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 Actuarial Services?
The actuarial services market exhibits a low level of concentration, with the top four companies generating less than a combined 30.0% of market revenue in 2018. About 5,000 providers operate within this $7.3-billion market in 2018, and none controls more than 5.0% of the market revenue. The market’s largest players... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
How do you ensure the accuracy/quality of your service?
Who normally identifies errors when they occur?
How do you balance quick turnaround times with maintaining maximum possible accuracy?
How often do you find errors after documents have been finalized?
What are the various stages of your hiring process?
How do you recruit and retain senior staff?
How do you keep your wage costs under control?
If a senior staff member on this project leaves, will they be replaced by an equally qualified person?
What has your turnover rate been in the last 12 and 24 months? How does your firm mitigate the risks of employee turnover?
What are your primary metrics for internal quality measurement regarding timeliness? Do you make data available to clients?
How accurate are your time estimates for projects? How many projects is any given staff member typically working on concurrently?
How long does it normally take to correct errors or process account maintenance requests?
What is the priority level of my project in comparison to other clients of yours?
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Key elements for every RFP
What should my Actuarial Services RFP include?
Buyers should state the length and budget of the contract.
Buyers should state how often they want to receive invoices.
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 state which of the actuary team's expenses are reimbursable.
Actuary may not accept any gratuities or have any conflicts of interest with the buyer's operations that would cloud their ability to provide unbiased services.
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.
For other selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.
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 Actuarial Services supply chain?
Actuarial service providers face a low level of supply chain risk due to their reliance on labor rather than material inputs. There is low risk of the labor market becoming so depleted that service providers cannot offer services due to the steady stream of workers entering the labor force. While... Subscribe to learn more.