Manage RFP Processes
RFPs, or “Request for Proposals” are best used when a project is sufficiently complex that it warrants a proposal from a vendor or the institution is looking for a partner to develop solutions. RFPs are extremely useful in helping institutions secure competitive quotes for any number of risk-related services, including insurance, brokerage or claims management services. Unfortunately, managing the RFP process can be not only technically challenging for an administrator but a significant drain on time. We can, through our RFP management process:
- Interview the key stakeholders to ensure that the RFP fully reflects the needs of the institution.
- Create the RFP including the contract terms that the institution will require in the resulting service agreement.
- Select the “best-in-class” service providers to receive the RFP.
- Send out the RFP to all prospective respondents, including setting response deadlines, any mandatory terms and selection process information.
- Evaluate and clarify the responses, negotiate better terms if possible, and create a document that will support the decision makers.
- Organize any presentations or follow-up to the proposal review process.
- Conclude final negotiations and terms.
- Work with your institution’s counsel to finalize the contract with the service provider to ensure that the agreed-upon terms are included.
There are numerous benefits to having this process outsourced. It will save the administrator time and spare them the burden of having to run an RFP process on a service or product with which they may have little expertise. Our analysis and recommendations will be neutral. We bring the needed expertise to the table, along with strong negotiating and analytic skills to identify the best candidates from proposals that may often lack substance. We have attorney approved RFP and boilerplate contract templates, which will simplify the contracting process and final negotiations. Having us professionally manage an RFP can potentially save the institution far more than the cost of our services.