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Procurement Market Intelligence Report

Actuarial Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Actuarial Services?

What is the average price of Actuarial Services?

This procurement report includes pricing information to help you purchase Actuarial Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Actuarial Services been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Actuarial Services yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Actuarial Services?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Actuarial Services with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

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Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?

Regulation

How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should state the length and budget of the contract.

Buyers should clearly state the payment fee schedule, as well as whether they wish to be billed hourly or in accordance with some other time frame. Buyers should also state how often they want to receive invoices.

Buyers should state which of the actuary team's expenses are reimbursable.

Buyers should reference the Benchmark Price and Total Cost of Ownership sections of this report for assistance in creating a budget.

Selection Criteria

Vendors should have references and past experience working with a client similar in scope and scale to the buyer.

Vendors should carry insurance that covers any errors and omissions in the service.

Vendors should be able to provide an adequately sized team to properly perform services.

Vendors should not have any conflicts of interest with the buyer's operations that would cloud their ability to provide unbiased services.

For other selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should give potential vendors an opportunity to ask questions, providing a date when questions are due.

Buyers should clearly state when they will provide answers to any questions.

Buyers should set an RFP submission date.

Buyers should state when they will award the contract.

Evaluate major factors to mitigate risk

How risky is the supply chain?

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HIGH

MEDIUM

LOW