4 P age

5 13. Respondents are not permitted to modify, substitute or withdraw proposals after its submission. 14. The EOI may be submitted with the covering letter enclosing documents/ information indicated in Annexure and the declaration, signed by the authorized signatory with the seal of the company. All pages are required to be signed. 15. The tenure of the empanelment of the Insurance broking Firm would be one year and may be renewed thereafter for two more years depending on satisfactory performance and compliance of terms and conditions at the end of each year. 16. IDBI Bank Ltd. may at its sole discretion and at any time during the evaluation of proposal, disqualify any respondent, if the respondent has made misleading or false representations in the forms, statements and attachments submitted in proof of the eligibility requirements; failed to provide related clarifications, when sought; declared ineligible by the Government of India/State/UT Government / other Public Sector Banks / Public Sector Undertakings for corrupt and fraudulent practices or blacklisted. 17. Jurisdiction: Notwithstanding anything contained herein above, in case of any dispute, claim and legal action arising out of this EOI, the parties shall be subject to the jurisdiction of courts at MUMBAI, Maharashtra State, India only. Date: 06/06/2015 (Naresh Baral) Dy. General Manager 5 P age

6 ANNEXURE List of documents to be submitted along with Expression of Interest (EOI) 1. Copy of Certificate of incorporation, Memorandum and Articles of Association, details of Registered Office, address for communication, key contact person etc. 2. Copy of Original license issued by IRDA while granting the license and proof of renewal of license. 3. Brief write up about the firm/company furnishing the following information, number of years in operation i.e., License Issuance/Renewal Dates. 4. A copy of audited Balance Sheet of the last three years. 5. No. of corporate clients along with copies of engagement letters, if any, given by PSU Banks or other organizations. 6. Details of premium placement for the last three years. 7. Declaration as at Sl.No Copy of Resolution authorizing the person to sign the papers on behalf of the company. 9. Specific information on claims management experience and data regarding claim settled. 10. Any other document in support of the application which the firm/company may deem fit. 6 P age