By Eromosele Abiodun
A Netherland-based company, SecondFloor SA,â€‹ has joined forces with one ofâ€‹ Nigeriaâ€™s leading consulting firm, H. Pierson Associates, to leverage on its risk practice to support the Nigerian insurance sector on risk-based supervision compliance and initiation of Solvency II.
In a statement to announce the partnership, H. Pierson Associates stated that SecondFloor SA is a leading Governance Risk and Compliance (GRC) and Solvency II solutions provider in Europe.
H. Pierson added that SecondFloor has great experience working for European Insurance regulatory authorities and operators in driving risk-based supervision and solvency II migration.
â€œH. Pierson on the other hand has spent a major part of its 27 years in committedly providing strategy, end-to-end risk management consulting, capacity building and risk-culture transforming solutions in the Nigerian market.
â€œSecondFloorâ€™s collaboration with H. Pierson is offering the insurance sector Risk-based Supervisory Compliance Consulting, GRC and Capital Management Consulting, Own-Risk-Self-Assessment (ORSA) Tools as well asâ€‹ GRC and Solvency II Tools and Software,” â€‹the company added.
According to the company, â€œOn software, the partnershipâ€™s offer to clients of a low pricing model and free trial flexibility, is key for Nigerian companies who are in a recession-imposed cost-conscious mode. Their great low price starts from â‚¬495 per month! SecondFloor serves about 20 per cent of the European insuranceâ€‹ market, they support over 500 solo entities, they have over 2,000 happy users, and â€‹they offer both Cloud and Server options of the software.â€
According to some insurance companies, this is a very welcome development as combining the joint expertise of H. Pierson and SecondFloor will serve to further strengthen insurance companies, the regulatory landscape and the insurance sector in general.