The Netherland-based company, Second Floor SA, has joined forces with one of Nigeriaâ€™s foremost management consulting firms, 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.
This is as the Nigeria Insurance Commission (NAICOM) sets to roll out the regulatory requirement for insurance firms in Nigeria.
A statement quoted H. Pierson to have disclosed that the collaboration between the two firms, offers the Insurance sector Risk-based Supervisory Compliance Consulting, GRC and Capital Management Consulting, Own-Risk Self-Assessment (ORSA) Tools as well as GRC and Solvency II Tools.
Second Floor SA is a leading Governance Risk and Compliance (GRC) and Solvency II solutions provider in Europe. The company serves about 20 percent of the European insurance market and supports over 500 solo entities.
H. Pierson on the other hand has spent a major part of its 28 years in committedly providing Strategy, end-to-end risk management consulting, capacity building and risk-culture transforming solutions in the Nigerian market.
â€œOn the partnershipâ€™s tools offered to clients which is said to be a low priced model with free trial flexibility, this is believed to be key for Nigerian companies who are in a cost-conscious modeâ€, H. Pierson added.
The partnership was described as a welcome development as it was expected to change the face of the industry in Nigeria.
â€œThis partnership is a very welcome development as combining the joint expertise of H. Pierson and Second Floor will serve to further strengthen insurance companies, the regulatory landscape and the insurance sector in general,â€ it added.